Kroll：2025年冬季全球软件并购市场更新报告（英文版）

After a strong 03 that continued into October, the software M&A market slowed in the last two months of Q4 2024 as the pendulum shifted towardsmaller,bolt-on deal activity. This shift resulted in a 619% reduction in deal vale versus 03 2024 compared with an almost flat 2% reduction in number ofdeals. Deal volume was helped by a recovery in strategic M&A activity that resulted in 49% more strategic deals in 04 versus 03 2024 compared with a13% reduction in private equity deals over the