The Most Acquisitive Acquihirers in Software: M&A Trends in 2020-2022
Analysis of 560 US software acquisitions under $400m from 2020-2022 reveals ServiceNow as the most acquisitive buyer with 5 deals, while the overall market maintained steady pace despite macroeconomic challenges. Acquirers paid an average of $1.4m per employee, roughly double historical norms, with CrowdStrike, Alphabet, and Motorola leading at $3m per employee. Small acquisitions continue to provide essential $10-20b annual liquidity to the startup ecosystem.
Metrics in this report
155count
annual
Small software M&A
280count
annual
Small software M&A
124count
annual
Small software M&A
0.7$m
p25
US software acquisitions under $400m (2020-2022)
2.2$m
p75
US software acquisitions under $400m (2020-2022)
10-20$b
range
Startup ecosystem (2020-2022)
77-83$m
mean
Small software M&A by year
1.4$m
median
US software acquisitions under $400m (2020-2022)
3$m
mean
CrowdStrike, Alphabet, Motorola
560count
total
US software acquisitions under $400m (Jan 1, 2020 - Jan 16, 2023)