Software acquisition comps.
What did buyers pay?
Compare disclosed software and SaaS acquisition prices and valuation multiples. Find relevant deals, inspect the financials, and see the terms behind each price.
A selected set of public and private deals, including carve-outs.
How to read these numbersEvidence reviewed September 10, 2026Company size and acquisition multiple
Enterprise value ÷ trailing annual revenue. Hover or focus a point for context; select it to open the deal.
Point details appear here. Full financial definitions and source links are in the deal book.
Compare like with like
Each ratio uses its own deal’s original currency. Matching definitions help comparison; different growth, size and deal terms still matter.
How much is contingent?
Share of disclosed maximum consideration. Amounts stay in each deal’s original currency.
The deal book
Open a deal for its calculations, financial periods and sources.
| Target / buyer | Announcement / status | Disclosed value | Primary multiple | Deal details |
|---|---|---|---|---|
| Bending SpoonsPrivate · SaaS | Signed · last reported | USD 1,355MAnnounced enterprise value | ≈2.26×EV / ARRCalculated | Source |
Miro: transaction structureCash share purchase; some sellers reinvest USD 295M in the buyer. Reinvestment is not an earnout. 100% acquired. All issued and outstanding shares. Equity value includes net cash. Implied net cash ≈ USD 435M; do not subtract it again from EV.
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Financial definitions
What to keep in mindARR measurement date, growth, retention and EBITDA are not disclosed. Announced terms; closing expected Q4 2026. Large strategic transaction, not a small-SaaS benchmark. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| Bending SpoonsPrivate · SaaS | Closed | USD 1,285MAnnounced enterprise value | ≈2.68×EV / ARRCalculated | Source |
Airtable: transaction structureAll-cash acquisition. Values shown are announced values, not final adjusted consideration. 100% acquired. All issued and outstanding shares. Implied net cash ≈ USD 965M, already excluded from stated EV.
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Financial definitions
What to keep in mindEBITDA and retention are undisclosed. Announcement values may differ from final closing adjustments. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| TracsisPrivate · Carve-out · Software | Closed | GBP 48MAnnounced enterprise value | ≈3.69×EV / trailing revenueCalculated | Source |
Mistral Data: transaction structureCash payable on completion, subject to customary adjustments. 100% acquired. Private subsidiary of listed FirstGroup; 100% of shares. Cash-free, debt-free basis.
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What to keep in mindRail software, unrelated to Mistral AI. Carve-out cost structures may differ from standalone companies. Retention and customer concentration are unknown. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| Dassault SystèmesPrivate · SaaS | Signed · last reported | ≈ USD 1,800MUpfront considerationUp to ≈ USD 2,000M | ≈10.29×Consideration / forecast revenueCalculated | Source |
ArisGlobal: transaction structureUp to USD 200M additional payments depend on multi-year AI revenue milestones. Exact acquired stake not separately established. No verified net-cash/debt bridge to EV.
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Financial definitions
What to keep in mindMaximum ratio holds the 2026 forecast constant; it does not use future earned revenue. Exact stake, numerical margins and retention are unverified. Closing expected in H2 2026. Public source evidenceLinked issuer release reviewed · checked 2026-09-10.
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| Progress SoftwarePublic · Carve-out · SaaS | Signed · last reported | USD 400MAnnounced asset consideration | 1.25×Asset consideration / fiscal revenueCalculated | Source |
Domo operating business: transaction structureUSD 400M cash plus certain assumed liabilities. Domo retains tax attributes and other excluded assets. Substantially all operating assets; not an equity acquisition. Cash price is not enterprise value; no net-debt adjustment applied.
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Financial definitions
What to keep in mindSigned asset purchase; closing expected in Progress fiscal 2026. Ratio uses historical consolidated revenue and cash consideration, not final purchase accounting or EV. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| DCMPrivate · Software + services | Closed | CAD 54MAnnounced enterprise value | ≈2.35×EV / trailing revenueCalculated | Source |
Octacom: transaction structureCAD 43.2M cash and CAD 10.8M DCM shares. 100% acquired. Privately held business acquired in full. Cash-free and debt-free basis, subject to customary adjustments.
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Financial definitions
What to keep in mindPredominantly software-enabled services and outsourcing; unsuitable as a pure SaaS benchmark. Historical financial information is unaudited. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| Thoma BravoPublic · SaaS | Closed | ≈ CAD 622MAnnounced enterprise value | ≈9.28×EV / trailing revenueCalculated | Source |
Kneat: transaction structureCash share purchase at CAD 6.50 per share, with management rollover. 100% acquired. All outstanding common shares; management rollover included in transaction. Issuer explicitly discloses CAD 622M enterprise value, distinct from equity consideration.
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What to keep in mindTop ten customers account for approximately half of revenue. Large public vertical-software transaction; subsequent circular supplies the EV and revenue disclosure. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| GentrackPrivate · SaaS | Closed | NZD 24MAnnounced enterprise value | Not calculatedCurrent denominator missingContext only | Source |
Factor: transaction structureNZD 24M EV plus up to NZD 10M earnout, funded from existing cash. Earnout requires approximately NZD 17M ARR within three years. Exact acquired stake not separately established. EV is stated; final equity consideration bridge not supplied.
Operating context
Show the mathNo acquisition-time multiple is supported by the disclosed inputs. Financial definitionsAligned financial amounts are not established in this record. What to keep in mindProspero Energy trades as Factor. NZD 17M ARR is a future earnout target. Acquisition-time ARR and revenue are missing, so no current multiple is supported. EPS-accretion expectations are buyer forecasts, not target profit. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| SagePrivate · Software | Closed | GBP 11MUpfront consideration | Not calculatedCurrent denominator missingContext only | Source |
Doyen AI: transaction structureFixed initial consideration GBP 11M disclosed in Sage half-year results. 100% acquired. All equity capital and voting rights. No verified EV bridge or final total consideration.
Operating context
Show the mathNo acquisition-time multiple is supported by the disclosed inputs. Financial definitionsAligned financial amounts are not established in this record. What to keep in mindPrice disclosed after acquisition in May 21 results. No aligned standalone revenue or earnings disclosure; initial price alone cannot establish a valuation multiple. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| SEEENPrivate · Software | Signed · last reported | ≈ GBP 1MUpfront considerationUp to ≈ GBP 1.2M | ≈1.56×Consideration / fiscal revenueCalculated | Source |
MEDIAL: transaction structureGBP 0.95M cash plus 1M shares at GBP 0.06 each (GBP 0.06M). Headline upfront price rounded to GBP 1M. GBP 0.2M deferred over eight quarters, subject to warranty claims; not a performance earnout. 100% acquired. Streaming Limited, trading as MEDIAL; all shares. GBP 0.3M net cash benefits buyer. Headline consideration is not EV.
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Financial definitions
What to keep in mindHeadline rounded prices used for ratios. Deferred warranty protection is excluded from the earnout chart. Announcement expected closing by April 30; exact completion not established here. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| DotdigitalPrivate · SaaS | Closed | USD 30MUpfront considerationUp to USD 60M | <3.75×Consideration / forward-looking ARRCalculated | Source |
Alia: transaction structureUp to USD 30M contingent cash over two years, conditional on growth and margins. Exact acquired stake not separately established. Debt-free; acquired cash not reconciled to EV.
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Financial definitions
What to keep in mindThe buyer’s 2x claim uses future performance targets, not end-2025 ARR. All financials are unaudited. Shopify exposure, retention and concentration need diligence. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| ElecoPrivate · Software + services | Closed | ≈ GBP 2.3MAnnounced enterprise value | ≈1.53×EV / trailing revenueCalculated | Source |
Kivue: transaction structureApproximately 80% cash and 20% Eleco shares. 100% acquired. All shares acquired. Buyer explicitly reports enterprise value; do not deduct acquired cash again.
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Financial definitions
What to keep in mindSmall private software and services business. Rounded unaudited earnings make the EBITDA multiple sensitive to rounding; retention and growth are unknown. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| Rocket SoftwarePublic · Carve-out · Software | Closed | USD 150MAnnounced asset consideration | ≈1.88×Asset consideration / fiscal revenueCalculated | Source |
Vertica: transaction structureSoftware, contracts, services and staff transfer; USD 150M before taxes, fees and adjustments. Business and assets carved out of listed OpenText; not a separately listed target. Not explicitly enterprise value.
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Financial definitions
What to keep in mindOn-premise analytics carve-out. Standalone cost allocation, recurring mix and EBITDA are unknown. The revenue year ended seven months before announcement. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| HgPublic · SaaS | Closed | ≈ USD 6,400MAnnounced equity value | ≈10.63×Equity / fiscal revenueCalculated | Source |
OneStream: transaction structureUSD 24 per share in cash. 100% acquired. All outstanding shares; Hg majority voting ownership with General Atlantic and Tidemark participating. Equity value; no EV bridge performed.
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Financial definitions
What to keep in mind10.63x is equity/revenue, not EV/revenue. Financials were disclosed after signing. Large public take-private; not a direct small-SaaS benchmark. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| Bending SpoonsPublic · Software | Closed | ≈ USD 1,380MAnnounced transaction value | Not calculatedCurrent denominator missingContext only | Source |
Vimeo: transaction structurePublic take-private. Headline share-purchase value shown. Exact acquired stake not separately established. No reconciled cash/debt bridge establishing EV.
Operating context
Show the mathNo acquisition-time multiple is supported by the disclosed inputs. Financial definitionsAligned financial amounts are not established in this record. What to keep in mindNo aligned revenue or ARR denominator in the reviewed announcement. Headline transaction value alone cannot establish an EV multiple. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| DotdigitalPrivate · SaaS | Closed | USD 20MUpfront considerationUp to USD 35M | <4.00×Consideration / run-rate revenueCalculated | Source |
Social Snowball: transaction structureUp to USD 15M earnout over two years, dependent on growth and margins. Exact acquired stake not separately established. Debt-free, but no net-cash bridge.
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Financial definitions
What to keep in mindBuyer’s less-than-2x claim assumes future run-rate revenue at full earnout. Ratios here use acquisition-time revenue. Founder remains; Shopify and retention risks need diligence. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| TinyPrivate · Software | Signed · last reported | USD 66MUpfront consideration | 3.20×Buyer-stated / annualized revenueBuyer-stated | Source |
Serato: transaction structureUSD 23.6M shares and up to USD 42.4M cash; additional contingent consideration. 66% acquired. 66% majority stake, not a whole-company acquisition. Do not divide the USD 66M stake price by whole-company financials.
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Financial definitionsAligned financial amounts are not established in this record. What to keep in mindRatios are attributed to the buyer and are not independently reconstructed. Currency and ownership alignment must be reconciled before deriving new ratios. Closing and earnout outcomes not refreshed. Public source evidenceLinked issuer release reviewed · checked 2026-09-10.
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| Bending SpoonsPublic · Software | Closed | ≈ USD 233MAnnounced transaction value | Not calculatedCurrent denominator missingContext only | Source |
Brightcove: transaction structurePublic take-private. Headline share-purchase value shown. Exact acquired stake not separately established. No reconciled cash/debt bridge establishing EV.
Operating context
Show the mathNo acquisition-time multiple is supported by the disclosed inputs. Financial definitionsAligned financial amounts are not established in this record. What to keep in mindNo aligned revenue or ARR denominator in the reviewed announcement. Headline transaction value alone cannot establish an EV multiple. Public source evidenceFull announcement reviewed · checked 2026-09-10.
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| DotdigitalPrivate · SaaS | Closed | GBP 25MAnnounced consideration | <4.17×Consideration / expected annual revenueCalculated | Source |
Fresh Relevance: transaction structureAnnounced cash GBP 18.9M plus shares GBP 6.1M. Later accounting values differ. 100% acquired. All shares and voting rights, confirmed in later interim results. Later results include debt repayment; no reconciled EV.
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Financial definitions
What to keep in mindLater accounting consideration differs from the headline. Expected contribution is not historical revenue. No clean EV bridge, growth or retention. Public source evidenceLinked issuer release reviewed · checked 2026-09-10.
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| WeCommercePrivate · SaaS | Signed · last reported | USD 85MUpfront asset considerationUp to USD 110M | ≈7.73×Asset consideration / ARRCalculated | Source |
Stamped: transaction structureUSD 75M cash plus USD 10M shares; up to USD 25M contingent, including a 2021 revenue condition. Asset acquisition; percentage of equity is not applicable. Asset consideration, not verified EV.
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Financial definitions
What to keep in mindPreliminary estimates and 2021 market conditions limit present-day relevance. Closing, final earnout and normalized earnings have not been refreshed. Public source evidenceLinked issuer release reviewed · checked 2026-09-10.
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A comp is a starting point.
Every deal included has a publicly disclosed acquisition value. Deals without disclosed prices are excluded. This is a selective collection of software acquisitions, not a representative market sample. It includes strategic acquisitions, public take-privates and carve-outs. There is no overall median or market trend. The scatterplot uses only enterprise value and historical annual revenue in the selected currency. ARR, forecasts, equity values and unadjusted asset prices are excluded; no FX conversion or trend line is applied.
Enterprise value, equity value and purchase consideration answer different questions. ARR, run-rate, recognized revenue and forecasts are kept separate. For an earnings-based comparison, read how SDE, EBITDA, and ARR differ before choosing a multiple. “≈” means approximate; “<” preserves a disclosed lower bound on revenue. Maximum prices assume the full earnout is paid against the same stated denominator.
Prices are announced terms unless specified. Closing status is dated evidence, not a live feed. Missing values remain unknown. Source disclosure is not independent financial assurance. Public ownership includes a public parent for business carve-outs.
For a seller, start with deals of similar size, business model and recurring revenue quality. Then compare growth, profitability, customer concentration and payment terms. A strategic acquisition price does not establish what your business will sell for.
Looking to model your own business? Use the existing SaaS valuation calculator or acquisition return calculator. For help interpreting relevant comps, explore selling your SaaS business.