Kroll：2025年全球软件部门更新报告（英文版）

After a strong Q3 that continued into October, the software M&A market slowed in the last two months of Q4 2024 as the pendulum shifted toward smaller, bolt-on deal activity. This shift resulted in a 61% reduction in deal value versus Q3 2024 compared with an almost flat 2% reduction in number of deals. Deal volume was helped by a recovery in strategic M&A activity that resulted in 4% more strategic deals in Q4 versus Q3 2024 compared with a 13% reduction in private equity deals over