2025年SaaS并购报告之买家视角.docx

2025StateofSaaSMA

BUYERS’PERSPECTIVES

3rdAnnualReport

ABOUTTHISRESEARCHWeconductedourthirdannualsurveyin4Q24,gatheringinsightsfromnearly200participants

ABOUTTHISRESEARCH

Weconductedourthirdannualsurveyin4Q24,gatheringinsightsfromnearly200participants.Thisgroupincludedthetopprivateequityinvestorsandstrategicbuyersinthemiddle-marketsoftwarespace.Wealsosurveyedthefounders/CEOsofB2Bsoftware

andSaaScompanies.Understandingmarketdynamicsfromtheperspectiveoftheseplayersiscriticalforbothbuyersandsellerstostrategicallypositionthemselvesforsuccess.

Ofthoseresponding

CEOs

PrivateEquity

StrategicBuyers

TABLEOFCONTENTS

AbouttheAuthors

AbouttheAuthors 3

ExecutiveSummary 4

MAMarketDynamics 7

ValuationTrends 10

WhatPrivateEquityInvestorsStrategicBuyersWant 13

MetricsUsedtoValueHigh-QualitySaaSCompanies 16

TheImpactofAIonMA 17

ALookAhead 20

NextStepsforSaaSCEOs 22

ABOUTTHEAUTHORS

ThesurveycontentandanalysiswerejointlydevelopedbyDiamondInnabiandAustin

Hammer,principalsatSoftwareEquityGroup.

Diamondhasbeenwiththecompanyformorethanadecade,guidingclientsthroughtheirsell-sideMAjourney,sharinginsightsasaguestonnumerouspodcastsanddrivingprocessimprovementstoenhanceoutcomesforSEGclients.AustinhasbeenwithSoftwareEquityGroupsince2018,leading

transactionsinavarietyofverticals,hostingwebinarsandauthoringourindustry-leadingquarterlySaaSreports.

AustinHammerPrincipalDiamondInnabiPrincipal

AustinHammerPrincipal

EXECUTIVESUMMARY

TheSaaSMAmarketisstabilizing,with

growingconfidencefor2025.Positive

economicnews—includinginterestratecuts—andtheelection’sconclusionhavealleviateduncertaintythathaslingeredoverthemarket

inrecentyears.Fearsofarecessionhavefaded,aswell.

Asaresult,buyersexpectamorerisk-tolerantenvironment