Software companies have long been popular acquisition targets, largely because recurring revenue offers predictability and resilience.
What has changed in 2025 is that their relevance in the market has only grown stronger: in a macro environment pressured by tariffs and cautious customer spending, investors prize the stability of subscription models.
Added to this are the relatively high barriers of entry to building innovative technology, which further reinforces the strategic importance of scaled SaaS platforms.
Here are some of the most important developments in the SaaS industry in August 2025.
1. Private equity doubles down on platforms: Thoma Bravo’s $2B Verint acquisition
- What happened: Thoma Bravo is merging Verint with Calabrio to build a broader CX automation platform, signaling renewed PE interest in scaled buy-and-build strategies.
- Why this matters to SaaS founders looking to exit:
PE firms are actively seeking tuck-in acquisitions for their platforms. Founders of category-specific or adjacent SaaS firms can position themselves as strategic bolt-ons, particularly if they offer strong retention metrics or AI-enabled functionality.
Advisory insight
Unlike strategics, who may buy for technology or market fit, private equity buyers focus first on financial performance. Their playbook centers on metrics that prove stability and scalability, particularly strong customer retention and NRR above 100%.
For founders, bringing PE into this process can add valuable competitive tension and broaden exit options. But to capture their interest, it’s not enough to have a differentiated product; the financial profile must show predictable growth and efficiency.
Furthermore, as Ignacio Villanueva noted in the latest Insights on Shop Circle’s acquisition of KrakenD, financial acquirers such as PE firms can be an attractive option for founders who want greater autonomy after an exit and shorter transition periods compared with strategic buyers.
2. The tech IPO window is officially open, with high-profile debuts from Figma and Circle
- What happened: Figma and Circle’s successful public listings indicate revived appetite for tech IPOs in late 2025.
- Why this matters to SaaS founders looking to exit:
High-profile IPOs like Figma and Circle signal renewed confidence in the tech sector. While mid-market SaaS companies are unlikely to pursue that path directly, these listings help reset valuation benchmarks and can influence private-market negotiations.
Advisory insight
It’s still too early to tell how the IPO window will affect mid-market SaaS companies. The profile of large-cap debuts like Figma and Circle is very different, so direct comparisons aren’t realistic. For founders, the more relevant signal is the renewed confidence these listings bring to the sector.
Takeaway
Taken together, August underscored how SaaS continues to anchor investor conviction, even in a volatile macro environment. Private equity is scaling platforms with buy-and-build strategies, while high-profile IPOs like Figma and Circle are restoring confidence in public markets. For founders, the message is clear: disciplined financial performance and strategic positioning remain the levers that shape optionality, whether the goal is to join a larger platform, engage financial sponsors, or prepare for the next market window.
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