Software M&A League Table 2024-2025
As software M&A picks back up, let's make a league table for software M&A for the tech groups
Qatalyst is top-notch given lean team and the top deals like R1 RCM, Zuora, Smartsheet, Darktrace
JPM Tech did Instructure and also Altair's sale to Siemens
Citi recently announced Quorum Software and was also on Altair with JPM and the EUC sale to KKR
Is MS Menlo dead for software M&A?
S++: Qatalyst
S: MS Menlo, Lazard SF, Citi SF
A: CVP, Tidal (haven't done as much), PWP
B: BofA PA (fallen off a lot recently), William Blair, PJT (newer office), Piper Sandler (and DBO)
C: Barclays Tech, RBC Tech, Harris Williams, Union Square, LionTree (more media/internet deals)
F: All other MMs and DB
Comment if there are any revisions but back it up with data (recent software M&A deals)
How the fuck is Moelis SF on par with GS TMT and Lazard SF/Citi SF on par with MS Menlo?
This is an updated ranking just based on software M&A deal flow. Not prestige or exits.
YTD?
how are you gonna have WB but not Gugg on this list.
Ok I’m prepared to get MS’d for this take but…
Jefferies SF software M&A > PWP SF
PWP sf tech has been on all but nothing and essentially just does consulting work.
This is a fact, but HH will always rank PWP higher which is what matters to 90% of the incoming classes.
What has PJT SF done?
TD tech should be at least on par with RBC tech.
debatable which one is better but there is a debate (yes ik TD is not as good as an overall bank) :
https://www.wallstreetoasis.com/forum/investment-banking/td-cowen-tech-…
Arma partners?
ubs tech missing from S++
Wow UBS almost has 10 Software senior bankers and legit irrelevant
What notable deals have CVP have done after Tidal departure?
Please create separate tier and put UBS in F-. It is the worst coverage group for any bank that is in UBS's reputation and league table rankings stage. For context, UBS is around 12th in America's LTM M&A roughly with $110Bn in EV (as per Bloomberg, will get different numbers and maybe slightly different ranking based on what tracker you use), but only $100MM came from all of tech despite tech being the largest sector for M&A in the USA in LTM. The group is comically bad.
Congrats on JPM tech
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