Fortune: 'Death of SaaS' Is the Best Thing for M&A — PE-Backed Deals Surged 100%+ to $89B as Public Valuations Crater

Fortune·high signal

Fortune reported March 31 that Q4 2025 enterprise SaaS M&A hit $83.7B across 245 deals (24% YoY leap), making 2025 the biggest M&A year since 2021. PE-backed SaaS transactions surged over 100% YoY to $89B, with 17 mega-deals comprising 75%+ of deal value including IBM-Confluent ($11B) and Permira-Clearwater ($8.4B). PitchBook analyst Derek Hernandez: 'The SaaSpocalypse is accelerating M&A rather than slowing it down' — public multiple compression makes take-privates cheaper for PE sponsors.