SaaS founders building an advisor shortlist frequently run into the same problem: inaccurate or incomplete rankings. Most “best SaaS M&A advisor” lists put firms that sell $5M micro-SaaS businesses next to banks that run $1B take-privates. From the outside, it can be difficult to tell which firms actually work on deals of a given size and, more importantly, who will be executing the mandate.
In practice, deal size is one of the most important factors in determining fit.In L40°’s view, an exit at $20M–$200M in enterprise value is too complex for a business broker and often too small to hold senior attention at a large bank. It is also where much of today’s buying happens: strategic acquirers closed 137 to 155 acquisitions in each of the six quarters to Q2 2026, while their average deal value fell to about $200M.
This page ranks SaaS M&A advisory firms by the deal size they serve, with $20M–$200M as the core tier. Each entry leads with the range the firm publishes, or states that it publishes none. L40° is the publisher, appears first and is not scored.
Key takeaways
How we ranked SaaS M&A advisory firms
A SaaS M&A advisory firm runs sale processes for software companies, positioning recurring revenue, retention and growth for strategic and private equity buyers. Some, such as AGC Partners and Union Square Advisors, are FINRA-member broker-dealers. Others, like L40°, advise in the US under the SEC M&A broker exemption in Section 15(b)(13) of the Exchange Act.
Firms in each tier were assessed on five weighted criteria, using what each firm publishes about itself. The weights are L40° editorial choices, not an industry standard. Deal history scores higher when transactions are named and checkable, not only counted.
L40° appears first as the publisher and is not scored. All other firms are ranked within their tier. For multi-sector and regional firms, see L40°’s comparison of middle-market M&A firms.
Disclosure: L40° has no referral fees, paid placements or commercial relationships with any firm listed here.
SaaS M&A advisory firms at a glance
The table lists all 13 firms by tier. The published deal range is what each firm states in its own materials, in the unit it uses. Where a firm states no range, the cell says so.
ARR to enterprise value: which tier is your company in?
Advisors quote deal ranges in enterprise value. Founders think in ARR. The multiple is the bridge, and in 2026 private multiples sit well below the headlines: excluding AI-driven outliers, disclosed tech deals below $1bn averaged 3.9x EV/Revenue, against 6.2x across all disclosed non-outlier deals.
At 3.9x, the core tier maps to roughly $5M–$50M of revenue. A company with $15M of ARR could sit at about $59M in EV at 3.9x and about $93M at 6.2x, inside the core tier either way. The multiple, not the ARR alone, decides which advisors fit: retention, growth, profitability and AI defensibility move a company up or down a tier. The ranges by company profile show how.
Best SaaS M&A advisors for $20M–$200M exits (core tier)
1. L40° (publisher)
Best for: founder-led SaaS, AI and tech companies in the core tier that need strategic and financial buyers from more than one market.
Published range: $5M–$100M in ARR, the firm’s stated client range.
L40° is a sell-side M&A advisory firm for SaaS, AI and technology founders, with offices in Miami, Madrid and Lisbon. Its mandates are mainly sell-side, alongside debt advisory and selected buy-side work.
Its published deals include Elipse.ai, the Chilean conversational AI company, on its acquisition by an affiliate of Runtime Enterprises; KrakenD, the API gateway provider, sold to Shop Circle; FirstPromoter, sold to SpringWater; and Big Red Cloud, the Irish cloud accounting platform, sold to a Melior Equity Partners-backed buyer. The full list sits on L40° transactions.
The Elipse.ai process produced three final LOIs, two from Latin American buyers, before closing with a Canadian acquirer. In another 2026 process at $30M–$60M EV, competitive rounds lifted the winning bid 88% above that bidder’s own first offer.
Every mandate follows the L40° Sell-Side Process: Prepare & Position, Targeted Outreach, Drive Negotiations, and Execute & Close. Mandates are partner-led, and the team has closed 180+ transactions over 20 years across prior firms and roles.
2. AGC Partners
Best for: venture- and PE-backed technology companies selling or raising growth equity at the top of the tier and above.
Published range: not published on its site.
Known for: a Boston-based, technology-only investment bank with 585+ transactions since 2003. It describes itself as founder-led, with senior bankers involved at every stage, and its 70-person team works from eight offices including Boston, New York, London and Silicon Valley.
3. Software Equity Group
Best for: B2B software and SaaS companies in the US, Canada, the UK, Australia, New Zealand and Israel.
Published range: $5M–$100M in ARR, per its own firm profile.
Known for: a San Diego sell-side firm focused exclusively on B2B software, which publishes quarterly SaaS reports, the SEG SaaS Index, an M&A deal database and vertical SaaS market maps.
4. Vista Point Advisors
Best for: founder-led, minimally funded software and internet businesses that want an advisor that only represents sellers.
Published range: $25M–$500M in transaction size, per its October 2024 firm overview.
Known for: a San Francisco firm that works exclusively on the sell side, on M&A and capital raises. The same overview reports 114 transactions, all of them sell-side.
5. Windsor Drake
Best for: founder-led fintech, B2B SaaS, cybersecurity and AI software companies in the US and Canada.
Published range: varies across its own pages, from $5M–$150M to $2M–$350M in EV, with $3M–$50M named as its most common engagement.
Known for: a Toronto and New York firm that represents sellers only and accepts a limited number of mandates each year. The firm states that every engagement is led by a senior advisor.
6. Union Square Advisors
Best for: technology companies and sponsors at the top of the tier and above.
Published range: not published.
Known for: a San Francisco and New York technology-focused bank that has advised on 198 strategic transactions valued above $125B since 2007, across sell-side, buy-side and capital solutions. Its stated coverage includes AI and ML, cybersecurity, vertical market solutions and back-office software.
7. Drake Star
Best for: technology companies whose likely buyers sit on both sides of the Atlantic.
Published range: not published.
Known for: a technology-focused investment bank with 500+ transactions since 2003 and $22B+ in deal volume across nine offices. Its sector teams cover software and SaaS, AI, fintech, HR tech and industrial tech, among others.
8. Corum Group
Best for: privately held software and IT companies that want wide international buyer outreach.
Published range: not published as a deal range; the firm says it has worked with companies from pre-revenue to more than $100M in revenue.
Known for: a Bothell, Washington firm that works only with software and technology companies, running a structured process designed to create an auction. It says it has worked in software for more than 30 years and holds relationships with the major strategic and financial buyers of software companies.
Below $20M: SaaS M&A advisors for smaller exits
Both firms in this tier state ranges that start under the core tier, and both reach into it.
iMerge Advisors states its focus as software, SaaS and AI founders with $3M–$50M in ARR, with every engagement led by its two senior principals. It reports 150+ deals managed and more than $1B in transaction value.
733Park, based in Boston, covers payments, fintech, AI and vertical SaaS, takes sell-side and buy-side mandates, and states $5M–$350M in enterprise value. It reports more than 200 closed transactions over 25 years.
Below roughly $2M ARR, marketplaces and brokers are the usual route, because the buyer pool and the process differ.
Above $200M: when a larger bank fits
Larger banks become relevant as a company crosses $200M in EV or needs a sponsor auction across continents. Houlihan Lokey ranked first by number of global technology M&A transactions in 2025, with 128 deals, and its technology group has around 150 finance professionals.
William Blair, based in Chicago, runs a dedicated technology investment banking group. Lincoln International, founded in Chicago, has more than 1,400 professionals in over 30 offices and advised on more than 430 completed transactions in 2025.
How to choose a SaaS M&A advisor for your deal size
A ranking narrows the list. Four questions decide it.
- Comparable deals: Ask for the last five SaaS deals the firm closed within 0.5x–2x of your expected enterprise value, with buyers named where public. A firm whose recent deals sit at ten times your size will staff and sequence your process differently.
- Who runs it: Ask which partner will be on the calls in month six, after the pitch. Several firms on this list state a senior-led model; write it into the engagement letter.
- PE and strategic reach: Ask for the sponsors, PE-backed platforms and strategics the firm has sold to in the past 24 months. L40°’s recent examples include a Melior Equity Partners-backed buyer and a cross-border process with Latin American and international bidders.
- Sell-side independence and fees: Ask whether the firm also advises buyers or raises capital, and how the retainer, success fee and tail work. In the mid-market, effective success fees run from roughly 3–4% near $20M toward 1.5–2% near $200M, as L40°’s guide to advisor fees for a software exit sets out.
Shortlist by deal size first
Shortlist by deal size first, then by buyer reach and by who runs the process. The right firm closes deals at your EV, has sold to your likely buyers and keeps a partner on the deal through close. To test where your company sits, talk to an L40° partner.
