Software M&A Update

3Q 2020

RESOURCE HIGHLIGHTS

  • In Q3 2020, the S&P Global Software Industry Index outperformed the S&P 500 Index by 13.3%
  • M&A deal volume in Q3 remained active in spite of the pandemic with a total of 688 completed transactions
  • Total capital invested decreased 11.5% from Q2 2020 but was up slightly (1.3%) compared to 1Q 2020
  • Strategic buyers were more active than PE investors in both deal volume and total capital invested in Q3 2020
  • The $11 billion acquisition of Ellie Mae by Intercontinental Exchange (NYS:ICE) represented the largest transaction in Q3
  • Valuation multiples on M&A transactions trended up in Q3
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