2025-04-13-PitchBook-2024年第4季度企业SaaS并购回顾（英）_14页_872kb

2024 Q4 Enterprise SaaS M&A Analysis

Overview

• Deal Volume: M&A activity rebounded in Q4 2024, with 195 transactions, approaching pre-pandemic peaks.
• Deal Value: Hit $28.9B, below historical highs, driven primarily by one mega-deal ($10.6B acquisition of Altair Engineering).
• Deal Size: Excluding top three billion-dollar deals, average deal size stabilized at ~$108M.

Key Trends by Acquirer Type

• Corporate M&A: Volume increased 23.4% QoQ; value surged 120% to $22B; more resilient than PE-backed deals.
• PE Buyouts: Volume stable at ~64 deals; value plummeted 52.8% QoQ to $6.8B, reflecting valuation restraint due to rising interest rates.

Backing Type Performance (2024 YoY)

• VC-backed: M&A value nearly doubled (78.9%) to $36.5B; drove all growth across backing types.
• Others Declined: PE (-27.1%), Privately Held (with backing, -43.2%), Publicly Held (-40%), and Privately Held (no backing).

Segment & Subsegment Insights

• ERP & CRM Dominance: ERP accounted for 42.6% of deal value; CRM fell 39.7% YoY despite remain-leading volume.
• Growth Segments: SCM, KMS, and OAS saw increases, while smaller segments like AP faced declines.
• Most Active Subsegments: Manufacturing & Ops, Other Security, Email & Authoring, Financial Management Systems.

Outlook

• Valuation Restraint: Expected to persist due to interest rates and regulatory scrutiny, limiting near-term deal activity.
• AI Impact: AI-native companies favorVC funding over M&A, reducing deal value potential.
• Primary Catalyst: High pipeline of M&A-ready companies may drive increased activity once market conditions stabilize.