Who Buys Software Companies? A Directory of Active Acquirers

Each model can be the right home for a particular business. A vertical software company with loyal customers and modest growth often fits a permanent owner. A fast-growing product that could anchor a buy-and-build strategy may attract private equity. A product that completes a larger platform may earn a strategic premium. Our research on strategic vs private equity buyer premiums explains when each pays more.

The table below lists acquirers that publish their criteria or operating model. Each line repeats what the company says about itself, with a link to the source. Where Acquiry has published an acquirer study, the row links to it for more detail on the company's strategy, recent deals and what it means for owners.

• Search and filterSearch by name or criteria, filter by buyer type, and download the full table as CSV.
• Company statementsFigures such as acquisition counts and revenue ranges are company-reported on the date accessed.
• Not exhaustiveMany other active buyers do not publish criteria. Absence from the table says nothing about a buyer.

Constellation Software (opens in a new tab) says it acquires vertical market software companies and operates them indefinitely, does not limit acquisitions by revenue, prefers mostly recurring revenue with low customer attrition, and has acquired businesses from a handful of employees to hundreds. It also says it has expanded its mandate beyond vertical markets.

Banyan Software (opens in a new tab) says it holds businesses permanently, has acquired more than 120 and sold none, and typically looks for profitable niche leaders with more than $2 million in annual revenue, high recurring revenue and strong retention, treating that threshold as a starting point. Our Banyan study covers its operating model.

Valsoft (opens in a new tab) describes itself as an acquirer of vertical market software with no predefined investment horizon, more than 130 acquisitions since 2015, and a typical target range of US$2 million to US$20 million in revenue; see our Valsoft study. Everfield (opens in a new tab) focuses on European B2B software, says it has acquired more than 40 companies since 2022, and publishes criteria around mission-critical software, owned IP, retention and recurring revenue; see our Everfield study.

PSG Equity (opens in a new tab) invests in growth-stage software and tech-enabled services companies and backs them to make add-on acquisitions; it reports hundreds of add-ons across its platforms. A founder can be approached either by PSG for a platform investment or by a PSG-backed company for an add-on, and the two experiences are very different. Our PSG study explains the distinction.

team.blue (opens in a new tab), backed by Hg, combines hosting and domain businesses with SaaS for small businesses and has acquired many founder-led companies; our team.blue study covers which product areas it is buying into. Bending Spoons (opens in a new tab) says it acquires digital products to own and operate for the long term and that its transformations are often deep; see our Bending Spoons study. Tiny (opens in a new tab) says it offers founders a fair offer in 7 days and can close in as little as 30, while keeping teams and culture intact.

1. 01Match on stated criteriaRevenue range, recurring share, vertical focus and geography rule many buyers in or out quickly.
2. 02Decide what you want after the saleStay and lead, step back over time, or leave at closing. Buyer models fit these differently.
3. 03Prepare the numbers buyers ask forARR, retention, gross margin and profitability. See ARR vs revenue and the Rule of 40 calculator.
4. 04Run referencesAsk each buyer for founders who sold to them, including ones who left.
5. 05Compare offers on value, not headlineUse the LOI value decoder to compare cash at close, deferred and contingent value.

Buyer-side readers can see where competition for targets is strongest in our software acquisition buyer demand report, and how acquirers find companies in deal sourcing tools for software acquirers. Owners can value their company with the SaaS valuation calculator, and read our guide on how to sell a SaaS business.

A note on accuracy

Criteria and counts change. Each row shows the company's own statement on the date accessed. If you represent a listed company and want a line corrected, tell us via the contact page with a link to the updated source.