Unlock Market Intelligence: H1 2025 SaaS Exits & Tech IPOs
Discover our analysis with PitchBook of the global software as a service (SaaS) ecosystem and the market forces driving sector activity in the first half of 2025. This exclusive report provides deep-dive research into enterprise SaaS, private equity (PE) trends, and the outlook for tech initial public offerings (IPOs).
- Exclusive Data: Proprietary PitchBook data and indexes on global SaaS deal flow, exit activity, and valuation benchmarks
- Leading Analysis: Insights from leading industry analysts and Q&As with private equity and tech industry leaders from Forvis Mazars
- SaaS Market Outlook: Forward-looking analysis on capital costs, deal structures, and the catalysts for a tech IPO resurgence
“From the SaaS IPOs that have gone public or are anticipated to IPO, two trends exist: First, profitability or a clear path to profitability and sustainable long-term growth will be prioritized. Second, AI technology or AI value propositions will better position SaaS companies.”
- Bryan Myeroff
Transaction Advisory Partner, Forvis Mazars US
What’s Inside the Report?
This report offers a breakdown of the trends, risks, and opportunities shaping the enterprise SaaS IPO market, as well as a high-level analysis of the market forces altering the global SaaS ecosystem and the PE trends driving sector activity in H1 2025. Enterprise SaaS is highlighted for the outsized impact that artificial intelligence (AI) has had on value creation and investor returns in the segment.
In addition, our resource includes a spotlight section detailing how and why tech IPOs are showing signs of recovery despite market headwinds. This is followed by an editorial Q&A with professionals from Forvis Mazars, offering nuanced perspectives on the IPO outlook for 2026.
With these insights in mind, the report concludes with a forward-thinking outline to help you prepare for what’s next.
H1 2025 State of SaaS – Insights & Outlook
Wednesday, October 22 ∙ 11 a.m.–12 p.m. ET
Join this webinar with PitchBook to further explore the findings and trends highlighted in the report.
AI Value Creation Drives SaaS Investor Returns
As described in our report, the adoption of AI-driven value creation is boosting product innovation and operational efficiency among SaaS companies. Companies with monetizable AI are earning valuation premiums, especially in SaaS verticals like digital health and cybersecurity.
Enterprise SaaS Companies Are Leading the Charge
Enterprise SaaS companies accounted for 60% of closed SaaS PE transactions globally during the first half of 2025.1
Enterprise SaaS stands out as the most active subsegment of the SaaS vertical, as AI integration becomes key to product strategies pursued through in-house development and even more so through acquisitions. During the first half of 2025, enterprise SaaS companies closed 405 PE transactions globally, compared with 671 deals across the SaaS vertical.1
Download Your Copy
Complete the form below to unlock your complimentary copy of the H1 2025 State of SaaS: Forvis Mazars & PitchBook Report. In addition, subscribe to our technology industry FORsights™ to receive our year-end 2025 SaaS report, which will dive further into key enterprise SaaS subsegments and more.
Helping SaaS Companies Prepare for What’s Next
Forvis Mazars works with venture capital (VC) and PE-backed SaaS companies and their investors across the full spectrum of assurance, tax, and consulting services. From value creation and international expansion to exit strategies and IPOs, our professionals help SaaS leaders and PE firms thrive amid uncertainty, especially as SaaS companies look to scale, sell, or go public. Learn how our teams can assist with strategic guidance and market clarity to help you prepare for what’s next.
Strategic Lifecycle Support
Forvis Mazars offers a full-spectrum service model tailored to the needs of PE firms—from fund formation to exit strategies. Learn about our Private Equity practice.
Value Creation & Operational Transformation
Forvis Mazars emphasizes hands-on operational support to drive measurable growth in portfolio value. Learn about our CFO & Business Consulting practice.
AI Strategy & Integration
Forvis Mazars shares how AI can drive real impact—explore strategy, integration, and governance tailored to your business. Learn about our AI Strategy & Integration services.
Based Outside of the United States? Meet Our International Team
At Forvis Mazars, our expansive international footprint enables our teams to understand the world in which you operate and tailor our services to meet your specific needs, in your geography. Our overseas audit, tax, and advisory practices for the technology sector can support you in improving your performance, controlling risks, supporting your growth, and more. Learn what Forvis Mazars Group has to offer overseas.
Contact our U.S. team to learn how we can help your organization.
- 1Source: PitchBook Data, Inc. | As of June 30, 2025 | Geography: Global