1、Software&Tech-Enabled Services M&A UpdateQ1 2025REPORT CONTRIBUTORSCONTENTS3 Global Deal Analytics7 Valuation Multiples10 Leading M&A Deals13 Industry Outlook14 About R.L.Hulett16 Selected Transactions18 Our M&A TeamFor more information on R.L Hulett or this report please visit our website at ,call

2、us at(314)721-0607,or contact a professional listed on this page.Trevor HulettManaging DRyan HartmanSenior ASoftware&Tech-Enabled Services M&A UpdateQ1 2025REPORT HIGHLIGHTS In Q1,the North American Technology Software Industry Index decreased by 11.1%and was outperformed by the S&P 500,which decrea

3、sed by 4.4%over the same period.The median EV/Revenue multiple for reported private equity deals in the Software&Tech-Enabled Services sector increased to 4.8x in Q1 from 3.9x in 2024,and increased for strategic deals to 4.3x from 2.0 x in the prior year.M&A deal volume in the sector increased 4.8%i

4、n Q1 to 1,145 deals from 1,093 in Q4 2024,and increased 22.2%from 937 deals in Q1 of the prior year.As a%of total capital invested in M&A transactions,PE participation decreased significantly in Q1 to 28.3%from 44.3%in 2024.North America was the most active region in Q1 with 533 deals.Most notably i

5、n North America was Elon Musks AI business xAI acquiring X,his social media platform,for$33.0 billion,in March 2025.Software&Tech-Enabled Services M&A Update|Q1 2025|Page 3Source:PitchBook Data4624031083129Of the 1,145 deals in the Software&Tech-Enabled Services sector in Q1,North America was the mo

6、st active with 533.A notable North American deal(in addition to the X deal mentioned on the previous page)was Siemens$10.6 billion acquisition of Altair Engineering,a Michigan-based provider of enterprise-class engineering software,in March 2025.Europe was the second most active with 403 transaction