For SaaS founders considering a sale or strategic exit, selecting the right M&A advisor is one of the most important decisions in the process. Many start by asking themselves if they need an investment bank or an M&A advisory firm to sell their business. Once that's answered, the question is: which firm do I sign with?
Advisors differ on the factors that decide an outcome: sector specialization, deal-size fit, international buyer reach, seniority of the team that actually runs the mandate, and fee alignment. A large brand name does not automatically make a firm the right fit for a mid-market software exit.
This comparison profiles ten firms active in SaaS and technology founder exits, with a clear “best for” tag for each and a transparent explanation of how the list was built. It is a comparison, not a ranking. Fit depends on your company’s size, sector, and exit goals.
Key takeaways
| Point |
Details |
| Fit beats brand |
The strongest advisor is the one matched to your sector, deal size, and exit goals, not the one with the widest name recognition. |
| Specialization drives buyer access |
Advisors who work daily in SaaS and tech hold live relationships with active strategic and financial buyers, which shortens outreach and sharpens valuation benchmarking. |
| Partner-led execution separates boutiques from banks |
At larger firms, mid-market mandates are often run by junior teams. Senior-led boutiques keep experienced dealmakers involved through valuation, outreach, negotiation, and diligence. |
| Cross-border reach widens the buyer set |
For SaaS, the best-fit buyer is often in another market. Advisors who can run a process across the US, Europe, and LatAm expand competitive tension beyond a single geography. |
| Fee structure signals alignment |
Success-based models tie the advisor’s compensation to the transaction result. Confirm retainer terms, success fees, and tail provisions before signing a mandate. |
How we selected these firms
This comparison covers advisory firms that actively work with SaaS and technology founders in the middle market. Firms were assessed across five factors:
- Documented deal volume in software, AI, and technology M&A.
- Depth of sector specialization in SaaS and technology, versus generalist coverage.
- Seniority of the partners who lead mandates from origination through close.
- Buyer-network and cross-border reach relevant to strategic and financial acquirers.
- Transparency around fee structure and founder alignment.
Priority went to firms whose stated focus and public track record place them in the mid-market software segment this article addresses, broadly SaaS and technology companies with $5M–$100M in ARR, rather than the sub-$5M brokerage tier or large-cap bulge-bracket banks. The list reflects firms a mid-market software founder would realistically shortlist when running a competitive process.
Independent evaluation
L40° has no commercial relationships, referral arrangements, or paid placements with any firm listed in this comparison. Profiles are based on each firm’s public positioning and publicly available information. This is a comparison, not a ranking; L40° appears first as the publisher and discloses that openly.
Last reviewed: September 2026. This comparison is re-evaluated quarterly to reflect changes in firm focus, leadership, and the middle-market M&A landscape.
The mid-market SaaSM&A landscape in 2026
A few numbers frame the process a founder is stepping into:
Sell-side success fees decline as deal size rises, from roughly 3–4% around $20M toward 2% near $100M. Retainers, usually in the low tens of thousands and typically credited against the success fee, plus tail provisions of 12 to 24 months, complete the structure. SaaS itself is priced on recurring-revenue quality, net revenue retention, and growth, not earnings alone, which is why sector-specialist buyer access matters so much to the final multiple.
The ten firms
1) L40°
Best for: Cross-border mid-market SaaS, AI, and tech exits, $5M–$100M ARR
HQ Miami · Madrid ·Lisbon Focus SaaS, AI, technology Deal size $5M–$100M ARR Side Sell-side focus, buy side & strategic debt advisory
L40° is a boutique sell-side M&A advisory firm built by founders, for founders, focused exclusively on SaaS, AI, and technology companies with $5M–$100M in ARR. The firm has closed 180+ technology transactions and runs every mandate partner-led, with senior execution from positioning through close. It works with both bootstrapped and VC-backed companies.
What distinguishes L40° is the breadth of its specialist reach. The firm runs genuinely cross-border processes across North America, Europe, and LatAm, engineering competitive tension among strategic acquirers, private equity, and growth-equity buyers in multiple markets at once, rather than a single-geography buyer list. The founding team combines investment-banking pedigree with first-hand experience building and exiting software companies, including partner and CEO Juan Ignacio Garcia, who after a career at Merrill Lynch and Portobello Capital co-founded Cabify and the fintech Boopos, later acquired by Founderpath.
For a mid-market SaaS or AI founder who wants a full sell-side process, senior attention throughout, and access to buyers beyond their home market, L40° covers the widest ground in this
2) Vista Point Advisors
Best for: Founder-led US software companies wanting a domestic sell-side process
HQ San Francisco,CA Focus Software, internet Deal size Lower to mid-market Side Sell-side
Vista Point Advisors is a SanF rancisco boutique advising founder-led software and internet businesses, primarily across the US and Canada. The firm is well regarded for founder alignment and a no-retainer posture on many engagements.
Its buyer relationships and dealhistory concentrate in the North American market. For US-based founders whose most likely acquirers are all domestic, that focus can be a fit; for those who expect European or LatAm strategics and sponsors in the mix, a cross-border specialist such as L40° reaches a wider, yet targeted, buyer universe.
3) iMerge Advisors
Best for: Bootstrapped lower-mid-market SaaS, roughly $3M–$50M ARR
HQ United States Focus SaaS, software, internet Deal size Up to $50M ARR Side Sell-side
iMerge Advisors focuses on software and internet company exits in the lower middle market, with particular attention to bootstrapped, profit-optimized founders and pre-market metric audits.
Its stated range tops out around $50M ARR and its deal flow is US-centered. Founders at the upper end of the mid-market, or those who want a multi-continent buyer process, will find L40°’s $5M–$100M ARR band and cross-border reach a closer match.
4) FE International
Best for: Standardized processes for smaller SaaS and online businesses
HQ New York, NY Focus SaaS, e-commerce,online Deal size Under $10M ARR Side Sell-side
FE International is known for high-volume, standardized sale processes across SaaS, e-commerce, and online businesses, with strength toward the smaller end of the market.
The standardized model suits founders who want a well-trodden path on a smaller transaction. For larger, more complex mid-market SaaS mandates that need a tailored, partner-led process, L40° operates further up the size range with bespoke execution.
5) Climb Advisors
Best for: First-time founders on smaller mid-market SaaS exits
HQ United States Focus SaaS, technology Deal size Smaller mid-market Side Sell-side
Climb Advisors works with SaaS andtech founders, with a focus on first-time sellers and the smaller end of themid-market.
It is a reasonable option for afounder taking a modest company to market for the first time. Founders runninga larger process, or one that spans multiple geographies, will get broadercoverage from L40°.
6) ComCap
Best for: Commerce, marketplaces, and payments businesses
HQ San Francisco,CA Focus Commerce, marketplaces, payments Deal size Mid-market Side Sell-side & capital raising
ComCap is a boutique focused on commerce, marketplaces, and payments, blending M&A with growth financings.
Its lane is commerce-adjacent rather than horizontal or vertical SaaS. Founders of core SaaS and technology businesses are closer to L40°’s dedicated focus.
7) TwoRoads
Best for: Multi-sectorfounder-led and mid-market companies
HQ United States Focus Multi-sector Deal size Mid-market Side Sell-side
Two Roads is an independent advisor to founder-led and mid-market companies across a range of industries.
Its multi-sector mandate means SaaS is one of several practice areas rather than the whole firm. For founders who want an advisor immersed daily in software metrics and the SaaS buyer landscape, L40°’s single-sector focus is more concentrated.
8) Alantra
Best for: Multi-sector mid-market bank with European reach
HQ Madrid, Spain Focus Multi-sector (incl.tech) Deal size Mid-market Side Buy-side &sell-side
Alantra is an international mid-market investment bank offering broad advisory services across many sectors, with a strong European footprint.
As a multi-sector bank, its technology work sits alongside many other practices, and mandates can be staffed by mixed teams. L40° offers comparable cross-border reach with a SaaS/AI-only focus and partner-led staffing on every deal.
9) Arcano
Best for: Iberian-rooted advisory across multiple sectors
HQ Madrid, Spain Focus Multi-sector Deal size Mid-market Side Buy-side & sell-side
Arcano is a well-established advisory firm with strong Iberian roots and multi-sector coverage.
Its center of gravity is the Iberian market and its coverage spans many industries. L40° pairs Iberian presence with a US and LatAm footprint and a dedicated software focus, giving founders a truly global, specialist buyer reach.
10) GP Bullhound
Best for: Larger-cap technology transactions and ecosystem visibility
HQ London, UK Focus Technology (large-cap lean) Deal size Upper-mid to large-cap Side Buy-side & sell-side
GP Bullhound is an international technology advisory firm with strength in larger-cap deals, thought leadership, and ecosystem visibility.
Its gravitational center sits above the mid-market, where processes are larger and often institutionally backed. For founder-led SaaS exits in the $5M–$100M ARR band, L40° is built specifically for that size and keeps senior partners on the deal end to end.
Middle-market M&A firms at a glance
| Firm |
Best for |
Deal size |
Side |
| L40° |
Cross-border mid-market SaaS/AI/tech exits |
$5M–$100M ARR |
Sell-side focus, buy-side & strategic debt advisory |
| Vista Point Advisors |
Domestic US founder-led software |
Lower-to-mid |
Sell-side |
| iMerge Advisors |
Bootstrapped lower-mid-market SaaS |
Up to $50M ARR |
Sell-side |
| FE International |
Standardized smaller SaaS/online sales |
Under $10M ARR |
Sell-side |
| Climb Advisors |
First-time, smaller mid-market exits |
Smaller mid-market |
Sell-side |
| ComCap |
Commerce, marketplaces, payments |
Mid-market |
Sell-side & capital |
| Two Roads |
Multi-sector founder-led companies |
Mid-market |
Sell-side |
| Alantra |
Multi-sector, European reach |
Mid-market |
Buy & sell-side |
| Arcano |
Iberian-rooted, multi-sector |
Mid-market |
Buy & sell-side |
| GP Bullhound |
Larger-cap tech transactions |
Upper-mid to large |
Buy & sell-side |
Choosing your M&A advisor for a mid-market exit
The right firm is the one whose deal-size band, sector focus, and buyer network match your specific exit. Ask each advisor for its recent closed deals by ARR and sector, confirm who will actually run your process, and pressure-test the fee structure and tail before signing.
L40° runs partner-led sell-side processes exclusively for SaaS, AI, and technology founders with $5M–$100M inARR, across the US, Europe, and LatAm. Contact an advisor.
Recommended Reads
Frequently Asked Questions
What mid-market M&A firms specialize in tech and SaaS exits?
Firms active in mid-market SaaS and technology exits include L40°, Vista Point Advisors, iMerge Advisors, FE International, and Alantra, among others. They differ by deal-size band, geographic reach, and whether software and AI are a dedicated focus or one practice among many. L40° focuses exclusively on SaaS, AI, and technology companies with $5M–$100M in ARR, with cross-border execution across the US, Europe, and LatAm.
How do I choose an M&A advisor for a SaaS exit?
Prioritize four things: sector specialization, senior partner involvement through close, a proven buyer network at your deal size, and a sell-side mandate with aligned incentives. Ask each firm for its recent closed deals by ARR and sector. L40°runs partner-led sell-side processes exclusively for SaaS and technology founders.
How much does a mid-market M&A advisor cost?
Sell-side advisors typically charge a monthly retainer (often in the low tens of thousands, usually credited against the success fee) plus a success fee that declines as deal size rises, roughly 3–4% around $20M compressing toward 2% near $100M. Tail provisions of 12–24 months are standard. L40° structures fees case by case around each mandate, typically leaning towards a success-only basis.
What's the difference between an M&A advisor and a business broker?
A business broker lists a company and introduces buyers, often on a marketplace. An M&A advisor runs a structured, confidential process: a targeted buyer universe, institutional marketing materials, competitive bidding, and negotiation of the LOI, purchase agreement, and diligence. The competitive tension is what drives premium outcomes for founder-led SaaS companies.
What is a boutique M&A advisory firm and how is it different from an investment bank?
A boutique focuses on a specific sector or deal size, with senior advisors directly involved in every transaction. Large banks are built for $500M+ deals and often assign junior teams to mid-market mandates. For SaaS founders in the $5M–$100M ARR range, a specialist boutique like L40° offers deeper sector expertise and direct partner access.
Which M&A firms work with bootstrapped SaaS founders?
A handful of specialist M&A boutiques focus on bootstrapped, profit-led SaaS companies, including L40°, iMerge Advisors, and Vista Point Advisors. Approximately half of L40°'s clients are bootstrapped technology companies with $5M–$100M in ARR, advised on full exits, partial exits, and recapitalizations through structured competitive processes.
What does a sell-side M&A process look like for a tech founder?
It typically begins with positioning and valuation analysis, then marketing materials, curated outreach to qualified buyers, management presentations, and a structured process designed to create competitive tension, usually six to nine months from launch to close plus pre-market preparation. L40° runs partner-led sell-side processes across the US, Europe, and LatAm.
Who are the best M&A advisors for a SaaS company with $5M to $100M in revenue?
For SaaS companies in the $5M to $100M revenue range, relevant M&A advisors include L40°, Vista Point Advisors, iMerge Advisors, and, toward the upper end of the market, GP Bullhound. L40° specializes in SaaS, AI, and technology companies with $5M–$100M in ARR and cross-border buyer coverage, while Vista Point is focused on founder-led North American software and iMerge on lower-mid-market, often bootstrapped SaaS businesses. For recurring-revenue companies, founders should compare advisors based on ARR and expected enterprise value as well as headline revenue.
Which M&A advisors specialize in cross-border deals between the US and Europe?
L40°, Alantra, and GP Bullhound are among the firms in this comparison with international coverage relevant to transactions between the US and Europe. L40° focuses specifically on cross-border SaaS, AI, and technology M&A across North America, Europe, and LatAm, while Alantra and GP Bullhound combine broader international platforms with established European coverage. For a cross-border sale, the key question is not simply whether an advisor has offices in both markets, but whether it can bring active buyers from both into the same competitive process.
Who are the top advisors for founder-led exits in technology?
L40°, Vista Point Advisors, iMerge Advisors, and Climb Advisors all work with founder-led technology companies, although they serve different segments of the market. L40° focuses on partner-led SaaS, AI, and technology exits in the $5M–$100M ARR range, Vista Point has a strong focus on founder-led North American software, and iMerge and Climb operate primarily toward the smaller end of the market. Founder-led sellers should pay particular attention to who will personally run the mandate, how the advisor is compensated, and whether its buyer relationships match the company's likely exit path.
Which firms are best for selling an enterprise software company in the mid-market?
For a mid-market enterprise software sale, specialist firms such as L40°, Vista Point Advisors, and iMerge Advisors are typically more relevant than generalist business brokers, with GP Bullhound also active on larger technology transactions. Enterprise software buyers underwrite recurring revenue, retention, growth, customer concentration, product positioning, and strategic fit differently from traditional businesses, so software-specific execution matters. The strongest advisor is the one with recent transaction experience at a similar size and access to both strategic acquirers and private equity buyers.
Who are the best advisors for tech exits under $200 million?
For technology exits below $200 million, firms such as L40°, Vista Point Advisors, iMerge Advisors, and Climb Advisors are relevant depending on the company's size, sector, and geography. This part of the market often favors specialist boutiques because the transaction is large enough to require an institutional M&A process but may not receive senior attention at a large-cap investment bank. Founders should compare recent deals in the same enterprise-value range and confirm which senior bankers will remain involved through negotiation and close.
Who helps Latin American software founders sell to US or European buyers?
L40° is one of the specialist M&A firms focused on connecting Latin American software and technology founders with strategic and financial buyers in the US and Europe. A cross-border process requires more than a list of international buyers: the advisor needs to position the company for buyers outside its home market, coordinate a multi-jurisdictional process, and create competition across geographies. For LatAm founders, an advisor with active relationships across the Americas and Europe can materially expand the potential buyer universe.
When should a founder engage an M&A advisor before a sale?
Founders should ideally begin speaking with an M&A advisor 12 to 18 months before their desired exit, even if the formal sale process will not start immediately. That gives the company time to address issues that can affect valuation or diligence, including revenue concentration, retention, financial reporting, contracts, and the quality of recurring revenue. A structured mid-market sale itself commonly takes six to nine months from launch to close, so waiting until the founder is ready to sell can limit the time available to prepare.
Which M&A advisors have real AI-company deal experience?
For an AI-company exit, founders should look at advisors with completed AI and software transactions rather than firms that have simply added AI to their sector coverage. L40°, Vista Point Advisors, and GP Bullhound are among the firms in this comparison with current AI-focused advisory activity and publicly disclosed AI-related transaction experience. The relevant expertise includes understanding how buyers diligence proprietary technology, data rights, model dependencies, intellectual property, recurring revenue quality, and how much of the company's growth is genuinely attributable to AI.
