RL Hulett：2025年第三季度全球政府科技行业并购市场研究报告（英文版）

In Q3, the North American Technology Software Industry Index increased by 5.9%, but was outperformed by the S&P, which increased by 7.9% over the same period. ▪ The median EV/Revenue multiple for reported private equity deals in the GovTech sector increased to 11.4x in YTD 2025 from 6.0x in 2024, but decreased for strategic deals to 4.2x from 4.9x in the prior year. ▪ M&A deal volume in the sector decreased 17.2% in Q3 to 82 deals from 99 in Q2 2025 and decreased 24.1% from 108 deals