2025年春季全球软件行业更新

Global SoftwareSector Update Spring 2025Industry Insights Learn More ExecutiveSummaryExecutive SummaryExecutive Summary Executive Summary Strong Q1 withDeal Value Up 23% andDeal Volume Up 36% YoY Public SaaS Companies’ EV/NTM RevenueMultiples Slipped Below the 15-YearMedian Political Uncertainty and the PotentialImpact of Trade Tariffs Are Likely to SlowDown Future Deal Activity Key Market Updates SoftwareM&Aactivityopened2025onastrongfooting,with714announcedtransactionsinQ1—a36%increaseoverthesameperiodin2024.Dealvaluerose23%YoY,settingapacethatcouldmake2025thesecondmostactiveyearonrecord,behindonly2021.Thequarterfeaturedseveralhigh-profiledeals,mostnotablyGoogle’s$32billionacquisitionofWiz,emphasizingthecontinuedstrategicfocusoncloudsecurity.Othermajortransactionsincludedthetake-privateacquisitionsofDun&Bradstreet,FortnoxandPaycor,totaling$16billion. Valuationmultiplesforprivatelyheldsoftwarecompaniesshowedwideningstratification.Companiesgeneratingover$25millioninrevenuecommandedmedianpremiumsof0.7xto1.6xenterprisevalue/last12months(EV/LTM)revenuecomparedtosmallerpeers,reflectingongoingmarketpolarization.Scaled,high-performingSaaSbusinessescontinuetoattractoutsizedbuyerinterestandpremiumpricing. Publicsoftwaremarketsfacedmacro-drivenpressureduringthequarter.InflationconcernsanduncertaintyabouttariffscontributedtoadeclineinmedianSaaSvaluationmultiples,down0.6xto5.1xEV/NTMrevenue.However,sentimentimprovedbyearlyMayasearningsandforwardguidancebroadlymetorexceededexpectationsandprogressappearedtobemadeontariffnegotiations.Cybersecurityledallsectorswitha12.3%medianstockpricegain,whilethemorecyclicalcustomerexperienceandengagementsectordeclined28.7%. Astheyearprogresses,M&Aactivitymaysoftensomewhatduetomacroeconomicheadwinds,includingexpectedGDPdecelerationandevolvingpolicydynamics.Nonetheless,buyerappetiteforhigh-qualitySaaSassetsremainsstrong.Businesseswithsolidretention,healthymarginsandclearmarketleadershipareexpectedtoremainprioritytargets.Q1resultsunderscoretheresilienceofsoftwareM&Aanditscontinuedstrategicrelevanceamidshiftingmarketconditions. Strong Q1 Puts Annualized Deal Activity on Track for a RecordYear in Deal Volume and Second Highest by Value However, Political Uncertainty and the Potential Impact of Trade Tariffs Are Likely to Slow Down Future Deal Activity Annual Deal Volume and Deal Value ($ billion) Q1 Deal Value up 23% Year on Year, with Increases in All Deal SizeRanges <1$ bn Deal Value Segment Posted Strongest Quarter Since Q1 2022 Quarterly Deal Values ($ bn) (Q1 2015 to Q1 2025)1 Top number in each bar indicates total deal value in quarter Q1 Deal Volume Closed Just 1% Below All-time High of Q1 2022 Q1 Deal Volume up 36% Year on Year, with All the Growth Driven by Strategics as PE Deal Activity Remains Subdued Quarterly Deal Volume (Q1 2015 to Q1 2025)1 Top number in each bar indicates total deal volumes in quarter Top Six Software Acquisitions over Q1 2025 by Enterprise Value Wiz provides cloud security software to healthcare, financial services andgovernment sectors globally. Its software features threat intelligence, applicationprotection, risk assessment, vulnerability management, configuration security andgraph-based analysis to help organizations optimize their cloud security posture. Fortnoxprovides internet-based business applications, offering products,packages and integrations for financial and administrative needs. Its softwarecreates easy workflows in accounting, invoicing, financing and employeemanagement to help businesses optimize their operational efficiency acrossmultiple segments, including businesses, accounting firms and financial services. March 2025 The acquisition of Wiz significantly bolsters Google's position in cybersecurity,particularly for cloud-native applications. This strategic move addresses theimperative for a strong cloud security play as IT gravitates to the cloud and AIdemand accelerates. Wiz's leading cloud-native application protection capabilities,combined with Google's existing security operations and incident responsestrengths from Mandiant, elevate Google to a significant player in securing cloudenvironments and provide a new center of gravity for its security strategies. EQT's proposed support empowersFortnoxto accelerate its expansion andenhance its cloud-based financial services. With EQT's investment and fintechexperience,Fortnoxcan undertake extensive long-term investments in productdevelopment and pursue acquisitions. Both EQT andFortnox'schairman believethis strategic direction, best pursued privately, is key to creating value, supportingcontinued growth, and offering shareholders an attractive opportunity. Dun & Bradstreet provides online business data insights through www.dnb.comglobally. Its offerings include analytics, audience targeting, risk assessment, creditintelligence, market insights and ratings, along with AI-based chatbot and datamanagement software to help organizations optimize their data-driven