Report: Enterprise Software
Current Trends and Figures

Enterprise Software Report 1H2020

After the white-hot twelve months between July 2018 and July 2019 which saw record volumes, disclosed transaction value and valuation metrics, the Enterprise Software sector is showing signs of a cooldown. However, despite lower metrics, strategic and financial buyers were still active in the second half of 2019, targeting a range of software firms to serve a breadth and depth of technology requirements – be it their own or those of their customers.

The year 2019 saw almost a third of all transactions completed by a private equity buyer – an increase from the 25 per cent observed in 2018. 

The report focuses on Enterprise Software subsectors such as Business Intelligence & Customer Analytics; EnterprisE Applications; Information Management; Design, Testing & Simulation; Infrastructure Management; and Vertical Applications. It includes: 

  • Trends and analysis of deal activity
  • Deal geography
  • Top acquirers
  • Valuation metrics

Top Buyers


The Enterprise Software sector has continued to grow reliably over the past six years. The second half of 2019 saw 620 deals inked – fewer than the 669 observed in 1H2019. Valuation multiples remain very high, though they are no longer climbing as rapidly: the trailing 30-month median revenue multiple did peak at a record 4x, while EBITDA multiples remained at their peak level of 17.3x.

Our Enterprise Software report covers the two-and-a-half-year period between July 2017 and January 2020. All totals and median values refer to the entire period unless otherwise stated. Median multiples plotted in the graphs refer to the 30-month period prior to and including the halfyear.


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