2022年全球软件行业报告（EN）.pdf
100墨值下载
Global Software Sector Update
Industry Insights
Late Spring 2022
Global Software Sector Update | Late Spring 2022
Following six consecutive quarters of accelerating activity, with the number
of deals and deal volumes reaching record levels in Q4 2021, Q1 2022 was
a mixed quarter. Deal activity (number of deals) continued to accelerate and
hit a quarterly record of 709 deals, but total deal value dropped
significantly relative to 2021. Underlying this was continued robust activity
in mid-market (<$1bn) software M&A from both PE and strategic acquirers,
but a sharp fall of around 50% (from $98bn to $47bn) in deal volume from
large cap deals (>$1bn values). SPAC deal activity was also down
significantly relative to 2021. The robust mid-market activity in Q1 2022
highlights the continued confidence in software as a growth sector and
continued appetite from software-focused PE buyers.
Macro head-winds, including persistent inflation, have however resulted in
tightening of monetary policy, causing major turbulence across credit
markets and high-beta assets. Publicly traded, high-growth SaaS stocks
with limited or negative near-term profitability have been particularly hit as
future cashflows are more heavily discounted, bringing mean valuations
back to or in some cases below pre-pandemic levels. Meanwhile, the
strength of demand and competition for premium software assets in the
mid-market is reflected in the Q1 M&A deal multiples which are largely in
line with 2021 levels (6.3x for PE deals and 7.6x for strategic deals).
As we continue to experience volatility in the public markets through Q2,
we would expect to see a continued slow down in large cap deals but
sustained levels of mid-market deal activity. With regard to valuations,
while an impact on private company valuations had not been seen in Q1,
we would expect the trends in public company and transaction multiples to
converge through the remainder of 2022. This is due to a derivative impact
from the decline in public market multiples, PE acquirers becoming more
disciplined on valuations, and strategic buyers engaging more selectively.
Executive Summary
Global Software Sector Update | Late Spring 2022
Significant Decrease in Deal Value in Q1 2022 but
Record Deal Volume
Software and SaaS
M&A Valuations Dynamics
Software Deals
Transactions to Note
Technology M&A Practice Tracked
Public Market Software Universe
8
13
27
18
3
Table of Contents
6
10
15
Public Software
Market Multiples
Recent IPOs and
Historical Performance
Firm Overview
Public Trading Data for
Software Companies
2
of 30
100墨值下载
【版权声明】本文为墨天轮用户原创内容，转载时必须标注文档的来源（墨天轮），文档链接，文档作者等基本信息，否则作者和墨天轮有权追究责任。如果您发现墨天轮中有涉嫌抄袭或者侵权的内容，欢迎发送邮件至：contact@modb.pro进行举报，并提供相关证据，一经查实，墨天轮将立刻删除相关内容。
下载排行榜
文档被以下合辑收录
评论