Who’s Driving Software M&A? 10 Private Equity Firms to Know

Private equity’s appetite for SaaS shows no signs of slowing. With deal activity picking up and ample capital available to deploy, PE remains the leading force in the market. In 2025, PE buyers drove SaaS M&A, representing nearly 58% of all transactions.

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.

This list is informed by transaction data sourced from 451 Research and the SEG 2026 Annual SaaS Report. While we strive for accuracy, deal disclosures and sponsor activity are not always comprehensive or consistently reported, and this list may not capture every relevant transaction or investor. We encourage private equity firms that are active in SaaS M&A to reach out to be considered for inclusion in future editions.

Below is our curated list of the most active PE investors in SaaS M&A over the past year.

Main Capital Partners

Main Capital Partners topped the list of most active PE software investors three years in a row, completing 11 SaaS platform acquisitions in 2025.

Founded in 2003 and headquartered in the Netherlands, Main Capital is a specialist investor in B2B software companies. The firm focuses on mission-critical platforms with recurring revenue and long-term growth potential. Main Capital is known for its hands-on approach to value creation, supporting portfolio companies through operational improvement and disciplined buy-and-build strategies.

Main Capital has made over 300 total investments since its founding. Its current assets under management (AUM) are approximately $7B, and its active portfolio includes more than 50 software companies. The firm’s recent activity reflects its continued focus on enterprise software supporting governance, compliance, and complex business workflows. Notable acquisitions include Xait, a collaborative document automation platform used in regulated industries; Prim’X, a provider of data encryption and secure document management software; and TrustArc, a global privacy and compliance platform serving enterprise customers.

LEARN MORE: Understand the Key Differences between Strategic and Financial Buyers in M&A

TPG Capital

TPG Capital remained an active buyer in software and tech-enabled services, completing six platform acquisitions during the period. Across its strategies, the firm continues to target scaled platforms with durable demand, strong recurring revenue characteristics, and clear opportunities to accelerate growth through operational support and expansion.

Founded in San Francisco in 1992, TPG is a global alternative asset management firm with investment and operational teams around the world. As of 2025 reporting, TPG reported $286B in assets under management, investing across private equity, impact, credit, real estate, and market solutions.

TPG’s recent activity reflects continued emphasis on software businesses embedded in critical workflows across travel and hospitality, industrial operations, and property management services. Recent acquisitions include Sabre’s Hospitality Solutions business, establishing a newly independent hospitality technology platform, GE Vernova’s Proficy manufacturing software business, and Conservice, a utility management platform for the property management industry.

Accel-KKR

Accel-KKR is a technology-focused private equity firm founded in 2000 and headquartered in Menlo Park, California, with additional offices in Atlanta, London, and Mexico City. The firm specializes in investments in software and tech-enabled businesses, particularly in the middle market, deploying capital through buyouts, growth equity, credit, and other private investment strategies.

Accel-KKR has $23B+ in cumulative capital commitments since its founding and has been involved in hundreds of software investments globally. Among its five SaaS acquisitions in 2025, the firm invested in Health Metrics, a healthcare analytics and performance measurement platform; CareLineLive, a cloud-based workforce management solution for home care providers; and Arbiter, a dispute resolution and compliance platform used by sports leagues and governing bodies.

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.

Keensight Capital

Headquartered in Paris, Keensight Capital is a leading European growth buyout firm founded in 2000. Their offices are spread throughout Paris, London, Boston, and Singapore. The firm focuses on partnering with management teams to accelerate growth in mission-critical software and technology-enabled businesses with an emphasis on product innovation. Keensight manages approximately €7B in assets under management and has invested in more than 80 companies since inception.

In 2025, the firm completed several SaaS acquisitions across enterprise software and analytics. These included UVE Solutions, a provider of route-to-market data analytics and sales enablement software for the consumer-packaged goods industry; Dimo Maint, a SaaS maintenance management platform enabling industrial and facility service optimization; and Decision Focus, a configurable governance, risk, and compliance software developer that will pursue accelerated international expansion with Keensight’s support. These deals reflect Keensight’s continued emphasis on software platforms embedded in complex, data-intensive operating environments.

Thoma Bravo

Another company we’ve featured before, Thoma Bravo, continues to stand out as one of the most experienced and active investors in software M&A. With a software-only focus and a track record spanning more than four decades, the firm has built a reputation for acquiring and scaling mission-critical technology platforms. Founded in 1980, Thoma Bravo is headquartered in Chicago, with additional offices in Miami, New York, and San Francisco.

Thoma Bravo manages approximately $184B in assets under management and has acquired or invested in more than 565 software companies, representing over $285B in total enterprise value. The firm’s approach centers on operational improvement and strategic M&A to accelerate growth across its portfolio, supported by a global team of approximately 340 investment and operations professionals.

In 2025, Thoma Bravo completed four SaaS platform acquisitions, three of which were take-privates of companies formerly included in the SEG SaaS Index™. The companies include Dayforce (NYSE:DAY), a global human capital management platform; Olo (NYSE:OLO), a leading digital ordering and delivery software provider for restaurants; and PROS (NYSE: PRO), an AI-powered pricing and revenue management software company.

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.

Francisco Partners

Founded in 1999 and headquartered in San Francisco, California, Francisco Partners is a global investment firm focused exclusively on technology and technology-enabled businesses. The firm invests across growth equity, buyouts, and take-private transactions, partnering with management teams to drive product innovation, commercial expansion, and operational transformation. Francisco Partners manages approximately $50B in assets under management, with a long track record of investing in and scaling software and tech platforms worldwide.

In 2025, Francisco Partners completed three SaaS platform acquisitions, including Quorum Software, a provider of energy industry workflow and data management solutions; Jamf, a global leader in Apple device management and security software in a transaction valued at approximately $2.2 billion; and OEConnection (OEC), a SaaS platform supporting parts and service workflows in the automotive aftermarket.

GTCR

With a history spanning more than four decades, GTCR has established itself as a long-standing builder of software businesses through its differentiated Leaders Strategy. Founded in 1980 and headquartered in Chicago, the firm partners with experienced executives to create and scale market-leading companies, combining operational expertise with disciplined M&A execution.

Since its inception, GTCR has invested more than $30 billion in approximately 300 companies and currently manages approximately $50 billion in equity capital. The firm operates offices in Chicago, New York, and West Palm Beach and continues to focus on building durable, mission-critical software businesses serving complex, regulated end markets.

In 2025, GTCR completed three SaaS platform acquisitions, including Innovative Systems, a provider of enterprise software supporting broadband and utility operations; FMG Suite, a marketing automation platform purpose-built for financial advisors; and Clear Capital, a real estate analytics and valuation technology provider. Together, these investments highlight GTCR’s continued focus on software platforms embedded in essential business workflows across communications, financial services, and real estate markets.

Vista Equity Partners

Vista Equity Partners once again appears on our list, reflecting its continued prominence in enterprise software M&A. Founded in 2000 and headquartered in Austin, Texas, Vista invests exclusively in software, data, and technology-enabled businesses.

As of 2025, Vista manages approximately $100B in assets under management and has completed more than 650 software investments since inception. The firm operates with a team of over 175 investment professionals across offices in Austin, Chicago, New York, San Francisco, and Hong Kong.

In 2025, Vista completed three software platform acquisitions, including Nexthink, a digital employee experience and IT analytics platform; Acumatica, a cloud ERP solution serving mid-market businesses across manufacturing, distribution, and construction; and Amtech Software, a manufacturing execution and operations management software provider.

SEG’s Experience with Vista Equity Partners

At SEG, we have closed seven 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; 360 Facility, a provider of facilities management solutions; and Evoco, an enterprise telecom expense and mobility management solution.

Advent Interbational

Founded in 1984 and headquartered in Boston, Advent International is one of the largest global private equity firms, with offices across North America, Europe, Latin America, and Asia. The firm invests across a range of sectors, including technology, healthcare, financial services, and business services.

Advent manages $100B in assets under management and has completed over 400 investments across more than 40 countries. The firm’s technology strategy centers on market-leading software and tech-enabled platforms with strong recurring revenue and international scale opportunities.

In 2025, Advent completed two notable software and technology platform acquisitions, including Sapiens, a global provider of SaaS-based insurance software solutions, and PatientPoint, the largest digital point-of-care engagement platform in the U.S. These transactions reflect Advent’s continued focus on scaled platforms operating at the intersection of software, data, and mission-critical end markets.

Bain Capital

Also founded in 1984, Bain Capital is a global investment firm headquartered in Boston, with investments spanning technology, healthcare, and business services. Bain Capital manages approximately $185 billion in assets.

In 2025, Bain Capital completed two SaaS platform acquisitions, including HealthEdge, a next-generation healthcare technology and SaaS platform serving health plans and payers, and Namirial, a digital transaction management software provider offering e-signature, onboarding, and digital trust solutions

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

Exploring a majority recapitalization or growth investment can be a powerful inflection point for a SaaS business, but the outcome often hinges on how you engage the market. The right private equity partner can accelerate growth, expand strategic options, and unlock long-term value, but only if the process is thoughtfully managed from the start.

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.

Whether you’ve received an inbound offer or are proactively considering a transaction, working with an experienced sell-side advisor helps ensure you control the narrative, run a competitive process, and protect value at every stage.

Select data referenced in this blog and the SEG 2026 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.