2025-06-02-KROLL-全球软件行业更新——2025年春季（英）_21页_1mb

Global Software Sector Update - Spring 2025

Executive Summary

• Q1 2025 recorded a strong performance in software M&A with 714 deals, a 36% YoY increase in volume and 23% rise in deal value.
• Transaction activity sets the stage for a record year in volume, though political uncertainty and trade tariffs may slow future activity.
• Public SaaS valuation multiples decreased to 5.1x EV/NTM revenue, below the 15-year median, reflecting macroeconomic pressures and tariff concerns.
• High-value deals highlight cloud security (Google's $32bn acquisition of Wiz) and scaling SaaS businesses as key priorities.
• Investment continues across software niches: Cybersecurity led Q1 stock price growth, while cyclical sectors like CX & Engagement declined.

Key Market Updates

Q1 Deal Activity

• Deal value rose 23% YoY to over $282 billion.
• Deal volume reached 714 transactions, setting a record quarter for activity.
• Strategic deals (PE) remained relatively subdued, constituting only around 10% of the total market activity.

Top Software Acquisitions (Q1 2025)

• Google acquired Wiz: $32 billion, enhancing cloud security capabilities.
• EQT-backed EQT acquired Fortnox: Supporting expansion in financial services.
• Clearlake-backed Clearlake acquired Dun & Bradstreet: Strengthening in business intelligence.
• Turn/River acquired SolarWinds: Pushing into secure IT infrastructure management.
• SoftBank acquired Ampere Computing: Bolstering AI infrastructure investments.

Deal Multiples & Valuation Trends

• Private equity (PE) deals continued with steady multiples (4.5x EV/NTM revenue), while strategic deals saw increasing multiples (6x EV/NTM revenue).
• Valuation gap widens between scaled SaaS players and smaller firms: Revenue tiers below $25mn face lower premiums.
• Median SaaS valuation dipped to 5.1x EV/NTM versus the long-term average of 5.2x, aligning more closely with the 3-year median.

Sector Performance

• Cybersecurity drove overall stock performance in Q1, with a median gain of 12.3%.
• Subsectors with high multiples (Engineering, ERP/SCM) are supported by strong revenue growth, while high-margin companies face lower valuations.
• Strategic interest in high-growth sectors persists, with significant premiums attached to companies showing double-digit revenue growth.

Major Deal Highlights

Strategic Acquisitions

1 Estimated $700m ARR at time of transaction
2 Based on expected CY25 revenue
3 Based on forward Jun-26 revenue

Note: This summary is based on the provided document content and maintains a professional tone without any graphical data visualizations included in text format.