First, considering the good news, there are a lot of them: Q1 2025 saw 210 Enterprise SaaS mergers and acquisitions completed, which is comparable to the 211 deals signed in the last fourth quarter in 2024. It’s also a big jump from Q1 2024, as it sees 165 Enterprise SaaS mergers and acquisitions.
Additionally, the total value of VC-backed M&A in corporate SaaS rose in the first quarter to $14.6 billion, according to PitchBook data, while the number of transactions led by private equity reached the industry’s new quarterly record with 73 deals.
Now, consider the little-known news: Total transaction value of corporate SaaS acquisitions fell by about 24.8% in the first quarter, from $38.7 billion in the fourth quarter to $29.1 billion in the previous quarter. In addition, five deals accounted for about half of the total transaction value of the quarter: Clearlake Capital Group’s $5.3 billion acquisition of Modmed’s $5.3 billion acquisition of Modmed, KKR supported Cotiviti’s $3.1 billion acquisition of healthcare data entities Edifecs, ServiceNow, ServiceNow, ServiceNow, ServiceNow, and ServiceNow’s $5.9 billion acquisition, Acquisition of Enterprise Ai Unicorn ai Unicorn ai Moveers, Unicorn unicorwease $1. Start Weight and Bias, and DNEG Group’s $1.4 billion acquisition of Hollywood-centric Generative Media Launching Metaphysics acquisition. (Although shocking, we’ve seen such a deflection before, especially how Artificial intelligence investment is vibrating– A landscape where the total transaction value appears to have a lot of action, but after careful examination, the data reveals the gravity of a safer, more established bet. )
So, what does this mean? I think it boils down to two things. First: The basis of AI is a new wave of corporate SaaS trading. Despite the ongoing regulatory and macro pressure, traders are comfortable rolling dice again. Second: Meanwhile, the future remains uncertain in the company’s years in terms of regulatory scrutiny in the United States and abroad and in the possible (or may not) reduce Parker’s macroeconomic volatility levels.
That’s how you currently end up between mature rebounding and long-lasting ruts. My guess is here on June 17 and now: by the end of this year, we can see a more decisive recovery. Is anyone? As always, I would love to hear what you think.
See you tomorrow,
Allie Garfinkle
X: @agarfinks
e-mail: Alexandra.garfinkle@fortune.com
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Risk Trading
– Juniper Squareis a private market connected fund software and services provider based in San Francisco, raising $130 million in Class D funding. Rib Capital Lead the tour, joined The fifth wall,,,,, Red Dot Adventure,,,,, High-altitude adventure,,,,, Blue Owl Capitaland others.
– NabraBrooklyn-based clinical AI assistant raised $70 million in Series C funding. HV Capital Lead the tour, joined European Highlands,,,,, DST Globaland existing investors Cathay Innovation and Tony Fadell’s Build Collective.
– slideNorwalk, Norwalk’s hosting provider’s business continuity and disaster recovery platform, raised $25 million in Series A funds. Base10 Partners Lead the tour, joined Outsider Fund and Top-down business.
– excavatorSan Francisco-based infrastructure developers raised $3.6 million in seed funding. Initialized capital Lead the tour, joined Olivier Pomel,,,,, David Cramer,,,,, Michael Grinicand others.
Private Equity
– 365 Retail Marketa portfolio company Providence Stock Partnersagree to obtain Hami melona self-service commercial technology solutions provider in Malvin, Pennsylvania, with approximately $848 million in cash.
– AE Industrial Partners get Air transport componentsa provider of aircraft components maintenance, repair and overhaul service based in Gilbert, Arizona. Financial terms are not disclosed.
– Professional Research Institute,Depend on Levin Lechtman Capital Partners,get ExpertConnect Litigation Supporta New York City-based expert witness service provider. Financial terms are not disclosed.
– LS power get Engie serves usOakland, California-based energy solutions provider is now reshaped as Opterra Energy Services. Financial terms are not disclosed.
IPO
– Caris Life SciencesIt is an AI-driven precision medicine platform provider for oncology based in Irving, Texas, and plans to raise $470 million to sell between Nasdaq shares for 23.5 million shares. David D. Holbert and Sixth Street Support the company.
– Kilcoy Global Fooda meat supplier in Australia-based Birtinya, has made an open application to Nasdaq. The company’s sales for the year ended March 31, 2025 were US$2.2 billion.
people
– antlersThis is a venture capital firm based in Singapore Bob Rosin As a partner. Before, he was defy.vc.
– Chantelle Darby,,,,, accelerateLong-term communication partners are exiting the company. She will consult startups and investors through her new career, Darby Public Relations.
