全球软件行业交易更新报告- 2025 年冬季

Global SoftwareSector Update Winter 2025Industry Insights Learn More ExecutiveSummaryExecutive SummaryExecutive Summary Executive Summary 2024 Deal Value Up 64% Compared to2023, Despite a 4% Reduction in Number ofDeals 2024 Ended on a Downbeat Note with aSlow Q4, Even with the $10 BillionAcquisition of Altair by Siemens Public EV/NTM Revenue Multiples HaveStabilized and Are Back above the 15-YearMedian of 4.8x Key Market Updates AfterastrongQ3thatcontinuedintoOctober,thesoftwareM&AmarketslowedinthelasttwomonthsofQ42024asthependulumshiftedtowardsmaller,bolt-ondealactivity.Thisshiftresultedina61%reductionindealvalueversusQ32024comparedwithanalmostflat2%reductioninnumberofdeals.DealvolumewashelpedbyarecoveryinstrategicM&Aactivitythatresultedin4%morestrategicdealsinQ4versusQ32024comparedwitha13%reductioninprivateequitydealsoverthesameperiod.Theslowdowninprivateequity-leddealactivityinNovemberandDecembercoincidedwiththeUSelectionsandamoderationofexpectationsforthepaceofinterestratereductionsbytheFedin2025,andcontrastswithanexceptionallybusyQ3wherefinancialsponsorsledthesixlargestsoftwareM&Adeals. StrategicM&Aactivityhasbeensupportedbyacontinuedimprovementinpublicequitymarkets,withanotherbumponmedianenterprisevaluetonext12monthsrevenuemultiplesfrom5.0xto5.2xoverQ42024,bringingthemedianmultiplebackinlinewiththethree-yearaveragemultipleandaslightpremiumtothe15-yearaveragemultipleof4.8x.Notablyduringthequarter,thestrongestperformanceinpublicequityvaluationmultiplescamefromthemorecyclicallyexposedsectorsofmarketing(3.7xupfrom3.0x)andhumancapitalmanagementsoftware(6.2xupfrom5.4x),aswellasfinancialandaccountingsoftware(5.3xupfrom4.2x),reflectingthecontinuedstrengthinUSlabormarketsandbroadereconomicactivity. Onethemethroughout2024hasbeenthecontinuedmomentumingenerativeAIinfrastructurebuild-out,mostnotablybythelargecloudcompaniesAlphabet,Amazon,MicrosoftandOracle,whoS&Pestimatecollectivelyinvested$194billionincapexovertheyear,up52%over2023.ThishascomeattheexpenseofspendingonM&A,withacombinedtwodealsbetweenthemin2024.AnotherfactornodoubthasbeenanactiveregulatoryclimateinwhichseveralpendingM&Adealshavebeenblocked.ExpectationsforasofteningapproachtoregulatoryoversightunderthenewUSadministrationcouldleadtoaresurgenceinlargerticketstrategicM&Ain2025. Headingintothefinalweeksof2024theM&Amarketcontinuedtobepolarized,withhighestqualityassetsattractingintensecompetitionfrombothprivateequityandstrategicbiddersresultinginstrongvaluations.Cautionandalackofconvictionwastheprevailingthemeacrosstherestofthemarket.Aswemoveinto2025therearesolidfoundationsforanimprovementinstrategicandprivateequitydealactivitybuoyedbysupportivepublicequitymarkets,amoredeal-friendlyregulatoryregimeintheUS,andthegrowingpressureonprivateequityfundstodeployandreturncapital. 2024 Deal Value Up 64% Compared to 2023, Despite a 4%Reduction in Number of Deals Deal Value in 2024 Was the Third Highest in the Last Decade Annual Deal Volume and Deal Value ($ billion) 2024 Ended on a Downbeat Note with a Slow Q4, Even with the$10 Billion Acquisition of Altair by Siemens Q4 Deal Value One of the Slowest Since the Pandemic Quarterly Deal Values ($ bn) (Q1 2014 to Q4 2024)1 Top number in each bar indicates total deal value in quarter Second Half of 2024 Showed Increase of 18% in Deal VolumeCompared to First Half of 2024 Q4 Deal Volume Was 34% above Long-Term Average of 432 Deals per Quarter Quarterly Deal Volume (Q1 2014 to Q4 2024)1 Top number in each bar indicates total deal volumes in quarter Top Six Software Acquisitions over Q4 2024 by Enterprise Value Learning Technologies Group (LTG) provides digital learning and talentmanagement software and services. The services include workforce developmentsolutions, content creation, learning platforms, HR technology, recruitment tools,performance management, and analytics software to help organizationssystematize employee development and transform workplace capabilities. Altair Engineering provides computer-aided engineering, data analytics, andelectronic design automation. The software has features for predictive analytics,modeling, simulation, visualization, optimization, product development, high-performance computing, IoT electronics design, engineering services and processautomation. October 2024 December 2024(1) Acquiring Altair marks a significant milestone for Siemens. This strategicinvestment aligns with its commitment to accelerate the digital and sustainabilitytransformations of its customers by combining the real and digital worlds. Theaddition of Altair's capabilities in simulation, high performance computing, datascience, and AI combined with SiemensXceleratorwill create a comprehensive AI-powered design and simulation portfolio. The acquisition empowers LTG to strengthen its position in digital learning andtalent development, enabling accelerated investment in AI-powered solutions andstrategic growth initiatives to better serve its global client base. Backed by GeneralAtlantic's ex