Stability despite geopolitical uncertainties. With almost 140 (non-VC) software transactions, the activity level remains at the high level of the second half of 2024. While many other sectors are struggling with declines, the software M&A level remains robust. The regional distribution remains constant – around 30% of the deals are in Austria and Switzerland.
Strategic Buyers Gain Importance. The strong increase in purely strategic transactions is particularly striking. While private equity add-on deals remain stable, direct PE investments have declined significantly. The increase in strategic transactions could indicate a stronger focus on long-term technological orientation.
Contentserv/Dassault Systèmes – Software Valuations. Dassault Systèmes’ EUR 220 million acquisition of Contentserv at a revenue multiple of approximately 6-7x is noteworthy. The topic of technological future orientation is also gaining importance in price negotiations. We are familiar with numerous, mostly horizontal processes that have not achieved the desired success.
