软件与科技赋能服务行业并购更新（2025年第三季度）

Software & Tech-Enabled ServicesM&A UpdateQ3 2025 Software & Tech-Enabled ServicesM&A UpdateQ3 2025 REPORT HIGHLIGHTS CONTENTS ▪In Q3, the North American Technology Software Industry Indexincreased by 5.9% andwasoutperformedbya7.9% increase inthe S&P over the same period. 3Global Deal Analytics7Valuation Multiples10Leading M&A Deals13Industry Outlook14About R.L. Hulett16Selected Transactions18Our M&A Team ▪The median EV/Revenue multiple for reported private equitydeals increased slightly to 4.4x in YTD 2025 from 3.9x in2024,andincreased for strategic deals to 3.4x from 2.0x in the prioryear. ▪M&A deal volume in the sector decreased 2.2% in Q3 to 1,104deals from 1,129 inQ2, butincreased 19.7% from 922 deals inQ3 of the prior year. ▪As a % of total capital invested in M&A transactions, PEparticipation decreased in YTD 2025 to 33.0% from 44.3% in2024. REPORT CONTRIBUTORS ▪North America was the most active region in Q3 with 496 deals.Most notably in North America was Synopsys’ $35.0 billionacquisition of Ansys, a Pennsylvania-based engineering softwarecompany that provides simulation capabilities for structural,fluid, semiconductor power, embedded software, optical, andelectromagnetic properties, in July of 2025. Trevor HulettManaging Directorthulett@rlhulett.com Jim GoebelDirectorjgoebel@rlhulett.com Ryan HartmanSenior Analystrhartman@rlhulett.com Dax KugelmanAnalystdkugelman@rlhulett.com For more information on R.L Hulett or this report please visit our websiteatrlhulett.com,call us at(314) 721-0607,or contact a professional listedon this page. Global Deal Analytics Ofthe1,104dealsintheSoftware&Tech-EnabledServicessectorinQ3,NorthAmericawasthemostactivewith496deals.AnotableNorthAmericandeal(inadditiontotheAnsysdealmentionedonthepreviouspage)wasApolloAssetManagement’s$6.3billionacquisitionofEveriHoldings,aproviderofentertainmentandtechnologysolutionsforthecasino,interactive,andgamingindustry,inJulyof2025.Europewasthesecondmostactivewith380transactionsandallotherregionscombinedforatotalof228deals. IntheU.S.market,theWest-Coastregionwasthemostactiveareawith134deals,followedbytheMidAtlanticandSoutheastwith98and56closedtransactions,respectively,inthequarter.TheGreat-Lakesregionsaw35closedtransactionsandallotherU.S.regionscombinedforatotalof119completeddeals. IntheCanadianmarket,54transactionsclosedinQ3.MostnotablewasRipple’s$200.0millionacquisitionofRail,aToronto-baseddeveloperofapayment-as-a-serviceplatform,inAugust2025. Global Deal Analytics Ofthe1,104Software&Tech-EnabledServicesdealsinQ3,639dealswereintheBusiness/Productivitysubsector,makingitthemostactivefromanM&Avolumestandpoint.TheFintechandEntertainment&EducationSoftwaresubsectorssaw187and71closedtransactions,respectively,andallothersubsectorscombinedforatotalof207dealsduringthequarter.Deals by Subsector Global Deal Analytics Dealvolume in the Software&Tech-Enabled Servicessectordecreased2.2%inQ3to1,104dealsfrom1,129inQ2,butincreased19.7%from922dealsinQ3oftheprioryear.Q3reflectsamodestpullbackindealactivityfromQ2asbuyers show slightly more caution amid ongoingmacroeconomicuncertaintyandtighterfinancingconditions.However,the year-over-year increase andresilientcapital deployment continue to point to solidunderlyingdemandandimprovingconfidenceinthesector. Annualdealvolumeisonpacetoincrease16.6%to4,504dealsin2025,upfrom3,862in2024.Weattributethisprojectedincrease in annual deal volume to improvingeconomicconditions,including stabilizing inflation andlowerinterestrates.AswemoveintoQ4andclearertariffpolicycontinuestoemerge,weanticipateacontinuationofmomentumin M&A activity in the Software&Tech-EnabledServicessectordrivenbythesefavorablemarketconditions. TotalcapitalinvestedinM&AdealsintheSoftware&Tech-EnabledServicessectorincreased89.5%inQ3to$77.9Bfrom$41.1BinQ2,andincreased29.8%from$60.0BinQ3oftheprioryear.Theincreasefromthepriorquarterisprimarilyduetoseverallarger-sizedtransactionsinQ3,includingSynopsys’$35.0B acquisition of Ansys in July2025.Comparatively,thelargestreporteddealinQ2wasTurn/RiverCapital’s$4.4billionacquisitionofSolarWindsinApril2025. Global Deal Analytics InYTD2025,wegenerallysawashiftinmixtowardlarger-sizeddealsfromtheprioryear,ledbythelargecapmarket($1,000+MM),whichincreasedto6.2%from4.9%in2024.Themiddle($50–$500MM)anduppermiddle($500–$1,000MM)tranchesofthemarketincreasedto25.6%and3.4%from24.6%and3.1%intheprioryear,respectively.Thelowermiddlemarket($0–$50 MM)decreased to 64.8%from67.3%overthesameperiod. Asa%oftotaldealvolume,PEbuyerstrendedhigherinYTD2025relativetostrategicbuyers,representing45.1%ofdealvolumeinthesectorandupfrom43.7%in2024.Privateequity’sshareoftotalM&Avolumehasconsistently increased each year since 2021,drivenbygrowingsponsorappetiteforthesector’srecurringrevenue models and scalability,whichsupportefficientexecutionofbuy-and-buildstrategies. TotalcapitalinvestedbyPEinvestors(asa%ofoverallcapitalinvested)decreasedmeaningfullyinYTD2025to33.0%from 44.3%in 2024.YTD 2025 marks acontinuationin the tre