2025年度SaaS报告

Getting Offers is Easy.Securing the Best Deal Takes Expertise. Deals like these don’t happen by accident. They take a clear strategy, deep market expertise, and a team thatknows how to position a company for success. These transactions, completed over the past seven months, SEG’s Perspective on the Thank you for taking the time to explore our latest research report. As we've done since 2001,we are committed to tracking the ever-evolving software industry. We are honored to have There is a tremendous amount of information for founders, operators, investors, and strategicbuyers alike to consider. Between macroeconomic data like inflation and interest rates, stockmarket trends and public company performance, geopolitical instability, and a new presidential The volume of factors to consider can make it confusing to determine what is happening withinsoftware and SaaS markets and obfuscate the most important underlying trends. Our goal issimple: to make complex information accessible to everyone. The output of that goal is ourresearch reports, the latest iteration of which is this annual report of 2024. Once again, we We feel just as strongly as ever about the tremendous opportunity in front of software & SaaS.The macroeconomic outlook continues to improve, with a key employment report released justbefore the publishing of this report displaying stronger than forecasted jobs growth. This isanother data point in a string of recent information that supports a solidly performing U.S. The software industry is in a prime position ●Key U.S. macroeconomic indicators continue topoint to a strong economy poised to avoid arecession.The primary factor dictating software’spotential for a strong 2025 is inflation.The mostrecent CPI reading showed prices rising 3.2%YOY, far below the 6-7% increases seen in 2021and 2022 but above the Fed’s 2% target(1). The for a strong 2025.As a growth sector, software ismore susceptible to higher interest rates andinflationary periods than other industries.Despitethese headwinds, SaaS companies have 04 OverviewIndustry landscape and global IT spendsummaries •The SEG SaaS Index (our index of publicly tradedSaaS companies)rallied 15% from being down12% on the year as recently as October, 06SaaS M&A HighlightsM&A volume, valuations, and buyer activity finishing 2024 up 3%.On the M&A side, 2024saw north of 2,100 SaaS transactions, making it the 2-3Federal ReserveInterest Rate Cuts 19SaaS Public Market HighlightsSEG SaaS Index™ activity, performancetrends, and benchmarks Inflation is estimated atabout3.2%, well below ‘21and ‘22 but above 2% goal ●Thesecuts lower the borrowing cost to financetransactions, a catalyst for increasing 34 AppendixSupporting tables, sources, and disclaimer ●The U.S. GDP is estimated to have grown 3% in2024(2), while unemployment is at 4.1%(3), indicatorsof both healthy growth and strong labor markets.●With the U.S. economy on solid footing, anuncertain election in the rearview, and retreatinginflation,the ingredients are in place for an •Despite recent momentum, there remainsroom for improvement.Median SaaS M&Amultiples have plateaued since their decline from aCOVID-driven high, having settled around 4.0x TTMEV/Rev midway through 2023 to the present day. At SEG, we’re proud to be a boutique M&Aadvisor to the software industry. It’s what allows us to deliver unparalleled focus andresults. Whether you are bootstrapped or financiallybacked, with $5M to $100M in revenue, we provide thestrategic insights, competitive processes, and deep SaaS M&A Summary Contents ●The median EV/TTM Revenue multiple for 4Q24was 4.1x,up 8% YOY from 4Q23.The averagemultiple of 6.0x represents the highestquarterly TTM average since 1Q23,as SaaSM&A multiples began to respond to a lower interest •Aggregate software industry M&A deal volume hassettled into asteady state that remains strongrelative to historical standards. In 2024, 3,452total deals were recorded, up 13% over 2020. 04OverviewSaaS landscape and global IT spendsummaries 06 SaaS M&A HighlightsIndustry M&A volume, valuations, and buyer ●Healthcare continues to be the most active vertical(16% of vertical SaaS deals in 2024), as achallenged U.S. healthcare system is rapidlyadopting modern SaaS solutions to acceleratedigital transformation in care settings. Other highly 61% of Software TransactionsSaaS Companies in ‘24 19 SaaS Public Market HighlightsSEG SaaS Index™ activity, performancetrends, and benchmarks •2024 recorded 2,107 SaaS M&A deals,making itthe second-highest year on record in terms ofdeal volume and only nearly trailing the banneryear of 2022.While aggregate software M&A has ●PE-backed strategics remain the most activebuyer type,making up 51% of deals in 2024.Between platforms and portfolio add-ons,private 34AppendixSupporting tables, sources, and disclaimer 2,107 SaaS M&ADeals in 2024 SaaS deals comprised 61% of all aggregate software deals,over double what it was a decadeago. This perc