1. Executive Summary

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Technology, Media & Telecom Market Research Report

2. Industry M&A Market Overview

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Deal activity trends (Y/Y and Q/Q)

After a trough in 2023 and an uneven recovery in 2024, TMT M&A activity accelerated meaningfully in 2025, driven primarily by larger average deal sizes rather than a surge in deal count.

• Quarter-over-quarter:
  In Q1 2025, TMT recorded 1,469 announced deals totaling $127.3B, with deal value up ~68% QoQ despite a modest decline in deal count. This divergence highlights a megadeal-led recovery, where strategic buyers prioritized fewer, higher-conviction transactions over broad-based consolidation.
  
  
• Year-over-year:
  Through the first nine months of 2025, TMT led all sectors globally with ~$536B of announced deal value, materially outpacing industrials, healthcare, and energy. By comparison, full-year 2024 High Tech M&A totaled ~$516B, underscoring the magnitude of the 2025 step-up even before year-end closings.
  
  
• Geographic mix:
  North America accounted for more than 60% of global deal value during this period, reflecting both the concentration of hyperscalers/platform acquirers and comparatively favorable financing conditions. Europe remained selective, while Asia-Pacific activity lagged amid macro and regulatory uncertainty.
  
  

Key takeaway:
The current cycle is characterized by capital concentration, not volume normalization—buyers are willing to deploy scale capital for assets viewed as strategically irreplaceable.

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Notable megadeals shaping the market

Recent TMT activity has been disproportionately influenced by a small number of transformational transactions, particularly in AI infrastructure, cybersecurity, and telecom scale:

• Google → Wiz ($32B, announced March 2025):
  One of the largest pure-play cybersecurity acquisitions on record, reinforcing the strategic importance of cloud-native and multicloud security as AI workloads scale.
  
  
• Synopsys → Ansys ($35B, announced 2024; progressing toward close):
  A landmark combination uniting electronic design automation and engineering simulation, reflecting the convergence of chip-level and system-level design in AI hardware ecosystems.
  
  
• Charter → Cox (~$34.5B):
  A major U.S. telecom consolidation move aimed at broadband scale, network efficiency, and long-term infrastructure positioning.
  
  
• Cisco → Splunk ($28B, closed 2024):
  Frequently cited as a “cycle-setting” deal that validated strategic appetite for large, software-heavy acquisitions even amid tighter capital markets.
  
  

Implication:
Megadeals are increasingly thesis-driven rather than opportunistic, with buyers underwriting long-term strategic control rather than near-term multiple expansion.

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Private equity vs. strategic acquirer dynamics

• Strategic buyers dominate value:
  While private equity remains active—particularly in vertical software, carve-outs, and infrastructure-like telecom assets—strategic acquirers account for the majority of total TMT deal value in the current cycle.
  
  
• PE activity profile:
  
  
  
  • Focused on cash-flow durability, pricing power, and operational levers
    
    
  • Preference for smaller to mid-cap transactions or platform build-ups
    
    
  • Increasing reliance on private credit rather than syndicated leverage
    
    
• Strategic acquirer profile:
  
  
  
  • Willingness to pay control premiums for assets tied to AI, security, or distribution
    
    
  • Longer investment horizons and synergy-driven underwriting
    
    
  • Balance-sheet-funded or hybrid cash/stock consideration
    
    

Net result:
The valuation gap between strategic-led “must-have” assets and financial sponsor targets has widened, reinforcing a bifurcated market.

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Capital availability and financing environment

Capital availability improved materially through 2025, enabling the resurgence of large-scale TMT transactions:

• Corporate balance sheets: Many large-cap tech and telecom companies entered 2025 with record cash balances and under-levered balance sheets, creating flexibility for all-cash or lightly levered deals.
  
  
• Debt markets: Investment-grade credit markets reopened for large issuers, while private credit funds stepped in to support sponsor-backed TMT transactions where traditional leverage was constrained.
  
  
• Equity consideration: Stock remains a viable currency for mega-cap acquirers, particularly where strategic alignment and long-term growth narratives resonate with shareholders.
  
  

Constraint to watch:
Despite improved capital conditions, regulatory and antitrust scrutiny has become a gating factor for deal certainty, influencing both structure and timing.

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M&A Volume/Value by Year

Map of Global Deal Hotspots

3. Valuation Multiples & Comps

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Median EV/Revenue, EV/EBITDA by sub-sector

TMT valuation is best framed as a multi-bucket comp set (software ≠ semis ≠ telecom ≠ media). Two useful anchors:

A) Public-market “where the tape is” (sector comps anchor)
Damodaran’s January 2026 industry data (EV/EBITDA for positive EBITDA firms) highlights the dispersion:

B) Control-deal pricing “where deals have cleared” (transaction reality check)
A PitchBook-based TMT valuation snapshot (H2’24) shows:

• Global listed TMT EV/EBITDA ~14.7x (end of H2’24)
  
  
• Global TMT control deals ~14.9x EV/EBITDA (H2’24)
  
  
• Smaller control deals ($5–$150m) ~12.7x EV/EBITDA
  
  

Analyst interpretation: public comps often set the range, but control deals clear where synergies + strategic fit justify premium—and smaller deals tend to clear at lower headline multiples unless there’s scarcity/value-add.

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Historical multiple ranges (3–5 year view)

Example: SaaS EV/Revenue (public comps proxy)
Aventis’ SaaS index commentary indicates the market reset from 2021 peaks was followed by stabilization, with mid-2025 softness:

• Selected points (from the same dataset used in our earlier chart): ~6.7x (early 2023) → ~7.3x (early 2025) → ~6.0x (Jul 2025) → ~6.1x (Sep 2025)
  
  

Implication for deal work:

• When public EV/Revenue compresses, buyers push harder on profitability/FCF and structure (earnouts/rollovers), especially for sub-scale SaaS.
  
  
• Sellers increasingly position around Rule of 40 / NRR / durable gross margins vs. purely top-line CAGR.
  
  

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Comparison to S&P 500 / related industries

Rather than a single “S&P 500 multiple,” banker comps generally benchmark TMT against adjacent sectors on a consistent dataset. Damodaran’s January 2026 table provides that consistency and shows the key point: TMT dispersion dominates any broad-market comparison.

• Software and semis trade at material premiums to telecom/cable due to growth and capital intensity differences.
  
  
• For transaction valuation, you’ll usually compare:
  
  
  
  • Software ↔ software + IT services
    
    
  • Semis ↔ semis + equipment
    
    
  • Telecom services ↔ cable/wireless utilities-like comps
    
    
  • Media ↔ entertainment + broadcasting/cable (with heavy business-model screens)
    
    

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Historical Valuation Multiples

Peer Multiples & Financials

4. Top Strategic Acquirers & Investors

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Overview

M&A in Technology, Media & Telecom is currently being driven by a concentrated group of strategic buyers and scaled financial sponsors with the balance sheets, equity currency, and strategic urgency to transact. Activity over the last 12–24 months shows a clear split between:

• Strategic acquirers, responsible for the majority of total deal value, and
  
  
• Private equity platforms, focused on roll-ups, carve-outs, and infrastructure-like assets.
  
  

The common thread across both groups is selectivity: capital is being deployed where assets are viewed as strategically critical (AI, security, data, distribution) rather than opportunistic.

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Top strategic acquirers (last 12–24 months)

Technology & Software / AI

• Alphabet (Google) – Cloud security, AI enablement, and multicloud infrastructure (e.g., Wiz).
  
  
• Microsoft – AI ecosystem expansion, developer tools, and enterprise workflow adjacency.
  
  
• Amazon (AWS) – Cloud-native tooling, data infrastructure, and vertical SaaS adjacency.
  
  
• Cisco – Security, observability, and networking software platform expansion (e.g., Splunk).
  
  
• ServiceNow – Security workflows and enterprise automation (e.g., Armis).
  
  

Semiconductors & Infrastructure Technology

• NVIDIA – Ecosystem investments across AI hardware, software, and networking.
  
  
• Broadcom – Infrastructure software and semiconductors with durable enterprise demand.
  
  
• Synopsys – Chip-to-system design enablement (e.g., Ansys).
  
  
• AMD / Intel – Targeted IP, design, and AI acceleration assets.
  
  

Telecom & Connectivity

• Charter Communications – Broadband scale and footprint expansion (e.g., Cox).
  
  
• Verizon / AT&T – Portfolio optimization, fiber, and selective infrastructure acquisitions.
  
  
• Deutsche Telekom / Vodafone – Infrastructure monetization and selective consolidation (primarily Europe).
  
  

Media & Digital Content

• Netflix – Technology and content-adjacent capability acquisitions.
  
  
• Disney – IP-driven transactions and portfolio rationalization.
  
  
• Warner Bros. Discovery – Selective consolidation and asset optimization.
  
  

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Investment theses: why these buyers are acquiring

Strategic acquirers are underwriting deals against long-term platform logic, not near-term multiple arbitrage:

1. AI readiness & control
   
   
   
   • Ownership of security, data, and infrastructure layers that monetize AI workloads.
     
     
   • Preference for assets that reduce dependency on third-party vendors.
     
     
2. Platform expansion & cross-sell
   
   
   
   • Broadening product suites to increase ARPU, reduce churn, and deepen customer lock-in.
     
     
   • Security and observability are the clearest examples of this dynamic.
     
     
3. Scale economics
   
   
   
   • Particularly in telecom and infrastructure, scale lowers unit costs and improves capex efficiency.
     
     
4. Portfolio simplification
   
   
   
   • Divestiture of non-core assets paired with acquisition of high-strategic-fit businesses.
     
     

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Private equity platforms & roll-up strategies

Private equity remains active in TMT, but with a distinctly different playbook than strategics:

Active PE investors / platforms

• Thoma Bravo – Enterprise software and cybersecurity platforms.
  
  
• Vista Equity Partners – Vertical SaaS and mission-critical software.
  
  
• Silver Lake – Large-cap technology and tech-enabled media.
  
  
• EQT – Software, infrastructure, and digital services (global focus).
  
  
• KKR / Blackstone – Telecom infrastructure, data centers, and fiber.
  
  

PE strategy themes

• Buy-and-build in fragmented vertical software markets.
  
  
• Carve-outs from large corporates seeking portfolio focus.
  
  
• Infrastructure-style underwriting (data centers, fiber, towers) with stable cash flows.
  
  
• Greater use of private credit to replace traditional leveraged loan markets.
  
  

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Deals by acquirer, value, rationale

Logo Grid: Active Acquirers

5. Transaction Case Studies

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Case Study 1 — Google → Wiz (Cybersecurity)

Deal overview

• Announced: March 18, 2025
• Buyer / Seller: Alphabet (Google Cloud) / Wiz
• Deal size: $32.0B (all-cash, reported)

Primary sources (clickable):

• Google announcement & coverage:
  https://www.reuters.com/world/us/google-buy-wiz-32-billion-2025-03-18/ 
• Background on Wiz and deal context:
  https://www.investopedia.com/google-wiz-deal-32-billion-8674502 

Strategic rationale

• Positions Google Cloud as a leading cloud-native and multi-cloud security provider.
• Security ownership becomes more critical as AI workloads increase cloud complexity and risk.
• Reduces reliance on third-party security integrations.

Multiple paid

• Not consistently disclosed in a standardized EV/Revenue or EV/EBITDA format.
• Widely viewed as a strategic premium for category leadership and scarcity value.

Expected synergies

• Revenue synergies via cross-selling Wiz into Google Cloud’s enterprise customer base.
• Product synergies around unified cloud security posture management and policy automation.

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Case Study 2 — Cisco → Splunk (Security & Observability)

Deal overview

• Closed: March 18, 2024
• Buyer / Seller: Cisco Systems / Splunk
• Deal size: $28.0B

Primary sources (clickable):

• Cisco press release (deal close):
  https://www.cisco.com/c/en/us/about/news/2024/cisco-completes-acquisition-of-splunk.html 
• Transaction background:
  https://www.reuters.com/technology/cisco-buy-splunk-28-billion-2023-09-21/ 

Strategic rationale

• Expands Cisco beyond networking into security analytics and observability.
• Creates a broader enterprise platform spanning network, application, and data visibility.
• Strengthens recurring software revenue mix.

Multiple paid

• Public reporting focuses on equity value; implied EV multiples depend on point-in-time financials.
• Typically analyzed using LTM/NTM EBITDA at announcement for banker comps.

Expected synergies

• Revenue synergies from cross-selling Splunk software into Cisco’s installed base.
• Cost synergies from overlapping go-to-market and corporate functions.

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Case Study 3 — Synopsys → Ansys (EDA & Engineering Simulation)

Deal overview

• Announced: January 2024
• Buyer / Seller: Synopsys / Ansys
• Deal size: $35.0B

Primary sources (clickable):

• Deal announcement & rationale:
  https://www.reuters.com/technology/synopsys-buy-ansys-35-billion-deal-2024-01-16/ 
• Strategic context (EDA + simulation):
  https://www.investopedia.com/synopsys-ansys-deal-35-billion-8431301 

Strategic rationale

• Combines chip-level EDA with system-level simulation, enabling “chip-to-system” design.
• Critical for AI hardware stacks where thermal, power, and performance tradeoffs interact early.
• Deepens customer lock-in across the semiconductor design lifecycle.

Multiple paid

• Not quoted as a clean headline multiple in press coverage.
• Best practice is to calculate EV/EBITDA using announcement EV and Ansys LTM financials.

Expected synergies

• Primarily product and workflow synergies (integrated toolchains).
• Secondary cost synergies; regulatory approval is a key execution variable.

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Case Study 4 — Charter → Cox (Telecom Scale & Infrastructure)

Deal overview

• Announced / reported value: ~$34.5B
• Buyer / Seller: Charter Communications / Cox Communications

Primary sources (clickable):

• Bain telecom M&A commentary:
  https://www.bain.com/insights/global-telecommunications-ma-report/ 
• Deal coverage reference:
  https://www.reuters.com/world/us/us-telecom-dealmaking-2025-charter-cox-2025-02-11/ 

Strategic rationale

• Broadband scale and footprint expansion in the U.S. market.
• Improved network investment efficiency and procurement leverage.
• Positions combined entity for long-term data demand growth.

Multiple paid

• Full consideration structure not consistently disclosed in public summaries.
• Valuation typically underwritten on cash flow, leverage capacity, and capex efficiency.

Expected synergies

• Cost synergies from network operations, procurement, and overhead.
• Capex optimization through coordinated infrastructure planning.

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One-Page Snapshot per Deal

6. Valuation Framework & Modeling

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This section outlines how TMT deals are typically valued in practice, the tools bankers and buyers rely on, and the key financial drivers that most influence outcomes. Content is illustrative and non-advisory.

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How TMT deals are priced (core valuation approaches)

In live transactions, valuation is rarely driven by a single method. Instead, buyers triangulate across three primary frameworks, with weighting varying by sub-sector and asset maturity.

1. Trading comparables (public comps)

• Establish the market-clearing range for similar businesses.
  
  
• Most relevant for:
  
  
  
  • Public-to-public transactions
    
    
  • Sponsor exits
    
    
  • Anchor ranges in fairness opinions
    
    
• Key multiples:
  
  
  
  • EV / Revenue → high-growth SaaS, early-stage platforms
    
    
  • EV / EBITDA → profitable software, semis, telecom, media
    
    
• Limitation: reflects minority market pricing, not control or synergies.
  
  

2. Precedent transactions

• Reference control deals with similar strategic context.
  
  
• Adjust for:
  
  
  
  • Market cycle at announcement
    
    
  • Growth, margin, and scale differences
    
    
  • Strategic scarcity or competitive tension
    
    
• Typically used to justify control premiums and strategic bids.
  
  

3. Discounted Cash Flow (DCF)

• Most critical for:
  
  
  
  • Large strategic transactions
    
    
  • Infrastructure-like assets
    
    
  • Situations where synergies are material
    
    
• Forces explicit assumptions around:
  
  
  
  • Growth durability
    
    
  • Margin trajectory
    
    
  • Capital intensity
    
    
  • Cost of capital
    
    

Banker takeaway:

Public comps set the floor, precedents frame the premium, and DCF determines whether the price is defensible.

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Typical control premiums (directional)

Control premiums in TMT vary widely by sub-sector and strategic importance:

• Software / Cyber / AI-adjacent assets:
  
  
  
  • Premiums often above historical averages when assets are scarce or platform-critical.
    
    
• Semiconductors:
  
  
  
  • Premiums depend on cycle timing; buyers normalize EBITDA before underwriting.
    
    
• Telecom & infrastructure:
  
  
  
  • Premiums are typically modest and underwritten on cash yield + deleveraging, not growth.
    
    
• Media:
  
  
  
  • Highly bifurcated; premium assets (IP, scale distribution) vs. structurally challenged businesses.
    
    

Rather than quoting a single percentage, buyers typically back into the premium via synergy sharing and IRR thresholds.

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Key model drivers by sub-sector

What actually moves valuation in models differs materially across TMT:

Software / SaaS

• Revenue growth (especially ARR growth)
  
  
• Net revenue retention (NRR)
  
  
• Gross margin sustainability
  
  
• Operating leverage and free cash flow conversion
  
  
• Customer concentration and churn
  
  

Semiconductors & Infrastructure Tech

• Through-cycle revenue and margin normalization
  
  
• R&D intensity and roadmap visibility
  
  
• End-market concentration (AI, automotive, industrial)
  
  
• Capital expenditure requirements
  
  

Telecom & Connectivity

• Subscriber trends, ARPU, and churn
  
  
• Network capex intensity
  
  
• Spectrum and infrastructure obligations
  
  
• Leverage profile and refinancing assumptions
  
  

Media & Content

• Content ROI and amortization
  
  
• Subscriber economics or advertising yield
  
  
• IP longevity and rights structure
  
  
• Platform distribution scale

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Sample DCF Input Summary

7. Trends & Strategic Themes

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Overview

TMT M&A activity is being shaped less by short-term valuation cycles and more by structural shifts in technology, regulation, and capital allocation. Buyers are increasingly underwriting transactions against multi-year strategic necessity, particularly where assets enable AI adoption, improve cost efficiency, or secure long-term distribution.

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Sector-specific shifts

Technology & Software

• AI-driven portfolio reconfiguration:
  Acquirers are prioritizing assets that sit adjacent to AI value creation—cloud security, data infrastructure, observability, developer tools—rather than pure model developers.
  
  
• Profitability over growth-at-any-price:
  Software M&A has shifted toward businesses with durable ARR, high retention, and credible free cash flow conversion, reflecting lessons from the 2021–22 valuation reset.
  
  
• Platform consolidation:
  Buyers are expanding horizontally to reduce vendor sprawl and increase wallet share within enterprise customers.
  
  

Semiconductors & Infrastructure Technology

• Compute and capacity constraints:
  AI demand has increased the strategic value of design software, advanced packaging, networking, and enabling IP.
  
  
• Vertical integration:
  Semiconductor acquirers are looking upstream (design tools, IP) and downstream (software, systems integration) to secure ecosystems rather than individual products.
  
  
• Cycle normalization in valuation:
  Buyers are explicitly normalizing peak margins and revenues to avoid overpaying at the top of the cycle.
  
  

Telecom & Connectivity

• Scale as a defense mechanism:
  Telecom consolidation is driven by the need to spread capex across larger subscriber bases.
  
  
• Infrastructure monetization:
  Fiber, towers, and data centers are increasingly viewed as infrastructure-like assets, attracting both strategic and financial capital.
  
  
• Shift toward efficiency:
  M&A rationales focus on cost and capex synergies rather than aggressive revenue growth.
  
  

Media & Digital Content

• Portfolio rationalization:
  Media companies continue to divest non-core assets to reduce leverage and refocus on core IP.
  
  
• Distribution over content volume:
  Strategic value is increasingly tied to scale of distribution and monetization efficiency, not raw content spend.
  
  
• Selective consolidation:
  Only assets with differentiated IP or strong franchises command premium interest.
  
  

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Emerging models & deal structures

• AI-enabled “X” acquisitions:
  Transactions where AI is embedded into existing products (e.g., security, workflow automation, analytics) rather than standalone AI businesses.
  
  
• B2B SaaS roll-ups:
  Fragmented vertical software markets remain attractive for buy-and-build strategies, particularly where pricing power and switching costs are high.
  
  
• Nearshoring and resilience:
  Technology and infrastructure deals increasingly factor in supply-chain resilience and geographic redundancy.
  
  
• Structured consideration:
  Greater use of earnouts, contingent value rights, and rollovers to bridge valuation gaps and manage execution risk.
  
  

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Antitrust and regulatory changes

• Heightened scrutiny for large strategics:
  Regulators are more willing to challenge transactions that reduce competition in core markets, even when industrial logic appears sound.
  
  
• Longer timelines and remedies:
  Regulatory review has become a material execution risk, influencing deal structure, break fees, and closing conditions.
  
  
• Cross-border sensitivity:
  National security and data sovereignty considerations play a larger role in TMT deals than in many other sectors.
  
  

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Expert POV: forward-looking commentary

The defining feature of current TMT M&A is not valuation—it is selectivity. Buyers are willing to pay for assets that are strategically indispensable, but they are equally willing to walk away from deals that do not clearly advance AI readiness, platform control, or cost efficiency.

What this means going forward:

• Expect fewer but larger transactions, concentrated among repeat acquirers.
  
  
• Assets that enable AI adoption, security, or infrastructure efficiency will continue to clear at premium valuations.
  
  
• Businesses without clear strategic relevance may face longer sale processes and increased valuation pressure.

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Timeline of Trend Emergence

8. 2025–26 Market Outlook

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Expected M&A drivers (what pushes deals forward)

1) AI-enabled portfolio shaping (strategic urgency)

• 2026 is expected to be less about “headline-grabbing new models” and more about the operational work of making AI usable at scale—which increases demand for acquisitions in security, data, infrastructure, and workflow tooling. (Deloitte Brazil)
  
  
• KPMG frames the TMT playbook around AI-driven innovation, infrastructure consolidation, and disciplined dealmaking—a backdrop that supports continued strategic M&A. (KPMG)
  
  

2) Infrastructure consolidation + capital efficiency

• Media/telecom deal momentum in H2 2025 was supported by improving financing conditions, portfolio realignments, and renewed appetite for premium assets—conditions that can extend into 2026. (PwC)
  
  
• Telecom M&A is expected to focus on scale, fiber, towers, carve-outs, and partnerships that fund modernization and capacity expansion. (PwC)
  
  

3) Private equity re-engagement (selective, structured)

• PE enters 2026 with “renewed confidence,” leaning into technology, credit, and creative structures—important for sponsor activity in software roll-ups, carve-outs, and infra-like assets. (EY)
  
  
• PitchBook’s 2026 outlook positioning points to private markets preparing for 2026 with a data-driven view of major trends (useful as a directional indicator of sponsor readiness). (PitchBook)
  
  

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Headwinds (what can slow or reshape the market)

1) Regulatory review and execution risk

• Large/transformative combinations can face longer timelines and heightened process risk (especially in media distribution and large-cap tech adjacencies). KPMG’s “disciplined” framing implicitly reflects that deal certainty matters. (KPMG)
  
  

2) Cost of capital & financing selectivity

• Even if financing improves, underwriting remains conservative: buyers want credible synergies, near-term cash flow, and durable fundamentals (especially in telecom and mature media). (PwC)
  
  

3) “Premium asset” scarcity vs. long tail pressure

• Premium IP, scaled platforms, and mission-critical infrastructure can clear at strategic premiums, while non-core or structurally challenged assets may face longer sale cycles and more structure. (PwC)
  
  

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Buy-side vs. sell-side predictions (how behavior likely differs)

Buy-side (strategics + sponsors)

• Strategics: prioritize control points in the AI stack (security, data, infra) and infrastructure efficiency; more willingness to do fewer, bigger, thesis-driven deals. (KPMG, Deloitte Brazil)
  
  
• Sponsors: focus on roll-ups and carve-outs with operational value creation; more structured bids and creative financing approaches (including credit solutions). (EY, PitchBook)
  
  

Sell-side (corporates + founders)

• More divestitures and carve-outs tied to portfolio simplification and capital recycling, especially where buyers can pay a premium for strategic fit. (PwC, KPMG)
  
  
• Increased use of minority stakes, JVs, and partnerships as sellers balance valuation goals with certainty. (PwC)

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Funnel of Deal Types by Strategic Priority

Outlook Grid (Short / Mid / Long Term)

9. Appendices & Citations

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Appendix A — Deal tables

Appendix B — Valuation / multiples data references (public anchors)

These are credible public sources you can cite as “where the tape is” anchors for sector-level multiples and market context:

• Damodaran (NYU Stern) — EV/EBITDA by industry (data as of Jan 2026)
  https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/vebitda.html
• Aventis SaaS Index — SaaS EV/Revenue multiple commentary + index page
  https://aventis-advisors.com/aventis-saas-index/ 

(Related summary article referencing Sep 2025 median EV/Revenue):
https://aventis-advisors.com/saas-valuation-multiples-how-much-is-my-saas-business-worth/

How to use these in a banker comp set

• Use Damodaran as a broad sector sanity check and as a fallback when you need consistent industry buckets.
• Use Aventis as a software/SaaS-specific tape check (EV/Revenue trend framing).

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Appendix C — Market / deal-trend sources (TMT + global context)

• PwC — Global M&A trends in TMT (themes and drivers)
  https://www.pwc.com/gx/en/services/deals/trends/telecommunications-media-technology.html
• KPMG — “M&A trends in tech, media, and telecom” (Q3 2025 report page)
  https://kpmg.com/us/en/articles/mergers-acquisitions-trends-tech-media-telecom.html
• Deloitte — TMT M&A update (Q3 2025 hub)
  https://www.investmentbanking.deloitte.com/en/services/esop-corporate-finance/perspectives/tmt-update.html
• Reuters (Jan 2026) — global M&A context (2025 deal value, megadeals)
  https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/ https://www.reuters.com/legal/transactional/jpmorgan-ma-global-head-aiyengar-says-rising-risks-drive-surge-deals-2026-01-09/
• PitchBook — 2026 private capital outlook landing page (directional sponsor readiness)
  https://pitchbook.com/news/2026-private-capital-outlooks 

(PDF example): https://pitchbook.brightspotcdn.com/4a/6b/672f89f841c09dae57e59ff21319/2026-us-private-equity-outlook.pdf

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Appendix D — Methodology (how the report’s metrics are constructed)

1) Deal universe

• “TMT” is treated as a composite of software/IT services, semiconductors & infrastructure tech, telecom/connectivity, and media/content.
• Deal activity discussion should ideally be backed by a single consistent dataset (e.g., LSEG, Dealogic, PitchBook, S&P Capital IQ). Where those are paywalled, this report uses public summary reports and primary press releases as anchors. (PwC, KPMG, Deloitte)

2) Valuation multiple definitions (standard banking conventions)

• Enterprise Value (EV) = Equity value + Net debt (debt – cash) + preferred/minority interests (as applicable).
• EV/Revenue used when EBITDA is low/negative or margins are still scaling (common in high-growth software).
• EV/EBITDA used when EBITDA is positive and reasonably comparable (common in mature software, semis, telecom). (Stern Business School Pages)

3) Comps construction

• Use median and interquartile ranges to avoid distortions from outliers (especially in AI-exposed semis and unprofitable software).
• Cross-check sector medians against public anchors (e.g., Damodaran industry tables; SaaS-specific indices). (Stern Business School Pages, Aventis Advisors)

4) DCF conventions (template-level)

• Value is driven by unlevered FCF, discounted at WACC, plus a terminal value (Gordon Growth with an exit-multiple cross-check).
• Sensitivity tables typically stress WACC and terminal growth, since terminal value often dominates mature-asset EV. (Framework-level note; company-specific values require diligence.)

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Appendix E — Hyperlinked reference list (primary deal sources)

• Google → Wiz announcement (Google):
  https://blog.google/inside-google/company-announcements/google-agreement-acquire-wiz/
• Google Cloud blog context:
  https://cloud.google.com/blog/products/identity-security/google-announces-agreement-acquire-wiz
• Cisco → Splunk (Cisco IR):
  https://investor.cisco.com/news/news-details/2024/Cisco-Completes-Acquisition-of-Splunk/
• Cisco → Splunk (Splunk newsroom):
  https://www.splunk.com/en_us/newsroom/press-releases/2024/cisco-completes-acquisition-of-splunk.html
• Synopsys → Ansys announcement (Ansys):
  https://www.ansys.com/news-center/press-releases/1-16-24-synopsys-acquires-ansys
• Synopsys completion (Synopsys IR):
  https://investor.synopsys.com/news/news-details/2025/Synopsys-Completes-Acquisition-of-Ansys/default.aspx

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