2025年第四季度企业SaaSM&A回顾（2026）

EMERGING TECH RESEARCHQ4 2025 Enterprise SaaS Institutional Research Group M&A Review Derek HernandezSenior Research Analyst,Enterprise SaaS andInfrastructure SaaS pbinstitutionalresearch@pitchbook.com PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Published on March 24, 2026 Contents Key takeaways Key takeaways All acquisitions PE buyouts •Q4 recorded $83.7 billion in total deal value across an estimated 245 transactions,marking a massive 23.9% increase in deal value QoQ despite a slight 3.2% dip in Analysis by backing, segment,and subsegment •Activity was heavily concentrated at the top, as 17 multibillion-dollar megadeals—including five above $5 billion—accounted for 76.6% of the quarter’s total Conclusion •Q4 represented the third-highest quarterly total on record, trailing only two quartersin 2021, as corporate acquirers surged back, with deal value skyrocketing 168.5% •The PE-to-corporate deal value ratio reverted to its historical 1:2, normalizing afterQ3’s anomalous 2:1 split. PE buyouts remained strong despite moderating fromQ3’s record highs, with $32 billion invested across an estimated 90 deals. •The strong Q4 finish propelled 2025 to $270.6 billion in total M&A value, easily thelargest year since 2021. Publicly held and PE-backed firms were the largest bucketsat $97.7 billion and $89 billion, respectively. PE-backed M&A surged 102.2% YoY, •ERP dominated 2025 segment activity, accounting for $136.6 billion (50.5%) in dealvalue across 311 deals (38.1% of count), while CRM followed at $51.3 billion (18.9%)across 197 deals. However, AP saw the most dramatic growth at 222.6% YoY in •Financial management systems led Q4 subsegment activity at $19 billion across 17deals, followed by manufacturing & operations at $17 billion across 30 deals. All acquisitions Our enterprise software-as-a-service (SaaS) sector includes more than 16,000 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 In Q4 2025, global enterprise SaaS M&A once again recorded a record number ofmultibillion-dollar acquisitions and buyouts, totaling 17 and including five above $5billion. This matches the total of 17 megadeals in the prior quarter. Total deal valuereached $83.7 billion in the quarter, representing the third-highest quarterly total we The largest deal of the quarter was the announced M&A of Confluent, a developerof an enterprise-ready event streaming platform, by IBM for $11 billion in December2025. The next largest deal was for Clearwater Analytics Holdings, a cloud-nativeplatform for institutional investors, which was announced to be acquired by a Permiraand Warburg Pincus-led Investor Group in an $8.4 billion transaction in December Notably, in Q4 2025, the ratio of PE-to-corporate deal value reverted to its historical 1:2,back from an outstanding 2:1 in Q3 2025. Q3 was the only time we observed that ratioof PE-to-corporate deal value. Despite this reversion, PE remained strong, decliningjust 33.8% QoQ in deal value and 28.9% QoQ in deal count from an incredibly strongQ3. Q4 easily stood as the second-strongest quarter in the year for PE. Altogether,PE buyouts totaled $32 billion across an estimated 90 deals. Corporate M&A surged The strong finish in Q4 made 2025 easily the largest dealmaking year since 2021.Although current deal valuations are not quite as high as they were in that period,both deal value and deal count are unmatched since 2021, and we expect continued PE came a bit down to earth in Q4, although it remained a stellar quarter and easilythe second-strongest in 2025. Altogether, $32 billion was invested across 69 deals,with an estimated 90 deals expected in the quarter. Five of the 17 megadeals werePE buyouts, driving the total higher, although the ratio was down from Q3 when PEoutmatched corporate acquisitions by a huge margin. These megadeals represented In Q4, corporate M&A came roaring back with 12 of the 17 megadeals in the quarterand a stronger estimated deal count of 155. With those megadeals, deal value surgedback to $51.8 billion, with those 12 megadeals representing $41.9 billion, or 81% ofthe corporate M&A value in the quarter. With this surge in corporate dealmaking in In 2025, total M&A value jumped sharply to $270.6 billion. The largest buckets werepublicly held and PE-backed firms at $97.7 billion and $89 billion, respectively. Thelargest jumps YoY were in PE-backed firms, with M&A up 102.2% YoY, and VC-backedfirms, with M&A up 64.4% YoY. By number, VC-backed companies continued torepresent the lion’s share in 2025, accounting for 483 of the 816 deals recorded. On ERP M&A value domina