Acquiry research
Research
Market reports, valuation studies and underwriting research for buyers and sellers of digital businesses, built from disclosed transactions and cited public sources.
31 published pieces
Latest · Research · AI
Spatial Intelligence: The AI Layer Behind Robotics, Games and VR, and Why Acquirers Are Paying for It
Beyond text bots: world models that perceive, generate and interact with 3D space are becoming the foundation for robotics, game engines and virtual worlds, and they are now changing hands at platform prices.
Research
Research · Research
Deal Structure Playbook
Market benchmarks for earnouts, rollovers, seller notes, and working capital adjustments in digital asset M&A.
Research · Research
Buyer Underwriting Checklist
A structured checklist for pre-LOI, commercial, technical, and legal diligence on digital asset acquisitions.
Research · Research
Deal Team Operating Model
Our repeatable process architecture for executing buy-side and sell-side mandates from intake to close.
Research · Research
International Deal Structuring Notes
High-level notes on M&A mechanics in key global markets for digital assets.
Research · Research
Platform Concentration Risk
Scoring and mitigating dependency on major platforms in digital asset M&A.
Research · Research
Quality of Revenue Framework
An institutional framework for scoring revenue quality in digital asset transactions.
Research · Research
Empirical Studies on the Discount for Lack of Marketability (DLOM)
A comprehensive review of the restricted stock and pre-IPO studies that form the empirical foundation for marketability discounts in private company valuation.
AI
Research · AI
Inside the Agentic Stack: Why Supabase and Salesforce Are Buying AI Infrastructure, Not AI Features
AI agents create databases, call models and talk to customers at machine scale. The acquirers winning the infrastructure race are buying the layers underneath those agents, not another chatbot on top.
Research · AI
The Death of ‘AI’: What the Super Intelligence Executive Order and the White House Accord Mean for Tech M&A
On 29 September 2026 the US government stopped saying ‘artificial intelligence’. The same day, the biggest frontier labs signed a voluntary accord on oversight. Here is what the order and the accord actually do, and why dealmakers should pay attention.
Research · AI
Salesforce Buys Listen Labs: Why AI Customer Research Became a Platform Capability
AI that runs customer interviews at scale and simulates how buyers will react is moving from a standalone tool into the core of the CRM stack.
Research · AI
Artificial Intelligence and Strategic M&A in 2026
Capital Allocation, Valuation, and Market Structure: Evidence from 2022 to 2025 Transaction Data
Research · AI
The Great Re-rating:Q1 2026 Digital M&A Market Report
The Great Re-rating: Q1 2026 Digital M&A Market Report. Acquiry provides specialist digital M&A advisory for buyers and sellers.
SaaS
Research · SaaS
The AI-Washing Audit: How Buyers Strip the AI Hype Out of SaaS Valuation Multiples
In 2024 and 2025 an AI label could lift a software multiple on its own. In 2026 buyers check what is underneath. Here is the framework they use to separate real AI value from a model wrapper, and how to come out on the right side of it.
Research · SaaS
Miro and Bending Spoons: What a $1.355bn Deal Says About the Growth-to-Cash Reset in Software
A $600m ARR collaboration leader is changing hands at roughly 2.3x revenue. The headline is the gap to 2022. The real story is the new buyer underwriting cash flow, not growth.
Research · SaaS
Bending Spoons Is Building One of Software’s Most Ambitious Acquisition Platforms
Acquiry examines how Bending Spoons combines high-velocity M&A, deep operational transformation and permanent ownership to build a rapidly compounding global software portfolio.
Research · SaaS
Redacted Case Studies
Anonymised summaries of completed transactions. Identifying details have been removed.
Research · SaaS
Vertical Multiples Heatmaps
Observed revenue and EBITDA multiple ranges across SaaS, Fintech, Gaming, and Media verticals.
Cybersecurity
Research · Cybersecurity
The 2029 Encryption Deadline: Mapping M&A and Investment in Post-Quantum Cryptography
Quantum computers that can break today’s encryption are getting closer, faster than expected. Enterprises are racing to migrate, and the quantum security supply chain is quietly consolidating. Here is the map.
Research · Cybersecurity
Harvest Now, Decrypt Later: Adding Post-Quantum Readiness to M&A Due Diligence
Encrypted data copied today could be readable within the life of the deal. That makes cryptography a diligence question now, not a 2030 problem.
Research · Cybersecurity
Space Cybersecurity: Why Securing Satellites Is Becoming an M&A Theme
Satellites now carry connectivity, navigation and IoT traffic that economies depend on. Securing them, in orbit and on the ground, is turning into its own market.
Cross-sector
Research · Cross-sector
The 2026 EBITDA Add-Back Standard: 20 adjustments and how buyers treat them
Every seller adjusts EBITDA. Every buyer's quality of earnings team unpicks it. This is the reference table we use on live mandates: 20 common add-backs, the evidence that gets each one accepted, and where the line sits.
Research · Cross-sector
The Buyer Hierarchy: why strategic acquirers can outbid private equity, and when they don't
Founders are told a strategic buyer always pays more. The research says strategics usually do, but not always, and the reason is structural: what each buyer can finance and what each buyer can do with the asset after completion.
Research · Cross-sector
The Decay Curve: the hidden cost of slow deals
Time kills deals. Some of the clock is fixed by regulators and cannot be negotiated. The rest is set by how prepared the seller is. This report separates the two and shows where the risk builds.
Global M&A
Research · Global M&A
The Death of the Tech Premium: Why Q3’s Biggest Cheques Went to Brokers and Accountants, Not SaaS
In Q3 2026 the largest disclosed cheques went to insurance brokers, accountants and distribution platforms. AI money went to infrastructure, at far smaller ticket sizes. Here is what the numbers say, and what it means for software sellers.
Market Report · Global M&A
Q3 2026: The Deals That Defined the Quarter
14 transactions, each told in full: who bought what, what they paid, what the filings actually say, and what it tells you about the market going into Q4.
Digital infrastructure
Gaming
Digital M&A
Crypto
Media
Acquiry Digital Index
Public market multiples for listed software and fintech companies, used as a daily proxy for private market sentiment. Private deals typically price at a discount to these levels.
SaaS Index
9.5xdown 1.8%
Median price to TTM revenue, 10 constituents: SNOW, SHOP, HUBS, CRM, NOW, DDOG, WDAY, TEAM, MDB, ZS. Close of 2 Oct 2026.
Fintech Index
2.2xup 0.0%
Median price to TTM revenue, 10 constituents: PYPL, XYZ, AFRM, SOFI, COIN, TOST, FOUR, GPN, FI, NU. Close of 2 Oct 2026.
Market data from Financial Modeling Prep, refreshed hourly. Revenue is trailing twelve months from company filings. Indicative only and not investment advice.
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