Meet the Top Strategic Buyers Acquiring Software Companies

Strategic buyers have reasserted themselves into the center of software M&A. After a cautious stretch driven by economic uncertainty and a conscious effort to manage costs and investment, the first half of 2025 shows a clear shift. Strategic acquirers are more actively pursuing software deals that reinforce their core growth priorities.

Today’s most active buyers are not chasing volume. They are making disciplined moves to deepen vertical expertise, enhance product offerings, and strengthen long-term operational platforms. Some are expanding into new customer segments. Others are investing in AI, automation, and industry-specific use cases. Each acquisition reflects a broader plan to create integrated, scalable solutions that improve value across their portfolio.

For founders considering an exit, timing matters. Strategic buyers vary widely from public companies to private strategics to PE-backed platforms, each of which brings different philosophies and expectations. The right buyer is not always the largest or most recognizable. It’s the one whose roadmap aligns with your company’s future.

Below, we highlight ten of the most active strategic buyers in the software space and the 2024 acquisitions that point to where they’re headed next

Why Strategic Buyers Want Software Companies

Acquiring a software company is one of the most effective ways for a buyer to evolve. Whether the goal is to expand into a new market, bring in specialized talent, or modernize a legacy stack, acquiring software is often more practical than building it from scratch.

In the first half of 2025, we’ve seen strategic buyers lean into this playbook with clarity. Some are filling capability gaps that have slowed innovation. Others are responding to pressure from customers who expect more seamless, all-in-one experiences. And nearly all are exploring ways to embed automation and AI into their platforms through targeted acquisitions.

Sector focus is also sharpening. Buyers are not looking for generalist solutions.

They want domain expertise, clear product-market fit, and the ability to integrate or cross-sell quickly. Regulatory depth and customer loyalty are often more valuable than scale alone.

While deal structures and integration strategies vary, the underlying motivation is consistent: strategic buyers acquire companies that strengthen their foundation and extend their future. When the right fit is found, it’s not just an exit. It’s a strategic step forward for both sides.

LEARN MORE: Step #3 in How to Prepare an Exit Strategy: A Guide for SaaS Founders is to get to know the buyers in your space. Be sure to follow the other steps as well.

Meet the Top Strategic Buyers Investing in Software

Valsoft

Valsoft is a Montreal-based holding company that acquires and operates vertical market software businesses. The firm targets companies with recurring revenue, loyal customers, and strong footholds in specialized industries. Once acquired, businesses continue to operate independently with support from Valsoft’s shared infrastructure and long-term investment approach. The firm has grown to over 500 employees globally.

Valsoft was one of the most active strategic buyers in 2024, completing 14 acquisitions across sectors such as telecom, construction, and workforce management. The company continues to pursue steady, vertical-specific tuck-ins that align with its decentralized model.

Select Valsoft 2024 Transactions

In July 2024, Valsoft acquired IDGateway, a UK-based leader in identity management and background checking solutions for airports and high-security environments. Founded in 2012, IDGateway’s flagship product, AirportGateway, is the only identity pass management solution tailored specifically for airports, transitioning from manual to automated access control processes.

Easy Employer is an Australian workforce management platform that helps mid-sized organizations handle scheduling, payroll, and compliance in heavily regulated industries. The company serves sectors such as aged care, pharmacy, childcare, and hospitality, where accurate award interpretation and labor tracking are essential. Valsoft’s acquisition, announced in January 2024, expands its presence in the Australian market and deepens its capabilities in workforce optimization.

In December 2024, Valsoft acquired Buildsoft, an Australian pioneer in estimating, takeoff, and tender management solutions for the construction industry. Established in 1985, Buildsoft’s products, such as Cubit Estimating and Cubit Select, are trusted by thousands of construction companies in over 50 countries.

Constellation Software

Constellation Software, based in Toronto, is one of the largest and most consistent acquirers of vertical market software companies globally. Through its six operating groups, including Volaris, Vela, and Jonas, Constellation acquires and builds businesses that serve mission-critical functions in specialized industries. The firm is publicly traded (TSX: CSU) and employs more than 25,000 people worldwide.

In 2024, Constellation completed 12 SaaS acquisitions across industries, including financial services, healthcare, telecom, and education. The firm remains committed to its long-term buy-and-hold philosophy, often serving as a home for founders who want to preserve culture and autonomy post-transaction.

Select Constellation 2024 Transactions

One of Constellation’s notable transactions in 2024 was the acquisition of Intellior, a Germany-based provider of business process modeling and management software used across both enterprise and public sector environments. The deal strengthens Constellation’s presence in the DACH region and expands its reach into process optimization solutions.

Constellation also acquired a vertical SaaS division from EverCommerce, deepening its position in service-based industries. In France, the company added ORKIS to its portfolio, —a software provider specializing in digital asset management and creative workflow automation. ORKIS serves clients in media, retail, and the public sector, broadening Constellation’s coverage across content-centric and communications-driven verticals.

SEG-Advised Transactions

SEG has advised on multiple successful transactions with Constellation Software Inc. (CSI). Most recently, SEG served as exclusive advisor to Volante, a provider of utility billing and customer information systems (CIS) software. Volante was acquired by a CSI operating group in 2024, expanding CSI’s presence in public sector technology.

Past transactions include System Innovators (2012), a leader in centralized cashiering and payment solutions for government entities, and Computrition (acquired in 2020), a pioneer in foodservice and nutrition management software for healthcare and senior living providers. Both companies now operate under CSI’s Jonas Software division.

The Access Group

Access is a UK-based software group backed by HggCapital, one of Europe’s leading private equity investors in software. The company has grown into a major consolidator across vertical SaaS, serving over 100,000 mid-market and enterprise customers across industries including healthcare, nonprofit, hospitality, and finance. Access now employs more than 6,000 people globally.

The firm is known for its platform-based approach to growth. Through a mix of organic product development and steady M&A, Access has built out an ecosystem of integrated solutions that support finance, HR, operations, and industry-specific workflows. Acquisitions are often folded into Access Workspace, the company’s unified experience layer for business software.

In 2024, Access remained active in the software M&A market, completing a range of acquisitions across donor management, accounts payable automation, and guest experience technology. The company continues to seek strategic tuck-ins that strengthen its position in regulated and services-led sectors.

Select Access Group 2024 Transactions

Among Access’s 2024 acquisitions was Elay, which provides AI-powered multi-channel engagement automation software for businesses in the recruitment sector in the UK. Software provides features for chatbot, marketing, CRM automation, ROI calculation, and customer engagement

The company also acquired Donorfy, a donor CRM platform used by small to mid-sized nonprofits across the UK. The acquisition reinforces Access’s position as a leading software provider to the nonprofit sector.

In accounts payable automation, Access acquired Lightyear, a Belfast-based solution designed to streamline invoice processing and multi-location financial operations. The deal supports Access’s continued expansion in finance and accounting software.

Visma

Visma is one of Europe’s largest providers of cloud software, offering mission-critical tools for accounting, payroll, procurement, and ERP. Headquartered in Oslo and backed by a consortium of private equity investors including HG Capital, TPG, and Warburg Pincus, the company serves over 1.7 million customers across 20+ countries and employs more than 15,000 people

In 2024, Visma continued to expand across Southern and Western Europe through a series of acquisitions in accounting, document management, and business services software. The company remains focused on regulated industries and markets with growing demand for digital transformation.

Select Visma 2024 Transactions

In February 2024, Visma acquired InvoiceXpress, a Lisbon-based provider of electronic invoicing solutions serving over 12,000 customers. Founded in 2009, InvoiceXpress offers cloud-based invoicing, tax management, and VAT reporting tools. The acquisition strengthens Visma’s presence in the Iberian business software market.

In January 2024, Visma acquired Chaintrust, a Paris-based company specializing in automating accounting entries through AI-powered solutions. Founded in 2018, Chaintrust enhances Visma’s offerings in the French accounting software market and complements its 2022 acquisition of Inqom .

In May 2024, Visma acquired MyCompanyFiles, a French platform specializing in secure document and information exchange for accounting firms. Founded in 2011, MyCompanyFiles serves over 850 accounting firms and 172,000 end-users. The acquisition further solidifies Visma’s position in the French professional services sector.

ServiceNow

ServiceNow is a global enterprise software company best known for its cloud-based platform that automates IT service management, HR, customer workflows, and more. Headquartered in Santa Clara, the company serves over 8,100 enterprise customers, including 85% of the Fortune 500, and employs more than 22,000 people worldwide. In 2024, ServiceNow reported over $9 billion in revenue and continued to expand its footprint through targeted acquisitions focused on AI, cybersecurity, and vertical workflow automation.

The company is highly selective in its M&A approach, typically acquiring niche technologies that extend its native capabilities or accelerate product innovation in strategic areas like automation, observability, and secure collaboration. Many deals are structured to quickly embed the acquired tech into their platform, often launching new product modules within a year of acquisition.

Select ServiceNow 2024 Transactions

In March, ServiceNow acquired Mission Secure, an industrial control system (ICS) cybersecurity company. The deal adds real-time operational technology protection to ServiceNow’s risk and resilience platform and expands its reach into critical infrastructure and energy sectors.

In February, the company acquired Atrinet which provides low-code and cloud-native-based network management and service automation software and related APIs for the telecom industry in Israel

In November 2024, ServiceNow announced its intent to acquire Mission Secure, a Charlottesville, Virginia-based company focused on providing asset discovery for operational technology (OT) devices. The deal aims to add real-time operational technology protection to ServiceNow’s risk and resilience platform and expand its reach into critical infrastructure and energy sectors.

Accenture

Accenture is a global professional services company that provides consulting, technology, and outsourcing solutions to clients in more than 120 countries. With over 740,000 employees worldwide and revenues exceeding $64 billion in fiscal 2023, the firm continues to expand through a mix of organic innovation and strategic acquisitions. Its software-related M&A activity is typically aimed at deepening digital capabilities, expanding industry expertise, and accelerating AI adoption across client workflows. While many targets are consulting-led, a growing number have proprietary software or platforms at the core of their value proposition. These acquisitions are often integrated quickly into Accenture Song, Accenture Technology, or the firm’s industry-specific practices.

Select Accenture 2024 Transactions

In February 2024, Accenture acquired Flo Group, a European supply chain consulting firm with proprietary software for transportation and logistics orchestration. In March, the company acquired Award Solutions, a U.S.-based provider of training and upskilling programs for mobile and telecom engineering teams. Award Solutions delivers software-driven learning platforms tailored to 5G and cloud-native infrastructure.

In September, Accenture acquired Work & Co, a digital product design and engineering firm recognized for its work with global brands like Apple, IKEA, Google, and Mercedes-Benz. Headquartered in Brooklyn, Work & Co specializes in building enterprise-grade applications, digital platforms, and customer-facing tools across sectors including finance, media, and retail. The acquisition brings over 400 designers, engineers, and strategists into Accenture Song and significantly enhances its ability to deliver premium digital experiences at scale.

Ever.AG

Ever.Ag is a software and services provider focused on the global food and agriculture supply chain. Headquartered in Frisco, Texas, the company delivers SaaS platforms, data solutions, and risk management services across dairy, grain, livestock, and ag retail markets. Backed by Banneker Partners, Ever.Ag has expanded rapidly in recent years through both organic growth and strategic M&A. The firm employs over 600 people globally.

Ever.Ag’s acquisition strategy centers on adding workflow capabilities and domain-specific expertise that support the increasingly digital and global nature of food production and distribution. The company often targets founder-led businesses with embedded customer relationships, proprietary data, and specialization in niche agriculture segments.

Select Ever.Ag 2024 Transactions

Ever.Ag completed five acquisitions in 2024, following a series of strategic deals in 2023. The company continued to expand across agtech, analytics, and sustainability solutions.

In March, Ever.Ag acquired Adapt-N, the premier in-season nitrogen recommendation toolThe software supports demand forecasting, procurement optimization, and production planning.

In January, Ever.Ag acquired Prairie Systems, a software company focused on livestock data and feed management.

Other 2024 transactions included AgencyRoot, a crop insurance platform for agents; Integrated Control & Information Systems, an energy management solution for food and dairy processors; and freshagenda, an Australia-based provider of market intelligence and strategy tools for agribusinesses.

Capacity

Founded in 2017, Capacity is a St. Louis–based provider of AI-powered support automation software that helps organizations deflect tickets, streamline workflows, and unify access to internal knowledge. The platform combines conversational AI, generative search, and no-code automation to improve both employee and customer experiences. Capacity serves clients across industries including financial services, healthcare, and education.

The company’s 2024 acquisition strategy focused on enhancing its core platform through vertical-specific capabilities and advanced automation tools. Each acquisition brought complementary technology that could be quickly integrated into Capacity’s support, voice, or workflow modules.

Select Capacity 2024 Transactions

Capacity completed five acquisitions in 2024 to accelerate growth and deepen product breadth.

In January, the company acquired SmartAction, a provider of AI-powered voice agents and virtual assistants for contact centers. The acquisition strengthened Capacity’s voice automation offering and extended its presence in high-volume service environments.

In March, Capacity acquired Cereproc,which provides Ai-based text-to-speech generation software and related SDKs for businesses, developers, and individuals in the UK . The deal expanded Capacity’s reach into regulated healthcare workflows.

Other 2024 deals included Lucy,AI-based enterprise search software ; Linc, an e-commerce support automation platform; and Envision, a provider of AI-based customer and agent experience enhancement software for businesses in the US. Software provides features for quality monitoring, call and screen recording, omnichannel documentation, and speech and desktop analytics.

Cloudflare

Founded in 2010, Cloudflare is a global cloud services provider offering security, performance, and developer tools for internet applications. The company operates one of the world’s largest networks, serving millions of websites and APIs with solutions across DDoS protection, zero trust, application performance, and edge compute. Headquartered in San Francisco, Cloudflare employs over 3,600 people and reported more than $1.5 billion in revenue in 2024.

Select Cloudflare 2024 Transactions

In February, the company acquired Nefeli Networks, a multi-cloud networking startup that helps enterprises orchestrate and manage infrastructure across cloud providers. In April, Cloudflare acquired BastionZero, a cybersecurity firm offering zero trust access tools for infrastructure and DevOps environments. The deal adds deeper identity-aware access capabilities to Cloudflare’s zero trust platform.

Other 2024 transactions included PartyKit, a real-time collaboration toolkit for web applications; Baselime, a serverless framework for building API-first applications; and AOX, a stealth-mode startup focused on edge-native data privacy.

Descartes

Founded in 1981, Descartes Systems Group is a global logistics technology company specializing in supply chain management, transportation, and customs compliance software. Headquartered in Ontario, Canada, Descartes serves more than 30,000 customers in over 160 countries and employs approximately 2,500 people. The company is publicly traded (TSX: DSG) and has long pursued a steady acquisition strategy to expand its logistics platform and global data footprint.

Select Descartes 2024 Transactions

Descartes made five acquisitions in 2024, extending its reach across export compliance, ecommerce fulfillment, and freight visibility.

The year began with the purchase of OCR Services, a global trade management platform specializing in export controls and denied party screening. The acquisition enhances Descartes’ compliance and regulatory automation capabilities.

In March, the company added Boxtop Technologies, a UK-based provider of freight forwarding software used to manage shipment visibility, quoting, and booking workflows. The deal bolsters Descartes’ offerings for logistics service providers across Europe.

Other additions included ASD, focused on air freight management solutions; Sellercloud, a multichannel ecommerce fulfillment platform; and MyCarrierPortal, a risk monitoring software for freight brokers and shippers in the US.

A Quick Look at Strategic Buyer Activity

In our most recent Quarterly SaaS M&A and Public Market Report, we highlight the sustained strength and evolving role of strategic buyers in software M&A. In 1Q25, strategic acquirers made up 93% of SaaS transactions, with the most active segments being PE/venture-invested strategics (33%), publicly traded strategics (22%), privately held strategics (21%), and PE-backed strategics (18%).

While the overall strategic cohort remains strong, the shape of activity has shifted. Public strategics have held steady at 22%, but still trail the highs seen in 2021–2022. Many public buyers remain measured in their approach, balancing growth through acquisition with the scrutiny of public markets and earnings visibility.

PE/venture-invested, by contrast, have emerged as the most active group. These companies benefit from long-term capital, operational flexibility, and the ability to pursue high-frequency tuck-ins that align with their growth mandates.

Private equity-backed strategics also continue to make up a significant share of deal activity, leveraging sponsor support to expand existing platforms, fill product gaps, and enter adjacent markets. While their share dipped modestly year-over-year, they remain a vital driver of volume and consolidation.

The rebound of M&A activity among both public and private strategics reflects improving macro conditions and greater deal confidence. With interest rates easing and valuations stabilizing, strategic buyers are once again leaning into software acquisitions.

Your Company’s Exit Opportunities with Strategic Buyers

Understanding the strategic buyer landscape is an important step for any software founder or executive exploring long-term options. Each buyer has a distinct focus, timeline, and acquisition approach, and knowing how your business fits into that picture can shape both strategy and timing.

Have you identified the firms most active in your vertical? Are you recognizing the signals that suggest it may be the right time to explore conversations?

If you’re thinking about what might come next, we’re here to help. We can walk you through recent trends, buyer behavior in your space, and what a well-timed process might look like for your business.