London | Frankfurt | Stockholm | San Francisco
Enterprise Software M&A soars “post-pandemic”
M&A across all technology sectors saw a huge spike in
2021, with overall tech M&A value rising to $5.3
trillion in 2021 – a 64% hike on the previous year’s
figures. With access to capital at a low cost supported
by large amounts of cash on balance sheets,
corporates have continued to bank on their “growth
through M&A” strategy.
Enterprise Software has followed this bullish market
for several reasons. Firstly, strong sector trends have
continued to underpin the increased adoption of
software across all industries and business functions.
As cloud technology moves companies up the digital
maturity curve, these are able to take advantage of
numerous benefits from digital customer engagement,
interconnected supply chains, and automation to
improve workflow efficiencies and data and insights.
Secondly, many software business models offer
multiple opportunities for both strategic and financial
acquirers, depending on whether they have growth-
or profitability-focused strategies. SaaS licenses
.
1 | 14 Enterprise Software M&A Overview 1H 2022
deliver sustainable recurring revenues, and younger,
high-growth software firms can be developed into
new markets (international, vertical or customer
brackets), or expand their core proposition through
data and insights, automation or connecting digital
value chains.
Meanwhile, according to a recent report by Gartner,
businesses are rethinking their must-haves and tech
priorities, leading more line-of-business managers to
adopt tools outside of the CIO’s purview in order to
grow the business back faster, leading to more
enterprise software demand.
Finally, the past two years have served as accelerants
for many ongoing evolutions in technology and
business that had already been underway for years. To
navigate these changes successfully, companies are
continuing to turn to enterprise technology and
software that help organise and connect unstructured
data sources and provide real-time monitoring of
those constantly evolving data pipelines.
 M&A summary

Transaction volume highest on record

The second half of 2021 saw a frenzy of M&A activity Meanwhile, total disclosed transaction value amounted
in the Enterprise Software sector, with a total 877 to $114 billion – the second highest on record.
deals recorded in the space in the half-year.
The half-year also saw median valuation multiples
Comparing 2021 to 2020, transaction volume grew
increase sharply: the trailing 30-month revenue
12% from 1,450 deals in 2020 to 1,629 deals in 2021.
multiple grew to a record-breaking 5x, while the
Deals in the space are growing larger, with a total 21 corresponding EBITDA multiple shot back up to
transactions closing at over $1 billion in the half-year. 16.3x, matching pre-pandemic levels.
.

Total number of deals & valuation multiples in Enterprise Software per half-year, 2015-2021
900
16.7x 17.2x
800 16.6x 16.3x
15.5x 15.7x
700
14.6x 14.4x 14.4x 14.4x 14.1x 14.1x 13.7x 13.4x
600
500
400
300 5.0x
4.0x 3.8x 4.7x
3.2x 3.3x 3.3x 3.3x 3.3x 3.3x 3.5x 3.3x 3.8x 3.6x
200
100
-
1H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021

The above graph covers the period between January 2015 and December 2021. Throughout this Enterprise Software M&A report, median “trailing 30-month” multiples plotted in the graphs refer
to the 30-month period prior to and including the half year.

Share of private equity deals grows further

Trumping previous trends, in 2021 around 41% of all their overall preference for healthcare and education
deals were driven by a financial buyer. This is no technology has not subsided). With a suspected $1.3
surprise as, with the effects of the pandemic settling, trillion in dry powder held by private equity funds
PEs appear to be broadening their reach to include a across the world, we expect this share to hold or
wider variety of technologies than in 2020 (although grow in the next quarters.
.
Share of private equity deals per year, 2015-2021
2,000 45 .0 %

41% 40 .0 %

37%
1,500 34% 33%
35 .0 %

29% 30 .0 %

25 .0 %

1,000 22%
20 .0 %

17%
15 .0 %

500 10 .0 %

5.0%

0 0.0%

2015 2016 2017 2018 2019 2020 2021

PE acquisitions Strategic acquisitions Percent PE

2 | 14 Enterprise Software M&A Overview 1H 2022

 Top acquirers – past 30 months

The second half of 2021 saw Volaris graduate to top Meanwhile, with four Enterprise Software acquisitions
acquirer with 20 deals closed over the past 30 announced in 2H2021 alone, Microsoft’s buying spree
months. Thoma Bravo came a close second, with 17 has landed it 14 acquisitions in the past 30 months. Its
deals inked. tally includes deals in a variety of software fields from
business process SaaS to chat content detection – no
With 20 acquisitions through Volaris and another 10
doubt to support the software infrastructure around
through Total Specific Solutions, parent company
its further push into gaming and the metaverse.
Constellation Software remains the most acquisitive
buyer overall. Constellation has been particularly active
in the Enterprise Application and healthcare segments.

Acquisitions
Acquirers in 30 months Three most recent acquisitions

Hospedia Limited point of care SaaS & services

20 Advanced Management Systems Ltd. HR & insurance policy management SaaS
Purpleview GmbH video consulting & collaboration SaaS

Bottomline Technologies Inc. payment processing & EDI software

17 Medallia Inc. customer experience management SaaS
iOFFICE LP [Waud Capital Partners LLC] facilities & workplace management SaaS

Box+Dice real estate CRM SaaS

15 FM Solutions Limited [dba FSI] facilities management SaaS
Findspace Inc. commercial real estate management & marketing SaaS

Two Hat Security Ltd. chat content detection & moderation API
14 Clear Software LLC business process SaaS
Ally Technologies Inc. project management SaaS

Systems Integration Trading Limited food ERP & MES SaaS

13 Exenta Inc. ERP & SCM SaaS
V-Technologies LLC shipping automation software & SaaS

ASE Automotive Solutions automotive software & services

13 Finartis SA wealth management ERP & CRM SaaS
Vertical Software Inc. accounting & inventory management SaaS

Upodi ApS subscriptions & invoice management SaaS

13 Holded Technologies SL ERP & accounting SaaS
Syneton SRL accounting software

TAP Sound System SaaS [dba Tempow] bluetooth enablement software

12 CompilerWorks Inc. cloud data compiling & migration SaaS
Neverware Inc. Chromium-based OS

3 | 14 Enterprise Software M&A Overview 1H 2022

 Top trends in Enterprise Software

LARGEST DISCLOSED DEALS

• Global M&A frenzy in the Enterprise OF 2H2021
Software sector as the number of
deals increases in 2021 $28.3 billion Oracle acquires Cerner Corp at
20 Dec 5.2x revenue and 21.4x
EBITDA

• Private equity buyers continue to $12 billion Intuit acquires The Rocket
drive a large proportion of deals – 13 Sep Science Group LLC
financial buyers represented 41% of deal
volume in 2021 $10.9 billion Emerson Electric Co. acquires
11 Oct Aspen Technology Inc. at 14.8x
revenue and 28.5x EBITDA
• Enterprise Applications remains the
$6.4billion Thoma Bravo acquires Medallia
largest segment in Enterprise Software 26 Jul Inc. at 12.3x revenue
M&A, with a host of deals targeting CRM
and workforce management
$5.4billion Clearlake Capital Group
software
29 Nov acquires Quest Software at
4.9x revenue and 12x EBITDA

• Following post-COVID-19 recovery, $4.2 billion Zendest acquires Momentive

28 Oct Global
hospitality vertical software is seeing
renewed interest from both strategic and
financial buyers $3.8 billion Cleaarlake Capital Group
05 Aug acquires Cornerstone
OnDemand
• Financial buyers continue to target $2.8 billion Hexagon AB acquires Infor’s
providers of healthcare and 06 Jul EAM business
education software as these areas,
though they have historically been more $2.5 billion Thoma Bravo acquires
resistant to adopting new technologies en 17 Dec Bottomline Technologies at
masse, continue on the path to 5.3x revenue
digitalisation

4 | 14 Enterprise Software M&A Overview 1H 2022

 Data breakdown – geography and subsector

Business Intelligence & Customer Analytics

Breakdown of number of deals by Automation analysis, retail analytics, marketing business intelligence,
subsector in 2H2021 social media listening & analytics.

10% Design, Testing & Simulation

19%
BIM, CAD, manufacturer modelling, EDA, testing and simulation,
5% visual effects & animation, 3D printing.

Enterprise Applications
Enterprise resource planning, desktop productivity, SCM, CRM and
13% Salesforce automation.

Information Management
Document management, data migration & warehousing,
collaboration, capture & imaging, e-discovery, enterprise networking.

37% Infrastructure Management

16% App lifecycle management, development tools, business process
management, integration, systems management, network and server
virtualisation.

Vertical Applications
Software specific to the legal, automotive, financial, oil & gas,
agriculture, insurance, education, transportation, or healthcare
sectors.

In the second half of 2021, 37% of all Enterprise Regional divide amongst targets and their acquirers has
Software deals targeted a firm in the Enterprise remained consistent with 64% of all targets over past
Applications segment. Meanwhile, around 16% of all 30 months being North America-based.
deals targeted Information Management companies.

LAST 30 MONTHS
Headquarters of Enterprise Software targets Headquarters of acquirers of European targets
RoW
10%
North
America
45%

Europe
26%
North
America
64%
Europe RoW
53% 2%

5 | 14 Enterprise Software M&A Overview 1H 2022

 Business Intelligence & Customer Analytics

Sub-sector overview
The Business Intelligence & Customer Analytics
subsector has seen strong volume in the past two
years. In 2H2021, the number of deals in the space
remained stable with 89 deals closed. Valuation
multiples in the space have also maintained a strong
level: the trailing 30-month median revenue multiple.
stood at 4.5x with 50% of transactions showing a sales
multiple between 2.7x and 7.4x. Meanwhile, the
trailing 30-month median EBITDA multiple came in at
10.8x, with 50% of all deals showing an EBITDA
multiple between 9.6x and 16.4x.

45x 25x
120 44.3x
40x 22.0x
97
100 93 20x
89 35x

78
80 30x
72
69 15x
66 66
62 25x
57 56
60 53
49
47 20x 10.8x
10x
40 15x 8.3x
10x
5x
20
5x 4.5x
- 0x 0.1x 0x
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 Trailing 30-month Trailing 30-month
median revenue median EBITDA
multiple multiple

Pattern prediction aims to convert shoppers

into buyers
With the ever-increasing importance of e-commerce This is a step in Sitecore’s ongoing growth plan, which
technology, consumer pattern prediction has also began as Sitecore secured $1.2 billion investment in
become an important tool for online retailers to early 2021. Beyond the acquisition of Reflektion,
improve purchasing processes. a. mong Sitecore’s plans
to use the cash injection
In this vein, San Francisco-based Sitecore acquired San
are product innovation,
Mateo-based Reflektion, an AI-powered digital search
more than double go-to- Sep 2021
platform that understands and predicts pattern,
market presence, expand ACQUIRED
context, and needs in order to convert shoppers into $90 million
geographic footprint and
buyers. According to the acquirer, the combination of
enhance the global
Sitecore and Reflektion will enable Sitecore to engage,
brand.
educate, and empower shoppers to make purchase
decisions faster – increasing buyer confidence, long-
term revenue, and overall customer satisfaction and
loyalty.

6 | 14 Enterprise Software M&A Overview 1H 2022

 Design, Testing & Simulation

Sub-sector overview
M&A in the Design, Testing & Simulation segment has revenue multiples ranging between 3.2x and 7.9x. The
been stable over the past two years, with exactly 75 trailing 30-month median EBITDA multiple remained
deals recorded in 2020 and in 2021. robust at 11.3x, the highest being 15.3x and the
lowest being 7.7x.
The trailing 30-month median revenue multiple for
this half year came in at 4.5x with 50% of all disclosed
. 30x 20x

26.3x
45 42 25x
41
15x 15.3x
40
34 20x
35 33
31 31 31
29 11.3x
30 26 26 26 10x
25 15x
25 23
19
7.7x
20 10x
5x
15
5x 4.5x
10
1.3x
5 0x
0x
- Trailing 30-month Trailing 30-month
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H median revenue median EBITDA
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 multiple multiple

Bentley expands digital twin system to power

grids
After several purchases in 2020 and early 2021, in the learning, and asset performance modeling to help
second half of 2021 Bentley added to its acquisition maximize these assets’ capacity, revenue, safety, and
spree with the $700 million acquisition of Power Line reliability while minimizing costs and risks of work on
Systems. Based in Wisconsin, Power Line Systems site. With the acquisition of Power Line Systems,
develops, sells, and supports software for the design Bentley’s new Grid Integration Group can now
of overhead electric power transmission, distribution, .
expand this opportunity
and communication lines and their structures. to existing power

The deal will add to Bentley’s portfolio for the transmission towers,
where reliability, safety, Nov 2021
lifecycle integration of grid infrastructure across ACQUIRED
electrical transmission, substation, and distribution and fitness for purpose $700 million

assets, and communications towers. Its recently are stressed by

developed OpenTower iQ cloud service is generating deterioration, weather

new business growth by meeting the new demands of extremes, and vegetation

communications tower owners for lifecycle digital encroachment.

twins of their existing towers. Tower digital twins

leverage UAV-surveyed reality modeling, machine
.
7 | 14 Enterprise Software M&A Overview 1H 2022
 Enterprise Applications

Subsector overview
The Enterprise Applications sub-sector continues to 350 322

300
record the highest number of deals in the space, with 265
247
250
231
211
322 transactions in 2H2021. The share of financial 179 190
200 164
150 146
buyers has continued to grow, reaching 48% in 150 128 130 125
108
2H2021. The sector has also attracted high-value 100

50
deals, with eight transactions closing at over $1 billion
-
the half-year alone. 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021

The trailing 30-month median revenue multiple came

in at 5.8x, with 50% of deals showing a revenue
multiple between 2.3x and 8.5x. The lowest revenue 25x 40x
38.7x
23.3x
multiple disclosed was 0.7x, while the highest was 35x

23.3x. The trailing 30-month median EBITDA multiple 20x

30x
came in at 22.1x, significantly higher as compared to
25x
the 18x in the previous reporting period. 15x
22.1x
20x
Subsector classification 10x
15x
The Enterprise Applications sub-sector can be divided
into five segments. Amongst these, Enterprise 5.9x 10x
5x 7.3x
Resource Planning – HR and non HR management 5x

ERP – remains largest at around 53% of all Enterprise 0.7x

0x 0x

Application deals. These ERP deals have seen revenue Trailing 30-month Trailing 30-month
median revenue median EBITDA
multiples ranging between 2.1x and 7.4x. multiple multiple

12%
3%

32% 48%
22% 52%

32%
HR Management ERP
ERP other than HR
Customer Relationship Management
Supply Chain Management
Other

8 | 14 Enterprise Software M&A Overview 1H 2022

 Enterprise Applications (cont.)

Industry leader seeks growth through M&A

With the $120 million growth equity investment operational software
received from K1 Investment Management in June solutions to the
wealth management 21 Oct
2021, compliance software provider ComplySci is
ACQUIRED
broadening its service and product offerings, through industry. Not disclosed

both organic expansion and strategic acquisitions.

Firstly, it acquired National Regulatory Service (NRS),
an advanced provider of compliance consulting
services and technology solutions to financial services
providers. In November, the company acquired
Illumis, a data aggregator and technology provider for
18 Nov 09 Dec
financial services firms to identify and mitigate risk ACQUIRED ACQUIRED
Not disclosed
from employee political contributions. Third in their Not disclosed
Not disclosed
M&A spree was the acquisition of RIA in a Box, a
SaaS provider of compliance, cybersecurity, and
.

Private equity bolstering ESG portfolio

Most recently, private equity funds managed by The global EHS or ESG market is projected to grow at
Blackstone acquired Sphera, a provider of a CAGR of 10.2% per year to reach a value of $8.6
Environmental, Social and Governance (ESG) software, .billion by 2024
data, and consulting services, from Genstar Capital in a according to Markets
deal valuing the company at $1.4 billion. Spanning over and Markets. This.
80 countries with more than 3,000 customers, Sphera accompanied by the Jan 2022
combines its software as a service solution with changing regulatory and ACQUIRED
Not disclosed
consulting services,, to support businesses globally to compliance landscape,
manage and mitigate ESG risk. This support is has made the sector all
delivered through its three product lines: Environment, the more attractive to
Health, Safety & Sustainability (EHS&S); Operational acquisitions.
Risk Management; and Product Stewardship.

The increasing importance of ESG has been a key

theme in Blackstone’s investing focus. In April 2021,
the private equity firm announced it would expand its
ESG team, adding new resources and capabilities
within its business units and also building out a
corporate ESG structure.

9 | 14 Enterprise Software M&A Overview 1H 2022

 Information Management

Subsector overview
The information management segment continues to The trailing 30-month median EBITDA multiple came
attract attention, with a stable 145 deals recorded in in at 9.4x, with 50% of all deals announced being in
the space in 2H2021. the 8.0x to 16.3x range. The lowest EBITDA multiple
disclosed was 6.4x, while the highest was 37.4x.
The trailing 30-month median revenue multiple stood
at 3.3x 2H2021 and the highest multiple came up to
36.4x. A majority of the transactions were valued
40x 40x
between 1.2x and 6.7x. 37.4x
35x
35x 36.4x

200 187 30x 30x

159 25x 25x

140 142 145
150
124 126 124 20x 20x
117 112 115
103
95
100 89 15x 15x

10x 10x
50
9.4x
5x 5x 6.4x
3.3x
- 0x 0.4x 0x
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 Trailing 30-month Trailing 30-month
median revenue median EBITDA
multiple multiple

“Video collaboration” remains need of the hour

Adobe announced the acquisition of Frame.io, a functionality would “deliver a collaboration platform
cloud-based video collaboration platform. According that powers the video editing process.” The Frame.io
to TechCrunch, Frame.io had raised $90 million in web platform was designed to be a part of its
venture funding over its lifetime, and in November customer’s existing processes, by integrating with
2019 announced a $50 million Series C led by Insight non-linear editing systems (NLEs) such as Adobe
Partners that included participation from Accel, .Premiere Pro. Such
FirstMark, SignalFire and Shasta Ventures. Accel led integrations allow
the company’s seed and Series A rounds in 2015. editors to upload
directly to Frame.io, Aug 2021
With the increasing demand for video content, the ACQUIRED
creators of this content need to deliver an increasing then organise and share $1.3 billion

volume of good quality content in collaboration with their products both

dispersed stakeholders. internally and with

external clients.
Adobe said the combination of its creative software,
including Premiere Pro and After Effects video editing
products, and Frame.io’s review and approval
.
10 | 14 Enterprise Software M&A Overview 1H 2022
 Infrastructure Management

Subsector overview
The Infrastructure Management segment saw a jump disclosed was 1.1x, while the highest was 25.6x.
in the number of deals, with 110 transactions
The trailing 30-month median EBITDA multiple came
recorded in 2H2021.
rose to 11.1x from 9.6x, with majority of all deals
The trailing 30-month median revenue multiple came being in the 6.1x to 12.0x range.
in at 5.2x, with 50% of all deals announced being in
the 3.1x to 11.4x range. The lowest revenue multiple 30x 60x

52.7x
25x 25.6x 50x
120 110

100 20x 40x

87

73 76
80 69 70 72
66 65 64 30x
61 15x
60 55
51

40 10x 20x
29

20
5.2x 11.1x
5x 10x

-
6.1x
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1.1x
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 0x 0x

Trailing 30-month Trailing 30-month

median revenue median EBITDA
multiple multiple

Industry leader expands Git capabilities

In late 2021, GitKraken, an Arizona-based Git enterprise teams around the world, to help them
productivity and collaboration company and the better understand and work with code. GitLens
world's most popular Git client, acquired two major unlocks the untapped knowledge within each
players in its space. repository to help visualize code authorship,
seamlessly navigate and explore Git repositories, and
The first was BigBrassBand and its popular Git
Integration for Jira. With more than 3.6 million users
gain valuable insights via powerful comparison

from 10,000 companies, BigBrassBand's Git commands.

Integration for Jira is reportedly the most popular

paid app in the Atlassian Marketplace for integrating
Git and Jira DevOps workflows.
Sep 2021 Oct 2021
In its next acquisition, GitKrakehn acquired GitLens. ACQUIRED ACQUIRED
Not disclosed Not disclosed
Founded in 2016, GitLens is a free, open-source Git
extension for Microsoft’s Visual Studio Code (VS
Code). It has seen more than 11 million active installs
and 71 million downloads over the past five years. It is
relied upon by developers, DevOps professionals and

11 | 14 Enterprise Software M&A Overview 1H 2022

 Vertical Applications

Sub-sectoroverview
Enterprise Software M&A has seen several deals target
software designed for specific verticals in the past year.
The segment saw 170 transactions recorded in the
space in 2H2021.
The trailing 30-month median revenue multiple stood
at 5.2x, with 50% of all deals announced being in the
2.1x to 8.9x range. The lowest was 0.3x, while the
highest was 22.4x.

Healthcare vertical software still constitutes a large The trailing 30-month median EBITDA multiple was
portion of activity in the subsector. This half-year also 18.2x, with majority of all disclosed multiples being in
saw some deals in the hospitality management the range of 8.7x to 24.8x range. The lowest was 4.6x,
software space. while the highest was 40.4x.

209 25x 45x

200
177 22.4x 40x 40.4
170
161 160 159 20x
152 155 35x
145 148 147
150 141
128 127 30x
15x
25x
100

20x
10x 18.2x
50 15x

5x 5.2x 10x
-
5x
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 4.6x
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021
0x
0.3x
0x
Trailing 30-month Trailing 30-month
median revenue multiple median EBITDA multiple

Tech giants foray into healthcare vertical

In December 2021, Oracle acquired Cerner Corp.
for a whopping $28.3 billion. Cerner is a leading
provider of digital information systems used within
hospitals and health systems to enable medical
professionals to deliver better healthcare to individual
patients and communities.
Oracle is not the first major tech company to foray
into health. Over the last several years, Big Tech
companies have invested in the healthcare space. For
example, Google developed its EHR search tool Care
Studios, and Amazon began to offer virtual care
.
services. In addition, Apple

With this acquisition, Oracle has entered the clinical developed an FDA-

software space for the first time, with the acquisition cleared ECG algorithm
for its Watch. All players Dec 2021
mapping them as a potential major player in the ACQUIRED
are looking to leverage $28.3 billion
healthtech world. This is one of the largest
acquisitions for the full year 2021 throughout the the data that comes from

technology sector. EHR and billing systems to

improve health.

12 | 14 Enterprise Software M&A Overview 1H 2022

 Vertical Applications (cont.)

Returning confidencein hospitality

Hospitality was one of the worst hit industries by the Meanwhile, in December 2021, MCR Acquired Optii
COVID-19 pandemic and, as a direct consequence, Solutions, a provider of AI-based data-driven hotel
M&A activity in this field slowed in 2020. operations management and housekeeping SaaS. The
acquisition of Optii will help MCR move their hotel
In 2021, with the introduction of vaccines and
management operations to Optii and their portfolio of
increased demand following the easing of travel
140 branded and independent hotels will be arms
restrictions, investor confidence in the sector saw an
length customers of Optii.
upturn. Transactions such as Hyatt’s acquisition of
Apple Leisure Group for $2.7 billion provide evidence In another similar deal, Agilsys, a hospitality POS &
of this. management SaaS company, acquired ResortSuite, a
provider of resort and hotel management SaaS and
This growing confidence in the Hospitality industry,
related mobile application, for $25 million. This
also drew investor attention towards hotel and
acquisition will bring an expanded customer base and
restaurant management software vertical. In August,
SaaS options for Agilysys customers.
ASG, a portfolio company of Alpine Investors that
.
buys, builds and operates
vertical SaaS companies,
announced it would
acquire hotel operations Aug 2021 Dec 2021 Dec 2021
ACQUIRED ACQUIRED ACQUIRED
management platform Not disclosed Not disclosed $25 million
ALICE from Expedia
Group in a carve-out
transaction.

13 | 14 Enterprise Software M&A Overview 1H 2022

 Conclusion & contacts

The year 2021 ended with a huge wave of M&A activity in the sector as 877 Enterprise
Software vendors changed owners in the last six months. Valuations went up and larger deals
drove the disclosed transaction value to $114 billion, supported by 21 transactions worth over
$1 billion.

2022 has begun on a similarly bullish track. Financial buyers are armed with massive amounts
of dry powder and account for almost half of all Enterprise Software M&A. Meanwhile, Miro Parizek
prolific trade buyers such as Constellation, MRI, Visma and many others (see our Top Buyer Principal Partner
list on page 3) continue their acquisition sprees. On both the financial and strategic acquirer miro.parizek@hampletonpartners.com

side, we anticipate no slowdown of these trends in the near future.

Finally, a note to potential sellers: don’t miss the opportunity provided by this bullish tech
market.

Selectionof HampletonEnterprise Softwaretransactions

merged into
acquired by acquired by acquired by acquired by acquired by acquired by
backed by

Digital banking Global software Zero-loss archiving and Data visualisation SaaS Independent software Component content Standardised and
software for retail, company offering an backup solutions for allowing personalisation and consultancy management system individual solutions
corporate and AI, NLP-based mission-critical data in of a visual value services vendor in and services for against financial and
investment knowledge the healthcare, public proposition for life Finland focusing on technical white-collar crime and
management banks in management and self- sector and industrial science companies. banks and insurance documentation, for risk management
Central and Eastern service cloud-native verticals in Germany companies. collaboration and and monitoring,
Europe platform. delivery software. analysis, and reporting.

About HampletonPartners
Hampleton Partners is at the forefront of international mergers and acquisitions advisory for companies with technology at their core.

Hampleton’s experienced deal makers have built, bought and sold over 100 fast-growing tech businesses and provide hands-on expertise and unrivalled
international advice to tech entrepreneurs and the companies who are looking to accelerate growth and maximise value.

With offices in London, Frankfurt, Stockholm and San Francisco, Hampleton offers a global perspective with sector expertise in: Autotech & Mobility, IoT, AI,
Fintech, Insurtech, Cybersecurity, VR/AR, Healthtech, Digital Marketing, Enterprise Software, IT Services, SaaS & Cloud and E-Commerce.

14 | 14 Enterprise Software M&A Overview 1H 2022

Hampleton produces regular reports on M&A activity in the following sectors

AR/VR Digital Commerce HR Tech

Artificial Intelligence Enterprise Software Insurtech
Automotive Technology Fintech IT & Business Services
Cybersecurity Healthtech

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Hampleton provides independent M&A and corporate finance advice to owners of Autotech, Internet, IT Services, Digital Commerce, and Software companies. Our
research reports aim to provide our clients with current analysis of the transactions, trends and valuations within our focus areas.

Data Sources: We have based our findings on data provided by industry recognised sources. Data and information for this publication was collated from the 451
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