2026年度SaaS报告

You’re gettingpinged nonstopby potential buyers. One email turns into a call, thenan NDA, then…uncertainty. What’s real? What’s risky? What’s worth your time?We guide you through it all, making every SEG’s Perspective on theSoftware & SaaS Landscape Thank you for taking the time to explore our latest research report. Since 2001, we’vebeen committed to tracking the ever-evolving software industry, and we’re honored tohave software industry executives and professionals like you as our valued readers. 2025 was marked by economic resilience amid persistent uncertainty. While U.S. publicequity market gains were increasingly concentrated in a narrow group of mega-cap AIleaders, underlying fundamentals across software improved meaningfully. Public SaaScompanies reached record scale and profitability. At the same time, advances in AI Within public software markets, performance dispersion widened, with the strongestresults concentrated among top-quartile SaaS businesses. While the SEG SaaSIndexTMdeclined in aggregate, this headline outcome masked solid gains among AI-enabledcompanies tied to data infrastructure and core enterprise systems. From this lens, SaaS M&A deal volume set a new record, valuations expanded for a second consecutiveyear, and competition intensified for A+ assets, particularly those aligned with mission-critical workflows, AI infrastructure, security, and data platforms. Both strategic andfinancial buyers played an aggressive role in the surge in take-private transactions, Austin HammerPrincipal ●SaaS M&A activity reached its highest level on record in2025, with 2,698 deals, supported by strong and consistentquarterly volume throughout the year. SaaS transactionsaccounted for approximately 58% of total software M&A, ●2025 was defined by economic resilience amiduncertainty, as growth held steady despite geopoliticaltensions, policy shifts, and trade concerns. Despite theuncertainty, average SaaS M&A revenue multiplesexpanded, SaaS deal volumes reached record highs, and 052025 SaaS OverviewIndustry landscape and global IT spend YoY SaaS M&A dealvolume increase 07SaaS M&AHighlightsM&A volume, valuations, and buyer activity ●Consensus forecasts estimate U.S. real GDP growth of approximately 1.9% for full-year 2025, reflecting continued economic expansion. Over the same period, headline CPIrose 2.7% in the 12 months ending December 2025,indicating moderating but still elevated inflation. In 2025, ●SaaS M&A valuations expanded for the secondconsecutive year, with the average EV/TTM multiple rising to 6.9x while median multiples remained tightly clusteredaround 4.0x. Valuation expansion has been driven byeasing interest rates, strong operating performance, andheightened competition from investors deployingsignificant dry powder. Notable deals that transacted at 27SaaS Public Market HighlightsSEG SaaS Indexactivity, performance 44AppendixSupporting tables, sources, and disclaimer ●The SEG SaaS Index declined in 2025 andunderperformed broader equity markets, but thisaggregate result masks pronounced dispersion beneaththe surface. While the upper quartile deliveredapproximately 6% YoY gains, the lower quartile draggedbroader index returns. US equity performance was drivenby a narrow group of mega-cap AI leaders, with Nvidia andAlphabet alone accounting for more than a quarter of ●AI-referenced SaaS acquisitions surged more than 12xfrom 2018 to nearly 2,000 deals in 2025, nearly doublingYoY. This activity contributes to record SaaS andaggregate software M&A activity, underscoring how rapidly 2025 Annual SaaS Report|SaaS Overview Global IT & Enterprise Software Spend Outlook the second-fastest growing major IT category, behind data center systems, and remains oneof the most resilient areas of spend. Software surpassed $1 trillion in 2024 and reached$1.24T in 2025 (11.9% YoY growth), with 2026 forecasted to grow to $1.43T (15.2% YoYgrowth). As AI infrastructure scales, software becomes the primary way enterprises access, Global IT spending has entered a new phase of growth, driven by the aggressive AIinfrastructure buildout and massive data center systems spending in 2025. Data centersystems are the primary catalyst, with 2025 actual spending of $489B (46.8% YoY growth)and 2026 forecasted to reach $582B (19.0% YoY growth), reflecting sustained demand for AI compute, storage, and supporting infrastructure. This level of infrastructure investment islaying the groundwork for broader and more durable enterprise technology adoption. As this ●Aggregate software M&A activity reached a historic peakin 2025, with 4,629 transactions announced, representing26.4% YoY growth and surpassing the prior 2022 peak byroughly 1,000 deals. This surge reflects not onlyimproving buyer confidence and more stable financing ●SaaS M&A valuations expanded for the secondconsecutive year, with the average EV/TTM revenuemultiple rising to 6.9x while median multiples remainedtightly clustered around ~4.0x. This