PitchBook年第二季度企业SaaS并购回顾

EMERGING TECH RESEARCHQ2 2025 Enterprise SaaS PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence M&A Review Paul CondraGlobal Head of PrivateMarkets Research James UlanDirector of EmergingTechnology Research Quarterly deal value jumps 36.8% to $58 billionwith 12 megadeals led by corporate M&A Institutional Research Group Analysis PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Derek HernandezSenior Research Analyst,Enterprise SaaS andInfrastructure SaaSderek.hernandez@pitchbook.com DataOscar AllawayData Analyst Key takeaways •The enterprise SaaS M&A market roared back in Q2, driven by megadeals:Total deal value surged 36.8% QoQ to $58 billion, fueled by 12 transactionsexceeding $1 billion. Deal count remained high at an estimated 219, positioning2025 to surpass 2024’s strong performance. pbinstitutionalresearch@pitchbook.com PublishingDesigned byJosie Doan •12 megadeals dominated Q2, accounting for three-quarters of the total dealvalue:The top 12 deals, each over $1 billion, represented 75.1% of the quarter’stotal transaction value. Excluding these deals, the average deal size was a moremodest $92.4 million. Published on September 11, 2025 Contents •Corporate M&A value surged, driven by large-scale acquisitions:CorporateM&A experienced a significant rebound, with deal value increasing 84% QoQ to$40.8 billion, driven by seven of the quarter’s 12 megadeals. The corporate M&Acount remained healthy at an estimated 142 transactions. •PE deal volume hit a new record while total deal value declined:PE deal countreached a new record with an estimated 77 transactions in Q2. However, total PEdeal value fell 15% QoQ to $17.2 billion as PE firms executed fewer and smallermegadeals compared with corporate acquirers. •PE-backed targets drove M&A value while VC-backed targets led in volumegrowth:Exits of PE-backed companies generated $22.2 billion in deal value in Q2,and the H1 2025 total already surpasses the full-year 2024 figure. Meanwhile, the2025 deal count for VC-backed targets is tracking for 30.5% YoY growth. •The CRM and AP segments showed explosive growth, challenging ERP’sdominance:CRM M&A value skyrocketed 273.2% QoQ to $18.1 billion, andAP M&A value grew 36.7% QoQ to $10.8 billion. While ERP remained thelargest segment by total value ($22.6 billion) and volume (65 deals), its leadnarrowed significantly. All acquisitions Our enterprise software-as-a-service (SaaS) sector includes over 15,000 globalenterprise SaaS companies from PitchBook’s dataset of nearly 5 million privatecompany profiles. Our analysis covers dealmaking over the past seven years andincludes a taxonomy of six segments: analytic platforms (AP), customer relationshipmanagement (CRM), enterprise resource planning (ERP), supply chain management(SCM), knowledge management systems (KMS), and other application software.Global M&A transactions in enterprise SaaS include PE and corporate acquisitions ofenterprise SaaS companies across a range of backing statuses, including VC backed,publicly held, privately held (no backing), privately held (backing), and PE backed. In Q2 2025, global enterprise SaaS M&A roared back with 12 multibillion-dollaracquisitions and buyouts, including three above $5 billion. These megadeals led thetotal deal value for the quarter to increase by 36.8% QoQ to $58 billion. Meanwhile,the quarter’s estimated deal count remained high at 219 deals, up 2.8% QoQ.Altogether, 2025 is tracking to meet or exceed the M&A activity of 2024, which itselfwas a standout year compared with 2022 and 2023. Enterprise SaaS dealmakinghas been rebounding as we expected, especially with several high-profile IPOssince the last quarter-end on June 30. Despite ongoing market uncertainty, weexpect to see increased activity across both corporate and PE acquirers in 2025as major players continue to strategically position themselves in light of rapidtechnological disruption. The largest deal of the quarter was for Total System Services, a subsidiary of GlobalPayments that was announced to be acquired by Fidelity National InformationServices for $13.5 billion on April 17. The next-largest deal was for Informatica, whichentered into a definitive agreement to be acquired by Salesforce for $8 billion onMay 26. Rounding out the top three deals was Dotmatics’ acquisition by Siemensfor $5.1 billion on July 1. Along with the other nine deals exceeding $1 billion, thetop 12 deals accounted for 75.1% of the total deal value for the quarter. We expectmajor deals to continue to move forward now that some regulatory concernshave subsided. In Q2, corporate and PE deal counts remained near their historical proportionsof about two-thirds corporate and one-third PE. Corporate M&A represented anestimated 142 of the quarter’s deals, in line with recent quarters, while PE accountedfor an estimate