Sector file
Software: the sector file
573 recorded Software transactions, 2014-09 to 2025-05, bought by 433 named acquirers. Median EV/EBITDA 10.1x (n=40); median EV/Revenue 2.8x (n=109); median deal value $65.3m (n=573).
Sector file 3 of 42. From our archive of deals 2014-09-02 to 2025-07-01; published 2026-10-21. Archive statistics, not new transactions.
What the disclosed deals priced at
Every figure comes from recorded transactions with a disclosed deal value between $1m and $1bn. Most deals close without a published multiple, so each median states how many deals it rests on, and a median resting on fewer than 5 deals is withheld.
| Measure | Median | Middle half (IQR) | Deals behind it |
|---|---|---|---|
| EV/EBITDA | 10.1x | 8.3x to 20.1x | 40 |
| EV/Revenue | 2.8x | 1.7x to 4.3x | 109 |
| Deal value | $65.3m | $16.5m to $248m | 573 |
By size
Across the bands where the collection window does not bind, the median EV/EBITDA runs from 9.4x at $1m to $3m (n=11) to 15.5x at $10m to $30m (n=6). Deals above $1bn and below $1m were never collected. That bends multiples down for the largest companies and up for the smallest, so the size effect is read only between $1m and $30m of EBITDA, where neither limit binds.
| Implied EBITDA | Median EV/EBITDA | IQR | Deals | Note |
|---|---|---|---|---|
| Under $1m EBITDA | withheld | n/a | 3 | limited by the $1m deal floor; not comparable |
| $1m to $3m EBITDA | 9.4x | 8.0x to 11.9x | 11 | |
| $3m to $10m EBITDA | 9.9x | 8.4x to 28.8x | 12 | |
| $10m to $30m EBITDA | 15.5x | n/a | 6 | |
| $30m EBITDA and over | 16.6x | n/a | 8 | limited by the $1bn deal ceiling; not comparable |
Most active acquirers
| Acquirer | Deals in this sector |
|---|---|
| Upland | 8 |
| Ideagen | 7 |
| The Descartes Systems Group | 7 |
| Enghouse Systems | 6 |
| Progress Software | 6 |
| Castleton Technology Plc | 4 |
| Invitae | 4 |
| MYOB | 4 |
| OpenText | 4 |
| Verisk | 4 |
Deals by year
| Year | Deals |
|---|---|
| 2014 | 25 |
| 2015 | 86 |
| 2016 | 66 |
| 2017 | 68 |
| 2018 | 54 |
| 2019 | 58 |
| 2020 | 45 |
| 2021 | 78 |
| 2022 | 31 |
| 2023 | 25 |
| 2024 | 27 |
| 2025 | 10 |
Most recent deals with a disclosed multiple
| Date | Target | Acquirer | Value | EV/EBITDA | EV/Revenue |
|---|---|---|---|---|---|
| 2024-12-12 | Ackroo | Paystone | $16.0m | 10.5x | 3.0x |
| 2024-12-10 | 1E | TeamViewer | $720m | n/d | 9.4x |
| 2024-11-18 | Solteq - Healthcare Software Solutions | Confirma Software | $4.5m | n/d | 2.2x |
| 2024-10-30 | Strata Health | VitalHub | $28.0m | n/d | 2.9x |
| 2024-04-02 | WSC | Curtiss-Wright | $34.0m | n/d | 2.3x |
| 2023-10-11 | Bsquare | Kontron | $38.0m | n/d | 1.1x |
| 2023-09-14 | PFSW | GXO Logistics | $181m | n/d | 0.6x |
| 2023-07-11 | TM Group | AURELIUS Equity Opportunities (PE) | $140m | n/d | 1.5x |
| 2023-05-11 | Absolute | Crosspoint Capital Partners (PE) | $870m | 101.9x | 4.4x |
| 2022-03-02 | Mobileum | H.I.G. Private Equity (PE) | $915m | 10.9x | 3.7x |
| 2021-11-09 | CompliSpace | Ideagen | $74.7m | n/d | 7.0x |
| 2021-11-08 | Zix | OpenText | $860m | 22.1x | 3.7x |
Every recorded deal in this sector, with its acquirer
Source: the FairlyValued comparables archive (recorded transactions with a disclosed deal value), plus deals added from public SEC filings where linked. Built by a fixed script from the stored figures; no figure is estimated or filled in.