About the Research

Our 2nd annual online survey was in the field August 1st – 20th, 2023, and garnered responses from 135 participants representing the top private equity investors and strategic buyers in the middle-market software space, and founders/CEOs of B2B software and SaaS companies. Of the buyer/investor respondents, 75% said the number of high-quality software targets has decreased, fueling competition and driving higher multiples.

About the Authors

The survey content and analysis were jointly developed by Diamond Innabi and Austin Hammer, both Principals at Software Equity Group. Diamond has been with the company for nearly a decade, guiding dozens of clients successfully through their sell-side M&A journey, while Austin, who has been with SEG since 2018, has led transactions in a variety of verticals, hosted webinars, and authored numerous thought leadership articles.


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2023 State of SaaS M&A: Buyers' Perspectives.

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