Markets
Crunchbase: Small and Mid-Sized SaaS M&A Still Well Below 2021 Peak — $8.7B in Sub-$300M Deals vs. Google's Single $32B Wiz Acquisition
Crunchbase data shows total disclosed deal value for U.S. startup acquisitions under $300M hit approximately $8.7 billion last year, still significantly below levels routinely reached pre-2022 despite recovery from 2024 lows. Google's single Wiz acquisition at $32B is worth more than 4x all sub-$300M deals combined, illustrating how megadeals distort the market picture. Among 181 sub-$300M acquisitions since 2024, no single acquirer completed more than two disclosed-price deals, revealing fragmented buyer activity rather than dominant AI-driven consolidators — the expected SaaS M&A wave has not materialized at the small/mid tier.
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