RL Hulett：2025年第四季度全球软件与科技赋能服务行业并购市场研究报告（英文版）

In Q4, the North American Technology Software Industry Index decreased by 7.0% and was outperformed by a 2.9% increase in the S&P over the same period. ▪ The median EV/Revenue multiple for reported private equity deals increased slightly to 4.3x in 2025 from 3.9x in 2024, and increased for strategic deals to 3.0x from 2.0x in the prior year. ▪ M&A deal volume in the Software & Tech-Enabled Services sector decreased 3.6% in Q4 to 1,064 deals from 1,104 in Q3 and decreased 2.7% from