Software M&A Update

4Q 2020


  • M&A deal volume rebounded nicely in Q4, up 31% from Q3 levels to 902 transactions as the capital markets continue to normalize from the effects of the pandemic
  • Despite the 31% uptick in Q4, however, overall deal volume in 2020 declined 10% from 2019
  • Strategic buyers were more active than PE investors in both deal volume and total capital invested in 2020
  • The $4.7 billion buyout of Epicor Software by Clayton, Dubilier & Rice represented the largest completed transaction in Q4
  • Valuation multiples on M&A transactions trended up in Q4
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