Link to original article: Q4 2023 PitchBook Analyst Note: Prime Time for Software
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PE holds fast on software industry
We are far from the heydays of the pandemic lockdown-induced software boom, but the conditions are ripe for another strong run by PE-backed software companies.
Software providers’ margins are up, the tech deal count is better than pre-pandemic levels, and SaaS business models are still compelling. As firms like Thoma Bravo and Vista Equity Partners bring in revenue that rivals top software corporations, our analysts dive deep on PE investment in the technology space.
Table of contents
| Key takeaways | 1 |
| Introduction | 2 |
| Deal activity Q3 2023 | 3 |
| Valuations: Public software companies | 4 |
| Largest global software platforms | 7 |
| PE’s software playbook | 9 |
| Case study: Instructure strategy transformation | 10 |
| Performance | 12 |
| Technology and software-focused PE investors | 13 |
| Fundraising and dry powder | 15 |
| Conclusion | 17 |
| Appendix | 18 |