Welcome to the latest edition of the Silverpeak Software M&A report, a review of European and North American deal activity within the software sector.
Our dataset includes over 27,000 software M&A transactions from 2019 to Q2 2025 and combines data from Capital IQ and Pitchbook.
Key findings:
- Software M&A activity remains robust despite geopolitical and macroeconomic challenges, with total deal value in H1 2025 reaching its highest level since H1 2022.
- The software sector continues to mature, with growing companies driving scale: median deal value rose to $89M from Q4 2023 to Q2 2025, more than double the $42m seen from Q1 2019 to Q3 2023.
- Median valuation multiples for disclosed deals dipped in Q2 2025.
- Private equity remains a dominant force, accounting for over 58% of Q2 2025 transactions, including both PE funds and portfolio companies. However, public strategic buyers led in transactions exceeding $1b.
- Fintech has been a key driver of large-cap activity (deals above $1b), with landmark acquisitions of Worldpay, TSYS, Melio, Acumatica, and Heartland highlighting the sector’s momentum.