PitchBook-2024年第4季度企业SaaS并购回顾（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisDerek Hernandez Senior Research Analyst, Enterprise SaaS and Infrastructure SaaS derek.hernandez@pitchbook.comDataNick Zambrano Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Jenna O’MalleyPublished on April 3, 2025ContentsKey takeaways1All acquisitions2PE buyouts4Corporate acquisitions6Detailed analysis by backing, segment, and subsegment8EMERGING TECH RESEARCHQ4 2024 Enterprise SaaS M&A ReviewCorporate M&A accelerated in Q4 while PE buyout value fell to a four-year lowPitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways• M&A volume rebounded sharply in Q4 2024: Deal count increased to an estimated 195 transactions, up from an estimated 173 in Q3 and a final 128 in Q4 2023. While quarterly deal volume approached 2021-peak levels, quarterly deal value remained modest at $28.9 billion, well below historic highs.• One megadeal masked broader deal value weakness: The $10.6 billion acquisition of Altair Engineering accounted for over a third of Q4’s deal value. Without this and two other billion-dollar deals (WorkForce Software and AdvancedMD), the quarter’s average deal size was consistent with that of Q3, underscoring continued valuation restraint.• PE activity declined sharply in value: Despite a stable quarterly PE deal count (an estimated 64), quarterly PE-driven deal value dropped 52.8% QoQ to $6.8 billion, the lowest since Q2 2020. Rising interest-rate uncertainty is seen as a key drag on LBOs.• Corporate M&A gained momentum: Corporate acquisitions rose to an estimated 132 deals in Q4 (up 23.4% QoQ), with deal value increasing 120% to $22 billion. Strategic acquirers appear more resilient than PE firms, likely due to longer investment horizons and cash-heavy balance sheets.• VC-backed M&A surged in 2024: Annual M&A value for VC-backed companies increased 78.9% YoY to $36.5 billion, the only backing category to grow. Of the other categories, privately held (with backing) and publicly held deals saw the steepest YoY declines, dropping 43.2% and 40%, respectively.• ERP and CRM remained dominant segments despite flat to declining deal values YoY: ERP and CRM accounted for the highest share of M&A activity in 2024, though they had mixed results in deal value YoY—ERP was slightly up at 3.3%, and CRM was down 39.7%. By subsegment, manufacturing & operations led in both annual deal value and annual deal volume.2Q4 2024 Enterprise SaaS M&A ReviewAll acquisitionsAcross our enterprise software-as-a-service (SaaS) sector, we have classified over 14,000 global SaaS companies from PitchBook’s dataset of over 5 million private company profiles. Our analysis covers dealmaking over t