Report: Enterprise Software
Current Trends and Figures

Enterprise Software Report 2H2019

After a record-breaking 2018 which saw the return of a number of legacy players, 2019 is proving to be yet another stellar year for the Enterprise Software sector. Despite the backdrop of economic slowdown and public market volatility, the sector’s M&A activity is continuing its energetic growth curve, fuelled by both strategic and financial acquirers seeking high returns and bolt-on opportunities.

Over a third of all transactions were carried out by a private equity firm or financial holding company. This is the highest share ever recorded and signals continued interest from financial buyers eager to capitalise on a consistently stable sector market and with access to cheap debt. It is also worth noting that 73 per cent of targets acquired by a financial buyer were based in North America.

The report focuses on Enterprise Software subsectors such as Business Intelligence & Customer Analytics; ERP; 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


Total number of Enterprise Software M&A Deals


The Enterprise Software sector has continued to grow reliably over the past six years. Overall, the first half of 2019 saw 651 transactions inked – the highest deal count ever recorded. Multiples are also sky-high: the trailing 30-month median EV/EBITDA multiple peaked at 17.5x, inching its way up from last year’s levels. Revenue multiples also grew, reaching a record 3.8x in 1H 2019.

Our Enterprise Software report covers the two-and-a-half-year period between January 2017 and July 2019. 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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To read more about current M&A activity in the Enterprise Software sector, download the latest report below.

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