BUYER POOL ANALYSIS
Selling a Saas to Individual / Owner-Operator buyers
Owner-operators, SBA-financed independent buyers, and smaller management buyouts. Pricing reflects what an individual can finance (typically 10-25% down + SBA 7(a)) and operate hands-on. Below typical PE engagement size.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 26.32x across 13 disclosed deals (P25: 12.4x, P75: 31.86x). Median EV/Revenue 4.04x across 28 deals. Median deal value: $9.15M.
- How many disclosed transactions?
- 29 deals total (29 from 2018+), filtered to Individual / Owner-Operator acquirers of saas businesses.
- Most active buyers
- Aptean, Inc. (:CDCS.Y) (1) · Eraaya Lifespaces Limited (1) · Lumine Group Inc. (1) · Emerson Electric Co. (1) · Sangoma Technologies Corporation (1) · Glantus Inc. (1)
Recent disclosed deals
Individual / Owner-Operator acquisitions of saas businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Logility Supply Chain Solutions, Inc. | Aptean, Inc. (:CDCS.Y) | $427.2M | 48.4x | 4.19x |
| 2024 | Ebix, Inc. | Eraaya Lifespaces Limited | $743.2M | 5.3x | 1.01x |
| 2022 | WideOrbit Inc. | Lumine Group Inc. | $504.6M | — | 3.02x |
| 2021 | Aspen Technology, Inc. | Emerson Electric Co. | $6043.1M | 28.2x | 15.08x |
| 2021 | StarBlue Inc. | Sangoma Technologies Corporation | $479.2M | 30.5x | 5.00x |
| 2021 | Technology Insight Corporation | Glantus Inc. | $9.2M | — | 2.41x |
What this buyer pool prices for
Individual buyers — owner-operators, SBA-financed independents, smaller management buyouts — price for what they can finance (typically 10-25% down with SBA 7(a) loans up to $5M deal value) and operate hands-on. Multiples are below PE / strategic because the buyer is taking the owner-operator role, not stepping in as institutional capital. Owner-dependency and seasonality matter more here than to a PE buyer.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to saas businesses acquired by individual / owner-operator buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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