Our List of 10 Private Equity Firms to Watch in Software M&A

Private equity’s appetite for SaaS shows no signs of slowing. With deal activity picking up and capital ready to deploy, PE remains the leading force in SaaS M&A. In 2024, PE firms participated in 61% of all SaaS deals, including both platform acquisitions and add-ons by PE-backed strategics.

High-quality SaaS companies feature predictable, recurring revenues, strong retention, capital-efficient growth, and robust gross margins. These fundamentals remain especially appealing in today’s economic environment, where operational efficiency and cash flow matter more than ever. It’s no surprise that the most active private equity firms continue to sharpen their focus on software.

Interestingly, only four of the ten firms on this year’s list appeared last year’s edition, underscoring how competitive and fast-moving the SaaS investment landscape has become.

Below is our curated list of the most active PE investors in SaaS and software M&A over the past year. (data taken from the SEG 2025 Annual SaaS Report).

Main Capital Partners

Main Capital Partners topped the list of most active PE software investors two years in a row, completing nine SaaS platform acquisitions.

Founded in 2003 and headquartered in the Netherlands, Main Capital has steadily built a reputation as a specialist in B2B software, with a strategic focus on the European mid-market. The firm also operates offices in Antwerp, Stockholm, Düsseldorf, and Boston, and takes a hands-on approach to long-term value creation through buy-and-build strategies.

Main Capital has made over 240 total investments since its founding. Its current assets under management (AUM) are approximately $6B, and its active portfolio includes more than 80 software companies and 160 add-ons. Recent software acquisitions include Procilon, a provider of encryption and identity security solutions; Nextway, a Danish document and information management platform; and WhiteVision, a Dutch specialist in intelligent document processing. The firm currently employs over 85 professionals across its six offices.

RELATED BLOG ARTICLE: https://softwareequity.com/blog/financial-vs-strategic-buyers

KKR

Founded in 1976, KKR remains one of the largest and most active private equity firms globally, with a growing focus on enterprise software. In 2024, the firm completed seven SaaS platform acquisitions.

Headquartered in New York and operating across more than 20 global offices, KKR invests across private equity, credit, infrastructure, and real estate. The firm manages $209B in private equity assets and has more than $664B in total assets under management as of March 2025. Its software investment strategy focuses on scalable platforms with strong recurring revenue, vertical specialization, and global growth potential.

Recent software acquisitions include Cotiviti, a leading healthcare analytics and payment accuracy platform; Broadcom’s enterprise software division, acquired in partnership with other investors to carve out high-performing infrastructure and security assets; and MDF Commerce, a SaaS-based e-procurement and marketplace solutions provider serving the public sector.

SEG’s Experience with KKR

At SEG, we advised on the acquisition of EcoInteractive, a cloud-based provider of transportation planning and project management solutions, by MDF Commerce, a KKR-backed portfolio company. The transaction strengthened MDF’s public sector procurement platform and extended its reach into transportation and infrastructure software, an area of growing interest among enterprise buyers and investors alike.

EQT

Founded in 1994 and headquartered in Stockholm, EQT is one of Europe’s leading private equity firms, with a growing global presence across North America, Europe, and Asia-Pacific. The firm focuses on thematic investing in technology-enabled businesses with strong recurring revenue and expansion potential.

As of March 2025, EQT manages more than €240B in assets across private equity, infrastructure, real estate, and growth strategies. Its active portfolio spans over 352 companies globally. Among its six SaaS acquisitions in 2024, EQT made notable investments in vertical platforms and infrastructure software, including Acronis, a global provider of cyber protection and backup software; Avetta, a supply chain risk management platform; and CluePoints, a SaaS solution for risk-based monitoring in clinical trials.

SEG’s Experience with EQT

SEG has supported multiple transactions involving EQT portfolio companies. This includes the acquisition of StorageAuctions.com, an online auction platform serving the self-storage industry, and CallPotential, a communication and CRM platform purpose-built for self-storage operators. Both businesses were acquired by Storable, an EQT-backed platform focused on end-to-end technology solutions for the self-storage market, investments that align closely with EQT’s emphasis on verticalized, mission-critical SaaS.

TA Associates

TA Associates is a long-standing growth-focused private equity firm known for partnering with high-performing software businesses. With offices in Boston, Menlo Park, London, Mumbai, and Hong Kong, the firm brings a global perspective to scaling enterprise software platforms. As of 2025, TA manages over $50B in assets under management and has invested in more than 560 companies worldwide, with over 120 companies today.

Among its five SaaS acquisitions in 2024, the firm invested in SER Group, a European provider of intelligent content and process automation software; Rocscience, a developer of geotechnical modeling software for civil and mining applications; and Solifi, which offers secured finance technology for asset-based lending and leasing.

SEG’s Experience with TA Associates

SEG has advised on eight successful transactions involving TA Associates or its portfolio companies. These include the acquisitions of VeraCore. VeraCore, a fulfillment and warehouse management solution; and CheckpointID, a provider of ID verification and fraud prevention tech solutions to the multifamily industry. Additional deals include RentPayment, Multifamily Insurance Partners, and ProLease, all acquired by TA Associates-backed MRI Software; as well as Tenmast and HAPPY Software, both of which were acquired by Yardi, another TA Associates portfolio company. CheckpointID, a provider of ID verification and fraud prevention tech solutions to the multifamily industry. Additional deals include RentPayment, Multifamily Insurance Partners, and ProLease, all acquired by TA Associates-backed MRI Software; as well as Tenmast and HAPPY Software, both of which were acquired by Yardi, another TA Associates portfolio company.

Bain Capital

Headquartered in Boston, Bain Capital is a global investment firm founded in 1984, with offices across North America, Europe, and Asia-Pacific. The firm invests across asset classes, including private equity, credit, real estate, and venture capital, with a growing focus on technology and software platforms. Bain Capital manages more than $185B in assets under management.

In 2024, the firm completed several high-profile SaaS acquisitions across education, financial infrastructure, and digital transformation. These included PowerSchool, a cloud-based K–12 education platform acquired in a transaction valued at $5.6 billion; Envestnet, a leading wealth management platform offering data aggregation and financial planning tools; and Iress, an Australian-based financial software company specializing in trading, investment management, and financial advice technology.

Thoma Bravo

With a software-only focus and a track record that spans more than four decades, Thoma Bravo has built a reputation as one of the most experienced technology investors in private equity. The firm was founded in 1980 and is headquartered in Chicago, with additional offices in Miami, New York, and San Francisco.

Thoma Bravo manages $184B in assets under management and has completed over 535 software and technology investments, representing more than $275B in total enterprise value. Its approach centers on acquiring mission-critical software platforms and accelerating growth through operational improvement and M&A. Thoma Bravo currently employs approximately 325 investment and operations professionals across its offices.

In 2024, Thoma Bravo completed four SaaS platform acquisitions, including Everbridge, an event management software provider; Darktrace, a cybersecurity AI platform; USU, a Germany-based IT service management and knowledge automation company; and CompTIA, a nonprofit turned software and credentialing platform serving the global IT workforce.

SEG’s Experience with Thoma Bravo

SEG advised on the sale of iOFFICE, a leading provider of workplace and facility management software, to Thoma Bravo. iOFFICE was subsequently merged with Thoma Bravo portfolio company SpaceIQ, creating a comprehensive, global platform for workplace experience and real estate management.

Accel-KKR

Founded in 2000, Accel-KKR (AKKR) is a technology-focused private equity firm headquartered in Menlo Park, California. Established as a joint venture between Accel Partners and Kohlberg Kravis Roberts (KKR), the firm specializes in growth equity, buyouts, and minority investments in mid-market software and IT-enabled businesses.

AKKR manages over $23B in assets under management and has completed more than 450 investments globally, with a strong track record in scaling vertical SaaS and infrastructure platforms. The firm is supported by a team of approximately 241 investment professionals across offices in the United States, United Kingdom, and Mexico.

Recent activity includes three new SaaS platform acquisitions in 2024, continuing the firm’s focus on vertically specialized and mission-critical software. These deals include Accertify, a fraud prevention and risk management platform; Aico, which provides financial close and automation tools; and INX Software, a workforce management solution used across mining, energy, and heavy industry.

SEG’s Experience with Accel-KKR

SEG has advised on multiple transactions involving Accel-KKR portfolio companies, further reinforcing the firm’s active focus on vertical SaaS. These include the acquisitions of Blue Mountain Quality Resources, a leading enterprise asset management software provider for life sciences; InSight Mobile Data, a provider of field service management and telematics solutions; and ClearPathGPS, a GPS fleet tracking software platform serving small and mid-sized businesses.

Vista Equity Partners

Also founded in 2000, Vista is a global investment firm headquartered in Austin, Texas. The firm invests exclusively in enterprise software, data, and technology-enabled businesses, with a focus on driving digital transformation and operational scale across its portfolio.

As of 2025, Vista manages approximately $100B in assets under management and has completed more than 600 software investments since inception. The firm operates with a team of over 500 professionals across offices in Austin, Chicago, New York, San Francisco, and Hong Kong.

Vista completed three SaaS platform acquisitions in 2024, continuing its focus on mission-critical enterprise applications. These included Model N, a revenue management platform serving the life sciences and high-tech sectors; JAGGAER, a global provider of procurement and supply chain solutions; and Redwood Software, which offers workload automation and orchestration tools for enterprise IT operations.

SEG’s Experience with Vista Equity Partners

At SEG, we have closed six successful transactions with Vista Equity Partners or its portfolio companies, underscoring Vista’s position as a premier acquirer in the SaaS market. These include Produce Pro, a leading ERP solution for the fresh food industry; Widen, a digital asset management platform; Mobile Doorman, a mobile-first resident engagement platform; Topbox, a customer experience analytics provider; V-Technologies, a multi-carrier shipping software vendor; and Evoco, an enterprise telecom expense and mobility management solution.

Nordic Capital

Nordic Capital is a private equity firm headquartered in Stockholm with offices across Europe and North America. The firm focuses on investing in growth-oriented businesses in healthcare, financial services, and technology, with a strong emphasis on enterprise and vertical software. Since its founding in 1989, Nordic Capital has completed more than 150 investments globally.

As of 2025, the firm manages over €34B in assets under management and employs approximately 245 professionals. Its investment strategy pairs sector specialization with operational partnership to scale recurring revenue platforms.

In 2024, Nordic Capital completed three SaaS platform acquisitions, including Zafin Labs, a cloud-native enterprise management tool for financial institutions; BRP Systems, a Scandinavian provider of gym and fitness management software; and Anaqua, a global IP management platform.

PartnerOne

Founded in 2010, PartnerOne Capital is a private equity firm based in Montreal, Canada, focused on acquiring and scaling mission-critical B2B software companies. The firm specializes in a long-term, buy-and-hold strategy, targeting vertical SaaS platforms with strong recurring revenue, low churn, and entrenched customer bases.

In 2024, PartnerOne Capital completed three SaaS platform acquisitions, including SeaChange International, a provider of video delivery and advertising solutions; Cincom, a legacy enterprise software vendor serving manufacturing and services firms; and HeadSpin, a digital experience intelligence platform used by global technology companies to monitor and optimize app performance.

Why Strategic Positioning with Top PE Firms Can Make or Break Your Exit

If you’re exploring a majority recapitalization or growth investment, partnering with the right private equity firm can unlock transformative growth, but navigating that process requires care.

As a SaaS founder or executive, it’s important to be thoughtful about what information you disclose early on. Top-tier PE firms are highly skilled at diligence and discovery, and sharing too much too soon can put you at a disadvantage when terms are being shaped.

If you’ve received an inbound offer or are actively speaking with a potential investor, partnering with an experienced sell-side advisor ensures you maintain leverage, protect your interests, and maximize value every step of the way.

Select data referenced in this blog and the SEG 2025 Annual SaaS Report, including deal counts and transaction activity by private equity firms, was sourced from S&P Global Market Intelligence | 451 Research. While SEG makes every effort to verify and cross-reference transaction data with public and proprietary sources, discrepancies in deal attribution may exist due to differences in classification methodologies, reporting standards, and platform coverage. We acknowledge these variances and have aligned the analysis accordingly with the client’s understanding.