BUYER POOL ANALYSIS
Selling a Software Enterprise to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 20.36x across 10 disclosed deals (P25: 10.73x, P75: 25.5x). Median EV/Revenue 2.7x across 33 deals. Median deal value: $26.39M.
- How many disclosed transactions?
- 37 deals total (37 from 2018+), filtered to Strategic / Industry acquirers of software enterprise businesses.
- Most active buyers
- L6 Holdings Inc. (2) · Mitsubishi Electric Corporation (1) · 2745122 Alberta Inc (1) · Sophos, Inc. (1) · DQI Holdings Inc. (1) · Banneker Partners, LLC (1)
Recent disclosed deals
Strategic / Industry acquisitions of software enterprise businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Nozomi Networks Inc. | Mitsubishi Electric Corporation | $883.0M | — | 12.71x |
| 2025 | Quorum Information Technologies Inc. | 2745122 Alberta Inc | $43.5M | 22.6x | 1.49x |
| 2024 | SecureWorks Corp. | Sophos, Inc. | $818.1M | — | 2.38x |
| 2024 | T Stamp Inc. | DQI Holdings Inc. | $0.3M | — | 2.35x |
| 2023 | HS GovTech Solutions Inc. | Banneker Partners, LLC | $5.2M | — | 0.78x |
| 2023 | Imperva, Inc. | Thales S.A. | $3700.0M | — | 6.10x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to software enterprise businesses acquired by strategic / industry 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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