Welcome to the latest edition of Silverpeak’s Software M&A report.
This quarter’s analysis examines European and North American deal activity, drawing on more than 28,000 transactions from Capital IQ and Pitchbook.
Our comprehensive dataset captures both disclosed and undisclosed transactions across all deal sizes. This robust foundation enables us to identify meaningful trends in buyer activity, valuation dynamics, and cross-border deal flow within the software sector.
Key findings:
- Median deal values have more than tripled since 2022 – rising from $40m to a three-year high of $129m in 2025 as the software sector matures and companies continue to scale.
- A healthy dealmaking environment was evident across all size segments – with sustained activity in both the large-cap and mid-market deals. 2025 marked the strongest year since 2022, with cumulative deal value reaching $362bn.
- Strategic buyers were most active in the largest transactions – leading the market by deal value and accounting for 11 of the 15 $1b+ deals in Q4 25, while PE continued to be the engine of mid-market activity.
- European buyers have become increasingly active over recent months – with both their share of total deal count and deal value rising by more than 10% relative to North American counterparts in recent months.