1、GovTech M&A UpdateQ2 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 us at(314)721-0607,or c

2、ontact a professional listed on this page.Trevor HulettManaging DRyan HartmanSenior AGovTech M&A UpdateQ2 2025REPORT HIGHLIGHTS In Q2,the North American Technology Software Industry Index increased by 21.6%and outperformed the S&P 500,which increased by 10.2%over the same period.The median EV/Revenu

3、e multiple for reported private equity deals in the GovTech sector increased to 11.4x in 1H from 6.0 x in 2024,but decreased for strategic deals to 4.2x from 4.9x in the prior year.M&A deal volume in the sector increased 20.7%in Q2 to 99 deals from 82 in Q1 2025,but decreased 4.8%from 104 deals in Q

4、2 of the prior year.As a%of total capital invested in M&A transactions,PE participation increased significantly in 1H to 63.9%from 35.4%in 2024.North America was the most active region in Q2 with 46 deals.Most notably in North America was AeroVironments acquisition of BlueHalo,a Virginia-based provi

5、der of advanced defense technologies including autonomous systems and missile defense solutions,for$4.1 billion,in May 2025.Dax KugelmanAGovTech M&A Update|Q2 2025|Page 3Source:PitchBook Data43351242Of the 99 deals in the GovTech sector in Q2,North America was the most active with 46.A notable North

6、 American deal(in addition to the BlueHalo deal mentioned on the previous page)was OceanSound Partners$1.2 billion acquisition of SMX,a Maryland-based provider of cloud,cybersecurity,and mission system integration services to federal agencies and defense organizations,in April 2025.Europe was the se