RL Hulett：2025年第二季度全球政府科技行业并购市场研究报告（英文版）

In Q2, the North American Technology Software Industry Index increased by 21.6% and outperformed the S&P 500, which increased by 10.2% over the same period. ▪ The median EV/Revenue multiple for reported private equity deals in the GovTech sector increased to 11.4x in 1H from 6.0x in 2024, but decreased for strategic deals to 4.2x from 4.9x in the prior year. ▪ M&A deal volume in the sector increased 20.7% in Q2 to 99 deals from 82 in Q1 2025, but decreased 4.8% from 104 deals in Q2 of