European Tech M&A Market, Q3 2026 Report

The European tech asset market crossed a structural threshold in 2025. SaaS M&A volumes grew 42% year-on-year, driven by a combination of factors: interest rate normalisation post-hike cycle, maturity of specialist micro-PE funds, and growing institutional demand for certified, documented assets.

B2B SaaS: the acquirers' preferred asset class

With a median multiple of 3.1x ARR on the European private market (Aventis Advisors, March 2026), B2B SaaS consolidates its status as the benchmark asset class. Leading verticals: legal tech, HR tech, logistics and automation tools. Notable: assets with complete technical documentation and independent certification trade an average of 0.4–0.8x ARR above the median multiple.

AI & specialist verticals: a certification premium emerges

Assets incorporating proprietary AI components (fine-tuned models, exclusive data pipelines) face a growing valuation gap depending on whether or not they hold formally filed IP. Institutional acquirers, PE funds in particular, now systematically require independent technical review before making a firm offer. An uncertified asset is one negotiated down as a default.

Who is buying, and why now

Private Equity (58% of deals)

PE and micro-PE funds now represent 58% of acquirers in European SaaS deals (SEG Annual Report 2026). Their rationale: build portfolios of recurring-revenue assets, consolidate them operationally, and exit via platform deals at 3–5 years. They buy with high due diligence discipline, and will not sign without an independent certification report.

Family Offices & wealth managers

Facing compressed bond yields and public market volatility, European family offices have moved massively into private tech assets. They favour mid-size assets (€0.5–5M ARR), with recurring revenues and management in place. Documentary transparency is their primary selection criterion, even before the multiple.

What this means if you are considering selling

• The timing is structurally favourable, institutional demand exceeds the supply of certified assets.
• An uncertified asset will be systematically negotiated down. Certification is no longer a differentiator, it is a prerequisite.
• The most qualified buyers (PE, family office) work from shortlisted pipelines, if you are not referenced, you are not in the conversation.
• Confidentiality is a value, not a luxury: a visible sale process deteriorates the operational valuation of the asset.

“The market does not lack buyers. It lacks documented, certified assets that can be presented with confidence.”

— Aegryn Research, Q3 2026