RL Hulett：2025年第四季度全球政府科技行业并购市场研究报告（英文版）

In Q4, the North American Technology Software Industry Index decreased by 8.5% and was outperformed by a 2.0% increase in the S&P over the same period. ▪ The median EV/Revenue multiple for reported private equity deals in the GovTech sector increased to 11.4x in 2025 from 6.0x in the prior year, but decreased for strategic deals to 4.5x from 4.9x in 2024. ▪ M&A deal volume in the sector increased 22.0% in Q4 to 100 deals from 82 in Q3, but decreased 4.8% from 105 deals in Q4 of the pr