TH Global Capital’s Monthly Top Global Software M&A Market Update provides a snapshot of key transactions, deal activity and trends shaping the global software M&A market.
In our September 2026 edition, we tracked 74 software transactions across Vertical SaaS, Enterprise / Horizontal SaaS, FinTech & InsurTech SaaS, AI / ML & Data Analytics, Cybersecurity & Infrastructure, and MarTech / AdTech & Communications.
Key Insights
- Vertical SaaS Leads Activity: Vertical SaaS accounted for 20 of the 74 transactions tracked in September, representing 27% of total deal activity, with deals spanning construction, hospitality, real estate, energy, childcare and automotive software.
- AI Drives Large-Cap Deals: AI / ML & Data Analytics recorded 11 transactions, including Salesforce’s $3.625 billion acquisition in AI-powered customer service and Progress Software’s $400 million data and AI deal.
- Cybersecurity Consolidation: Cybersecurity & Infrastructure recorded 10 transactions, led by Accenture’s $3.25 billion acquisition in operational technology security.
- Active Private Equity: Private equity investors completed 27 transactions, including platform buyouts valued at around $1 billion by Bain Capital and Hg, and an approximately $800 million workforce management deal by Thoma Bravo, alongside 47 corporate transactions.
Here are five notable transactions from last month:
- Bending Spoons acquired Airtable | $2.25 billion
- Sequoia Capital, Ibex Investors and others invested in Silk Technologies | $45 million
- Palo Alto Networks acquired Console | $500 million
- CPP Investments, Generation Investment Management, La Caisse and Motive Partners invested in FNZ | $450 million
- SoundHound AI acquired LivePerson | $435 million
September’s activity reflects sustained demand for vertical and AI-enabled software, with strategics using acquisitions to add AI and security capabilities, and sponsors backing scaled platforms through buyouts and growth investments.
Source: Pitchbook