Enterprise Software Deal Volume On The Rise, But Premiums For AI Firms Have Dwindled

The newest Enterprise Software M&A report from Hampleton Partners, the international M&A and corporate finance advisory firm for software and technology companies, has revealed a surge in dealmaking in the sector, with transactions in the second half of last year up by 18% from the previous reporting period.

Commenting on the key trends fuelling deal volume, Miro Parizek, founder and Senior Partner at Hampleton Partners, said: “Transaction volumes in the sector, which have been consistently robust since the beginning of the decade, increased in the second half of last year. In total we tracked 1,981 transactions in 2024 with disclosed value of $153 billion.”

There continues to be robust demand for AI-based Enterprise Software, with firms leveraging AI technology comprising almost a third of M&A targets over the past 30 months. However, the new report reveals that the prices being paid for these firms have shifted, and they no longer command the premiums they did at the start of the generative AI revolution.

It appears that the market has normalised in tandem with AI going mainstream, with median EV/revenue valuations for firms that leverage AI now matching those of other Enterprise Software targets.

“The data suggests that acquirers have come to view AI as an inherent part of the Enterprise Software market as the generative AI revolution of the past two years has normalised its use. Still, it’s likely that the drive to deploy AI in domains ranging from customer data analytics to drug discovery will continue to be a key driver of M&A activity in the Enterprise Sector market for the foreseeable future.”

Valsoft has overtaken Visma as the most prolific Enterprise Software acquirer of the past 30 months, with Harris positioned third in the latest ranking. 

Valsoft – 51 acquisitions, including Exeevo (life sciences CRM software), Buildsoft (construction estimation and workflow management software), and Pinpoint Global Communications (corporate training and compliance management software)

Visma – 36 acquisitions, including Tugesto (business management software), Mobilexpense (spend and expense management software), and Axeptia Credit Intelligence AS (credit management software)

Harris – 25 acquisitions, including Modyo SpA (frontend application development software), MEDHOST (EHR management software), and Dexco Corporation (legal practice and ERP management software)

Download the full Hampleton Partners Enterprise Software M&A Market Report 1H2025, which explores key industry trends and acquisition case studies within the main subsectors: Enterprise Applications, Vertical Applications, Business Intelligence & Customer Analytics, Information Management, Infrastructure Management, and Design, Testing & Simulation.

Hampleton Partners’ M&A Market Reports are compiled using data and information from the 451 Research database (www.451research.com); Capital IQ, CB Insights, Gartner, IDC and more.

Hampleton Partners advises owners of software and technology companies on M&A transactions and growth financing with strategic buyers or financial investors. Hampleton’s experienced deal makers have advised hundreds of tech industry shareholders to date, providing hands-on expertise and targeted advice to entrepreneurs looking to sell, partially retire, or accelerate their growth.

With hubs in London, Frankfurt, Stockholm, San Francisco and Shanghai, Hampleton offers a global perspective with industry expertise in the following areas: Enterprise Software, Digital Commerce, IT & Business Services, Artificial Intelligence, Autotech & Mobility, Cybersecurity, Fintech, Healthtech, Supply Chain Management, Healthtech, HR Tech, and Insurtech. 

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