- Public software equities have seen outsized multiple expansion since March 2025, following signs of a Fed pivot, outpacing other sectors as falling yields push investors back into growth based, long-duration software cash flows.
- Approximately 24% of PE dry powder is over four years old, heightening pressure on GPs to deploy. As capital becomes harder to allocate, mega-funds are moving ‘down market’ into middle-market software deals - intensifying competition.
- The convergence of vertical SaaS and AI is reshaping enterprise software. Workday’s $1.1B acquisition of Sana underscores how large strategics are willing to pay for embedded intelligence and vertical SaaS solutions.
Connect with Our Team
- Christopher Park, Managing Director, Head of Software & Services, CPark@IntrepidIB.com
- Jeff Becker, Managing Director, Software & Services, JBecker@IntrepidIB.com
- Josh Moses, Managing Director, Software & Services, JMoses@IntrepidIB.com
- Ryan Makis, Director, Software & Services, RMakis@IntrepidIB.com