PitchBook-企业SaaS并购回顾（英）-2025_14页_1007kb

PitchBook Q3 2024 Enterprise SaaS M&A Summary

Core Content

This summary outlines the trends and key findings from the Q3 2024 Enterprise SaaS M&A activity, including deal value, deal count, and the distribution of transactions across various segments and types of acquirers.

Key Takeaways

• Enterprise SaaS M&A deal value declined sharply in Q3 2024 to $14.7 billion, the lowest since the early months of the pandemic.
• Deal counts remained elevated, with 160 deals estimated to be completed in Q3, and a recovery from H2 2022 lows.
• VC-backed companies dominated M&A activity, contributing 41.7% of the total deal value ($28.5 billion) and 59.1% of the total deal count (251 transactions) through Q3 2024.
• PE buyouts and LBOs saw a significant drop in deal value, down 47.6% to $6.7 billion, with only one deal above $1 billion.
• Corporate acquisitions showed resilience with strong deal counts (106 estimated) but lower deal values ($8 billion), with no deals above $1 billion.
• ERP and CRM segments remained overrepresented in deal value and count, despite significant YoY declines.
• Market uncertainty and elevated interest rates are cited as key drivers of the decline in deal value, with potential for recovery in 2025 if rates decrease and confidence improves.

All Acquisitions Overview

• Total SaaS companies classified: Nearly 13,000 global SaaS companies.
• Segments: Analytic platforms (AP), CRM, ERP, SCM, KMS, and OAS.
• Deal value and count:
  • Q3 2024 total deal value: $14.7 billion (down 42.0% from Q2).
  • Estimated deal count: 160 (down 4.2% from Q2).
• Public-to-private LBOs: Only one transaction in Q3, valued at $2.4 billion, compared to seven in Q2.

PE Buyouts

• PE deal value: $6.7 billion in Q3, down 47.6% from Q2.
• PE deal count: 55 estimated deals.
• Top PE investors:
  • Hg (8 deals)
  • Vista Equity Partners (7 deals)
  • TA Associates Management (6 deals)
  • Blackstone (6 deals)
  • Insight Partners (5 deals)
  • Kohlberg Kravis Roberts (5 deals)
  • Thoma Bravo (5 deals)
• Only one deal above $1 billion: The $2.4 billion buyout of Exclusive Networks by an investor group.

Corporate Acquisitions

• Corporate deal value: $8 billion in Q3, down 36.4% from Q2.
• Corporate deal count: 81 announced, 106 estimated.
• Top strategic acquirers:
  • Descartes Systems Group (3 deals)
  • Cvent (3 deals)
  • Bending Spoons (3 deals)
  • Salesforce (2 deals)
  • CommVault Systems (2 deals)
  • OpenAI (2 deals)
  • Autodesk (2 deals)
  • Health Catalyst (2 deals)
  • nCino (2 deals)
  • Netcall (2 deals)
  • Deel (2 deals)
  • Par Technology (2 deals)
  • Stripe (2 deals)
  • Amadeus IT Group (2 deals)
  • Vertex (2 deals)
  • SPS Commerce (2 deals)
  • Fortnox (2 deals)
  • AssureCare (2 deals)
  • Cox Enterprises (2 deals)
  • Shift4 Payments (2 deals)
  • Shopify (2 deals)
  • Corpay (2 deals)
  • Healwell AI (2 deals)

Analysis by Backing, Segment, and Subsegment

VC-backed Firms

• Deal value: $28.5 billion through Q3 2024 (up 89% YoY).
• Deal count: 251 transactions (up 49.4% YoY).
• Contribution to total deal value: 41.7%.
• Contribution to total deal count: 59.1%.

PE-backed Firms

• Deal value: $6.7 billion in Q3 (down 52.3% YoY).
• Deal count: 55 estimated deals (flat to down YoY).
• Contribution to total deal value: 16.7%.
• Contribution to total deal count: 16.7%.

Publicly Held Firms

• Deal value: Down 62.5% YoY.
• Deal count: Flat to down YoY.

Privately Held (with backing) Firms

• Deal value: Down 74.0% YoY.
• Deal count: Flat to down YoY.

Segment Analysis

Deal Value by Segment

• ERP: $34.5 billion (50.6% of total value), down 53.3% YoY.
• CRM: $16.4 billion (24% of total value), down 74.1% YoY.
• SCM: $6.3 billion (up 55.3% YoY).
• AP: $5.6 billion (up 35.1% YoY).
• KMS: $2.1 billion (down 48.8% YoY).
• OAS: $2.6 billion (down 29.3% YoY).

Deal Count by Segment

• ERP: 169 deals (39.8% of total count).
• CRM: 122 deals (28.7% of total count).
• SCM: 38 deals.
• AP: 20 deals.
• KMS: 15 deals.
• OAS: 12 deals.

Subsegment Analysis

Most Active Subsegments

• Manufacturing & operations: $19.3 billion in value, 84 deals.
• Human capital management (HCM): $9.1 billion in value, 27 deals.
• Marketing: $7 billion in value, 50 deals.

Least Active Subsegments

• Other enterprise search: $32.3 million in value, 1 deal.
• AI & data science platforms: $120.1 million in value, 3 deals.
• Location intelligence platforms: $149.3 million in value, 2 deals.
• Other AP: $165.0 million in value, 1 deal.

Average Deal Value by Subsegment

• ERP: $204.3 million (highest).
• Other AP: $165.0 million.
• SCM: $163.2 million.
• Marketing: $140.0 million.
• Digital commerce: $182.4 million.
• Other security: $187.6 million.
• Human capital management: $336.6 million (highest average).

Outlook

• Market uncertainty and elevated interest rates are expected to continue to affect deal valuations.
• Backlog of M&A-ready SaaS companies remains strong, and recovery is anticipated if rates decrease and market confidence improves.
• ERP and CRM are expected to remain top targets for M&A through year-end 2024 and into 2025.