PitchBook年二季度企业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.comDataOscar Allaway Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Josie DoanPublished on September 11, 2025ContentsEMERGING TECH RESEARCHQ2 2025 Enterprise SaaS M&A ReviewQuarterly deal value jumps 36.8% to $58 billion with 12 megadeals led by corporate M&APitchBook 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• The enterprise SaaS M&A market roared back in Q2, driven by megadeals: Total deal value surged 36.8% QoQ to $58 billion, fueled by 12 transactions exceeding $1 billion. Deal count remained high at an estimated 219, positioning 2025 to surpass 2024’s strong performance.• 12 megadeals dominated Q2, accounting for three-quarters of the total deal value: The top 12 deals, each over $1 billion, represented 75.1% of the quarter’s total transaction value. Excluding these deals, the average deal size was a more modest $92.4 million.• Corporate M&A value surged, driven by large-scale acquisitions: Corporate M&A experienced a significant rebound, with deal value increasing 84% QoQ to $40.8 billion, driven by seven of the quarter’s 12 megadeals. The corporate M&A count remained healthy at an estimated 142 transactions.• PE deal volume hit a new record while total deal value declined: PE deal count reached a new record with an estimated 77 transactions in Q2. However, total PE deal value fell 15% QoQ to $17.2 billion as PE firms executed fewer and smaller megadeals compared with corporate acquirers.• PE-backed targets drove M&A value while VC-backed targets led in volume growth: Exits of PE-backed companies generated $22.2 billion in deal value in Q2, and the H1 2025 total already surpasses the full-year 2024 figure. Meanwhile, the 2025 deal count for VC-backed targets is tracking for 30.5% YoY growth.• The CRM and AP segments showed explosive growth, challenging ERP’s dominance: CRM M&A value skyrocketed 273.2% QoQ to $18.1 billion, and AP M&A value grew 36.7% QoQ to $10.8 billion. While ERP remained the largest segment by total value ($22.6 billion) and volume (65 deals), its lead narrowed significantly.Key takeaways 1All acquisitions 2PE buyouts 3Corporate acquisitions 5Analysis by backing, segment, and subsegment 72Q2 2025 Enterprise SaaS M&A ReviewAll acquisitionsOur enterprise software-as-a-service (SaaS) sector includes over 15,000 global enterprise SaaS companies from PitchBook’s dataset of nearly 5 million private company profiles. Our analysis covers dealmaking over the past seven years and includes a taxonomy of six segments: analytic platforms (AP), custome