According to PitchBook, Q1 2025 recorded 210 enterprise SaaS mergers and acquisitions, nearly matching the 211 deals in Q4 2024 and marking a strong rebound from 165 deals in early 2024. The total VC-backed M&A value rose to $14.6 billion, while private equity-led transactions reached a record 73 deals signaling renewed investor confidence in the enterprise SaaS sector. Major transactions included Clearlake Capital’s $5.3 billion acquisition of ModMed, KKR-backed Cotiviti’s $3.1 billion purchase of Edifecs, and ServiceNow’s $2.9 billion buyout of AI unicorn Moveworks. Other notable deals involved CoreWeave’s $1.7 billion purchase of Weights & Biases and DNEG Group’s $1.4 billion acquisition of Metaphysic, collectively accounting for nearly half of the quarter’s total transaction value.

However, despite steady deal volume, the overall M&A value declined 24.8% quarter-over-quarter from $38.7 billion in Q4 2024 to $29.1 billion in Q1 2025. Analysts suggest the dip reflects investor caution amid regulatory uncertainty and global macroeconomic volatility. Yet, the surge in AI-driven acquisitions indicates growing confidence in intelligent enterprise software and automation, hinting that the SaaS M&A landscape may be on the verge of a broader recovery later this year.