We advise founders, shareholders and investors of software companies on sales, acquisitions and financing, with access to strategic buyers and financial investors worldwide.
German tech deals by number (Mergermarket)
Software transactions
Cross-border share
Deals in the last five years
Offices in eight countries
According to Mergermarket, Carlsquare is the leading M&A advisor for technology transactions in which buyer and seller are both based in Germany. In acquisitions of German tech companies by foreign buyers, Carlsquare ranks fourth by number of deals, ahead of Lincoln International, Goldman Sachs and JP Morgan.
| Rank | M&A Advisor | Number of Deals |
|---|---|---|
| 1 | Carlsquare | 55 |
| 2 | Houlihan Lokey | 34 |
| 3 | UniCredit | 33 |
| 4 | Ernst & Young | 30 |
| 5 | Saxenhammer | 27 |
German target, German acquirer. Source: Mergermarket (ION Analytics), Financial Advisors League Table, advisors to buyer, seller or target, M&A deals with targets in the technology sector, announced 30 Sep 2016–30 Sep 2026, ranked by number of deals, as of 30 Sep 2026.
Services
Valuation, equity story and global buyer outreach through to signing
Identifying, assessing and negotiating acquisition targets, e.g. for buy-and-build strategies
Finding the right minority or growth investor
Acquisition financing and refinancing
When you want to reach decision makers in Silicon Valley while having an advisor close to you, whether you’re based in Europe or North America, talk to us. We are happy to call our friends on the strategic and sponsor side to promote your case and we will carefully prepare with you to make it as compelling as possible. We speak tech, but also English, German, French, Spanish, Portuguese, Swedish, Danish, Japanese, Chinese and many more. And we know how big corporates look at an investment: as Corp Dev at Microsoft, I was responsible for picking the right investments out of a vast dealflow.
Carlsquare is extremely knowledgeable about SaaS businesses and provided valuable guidance throughout the entire process. They quickly understood our company, identified potential buyers, negotiated a stellar deal and closed the transaction efficiently while managing a challenging timeline.
Recurring software revenues, cloud models and digital platforms with scalable growth. We combine KPI expertise with international buyer outreach and growth equity experience.
References: DemoUp Cliplister to Bregal Unternehmerkapital · easybooking to Zucchetti · Billbee
Software that analyses and automates data and makes it usable for operational or strategic decisions. Carlsquare knows the buyer landscape and translates technology into a clear equity story.
References: DryvIQ to Nasuni · XPLN to Similarweb · Boomi acquires Rivery
Technology for payments, insurance, debt collection and digital financial processes. Carlsquare combines M&A, private equity and financing experience.
References: Debtist to Norvestor · coin4 to VERIAN · Adacta receives investment from Volpi Capital
Mission-critical software for core business processes, from ERP and CRM to supply chain and human capital. Carlsquare knows the relevant platform ecosystems, KPIs and strategic buyers.
References: DataConsult to Elvaston · Netwise to collana · Implico to EGERIA
Software, sensors and automation for manufacturing, mechanical engineering, transport and industrial processes. Carlsquare provides access to strategic buyers from industrial technology.
References: MAIT and 4ITEGO · Fischer IT to Quanos · Cimteq to UL Solutions
Mobile products with high user retention. Carlsquare advises on international digital and platform transactions.
References: Scanbot SDK to Apryse (Thoma Bravo) · LEKAB acquires 21st Century Mobile · MyMiniFactory acquires Thingiverse
Network, integration and communication software, often with large US platforms as buyers.
References: Atrinet to ServiceNow · Boomi / Rivery · LEKAB / Eurobate
Cybersecurity, physical security, access control and governance of critical data. Carlsquare understands regulated and critical markets.
References: SCANVIEW to CERTEGO · CamVision to Securitas · International Security Group (VIDEO GUARD) to AddSecure
Talk to our software team. We advise across many other software niches.
In our brochure we introduce Carlsquare and our services. We also present software case studies, including the sale of Avrios to Battery Ventures and of artegic to UNITED by DuMont.
Talk to our software team. In an initial call, we get to know your company and your goals and outline what a process could look like for you.
An M&A advisor for software companies supports founders and shareholders in selling, acquiring or financing their company. The advisor analyses the business model and relevant metrics such as ARR, net revenue retention, churn, growth and profitability, develops the equity story, identifies suitable buyers and manages the transaction process through to closing. Carlsquare advises on the sell side and buy side as well as on growth equity and acquisition financing.
There is no fixed minimum size. What matters are the business model, growth, recurring revenues, profitability, customer retention and strategic relevance. Classic buyout transactions typically involve profitable companies with EBITDA of several million euros. Fast-growing SaaS companies, by contrast, can be relevant to strategic buyers or growth equity investors even with low or negative EBITDA margins.
Profitable software companies are often valued on an EBITDA multiple. Fast-growing SaaS companies are valued additionally or alternatively on revenue or ARR multiples. Key factors include revenue growth, recurring revenues, net revenue retention, churn, gross margin, profitability, customer concentration, IP and market position. Companies that meet the Rule of 40, grow by at least 20% and show strong customer retention can achieve particularly high multiples. The actual valuation, however, always depends on the business model and the market environment.
There is no universal rule for the timing of a company sale. As a practical guide, two possible exit windows can be distinguished: a point of particularly strong growth and market interest, and a later point of proven profitability. Further signals can be rising competitive pressure, consolidation in the company’s own market, attractive buyer interest or a strategic need for financing. What matters is the objective the shareholders pursue with the transaction.
Most structured sale processes are completed within six to nine months of starting preparation, although complex transactions may require additional time. Shareholders should plan sufficient time in particular for preparation, management presentations, due diligence and contract negotiations. Good preparation includes an up-to-date cap table, documented IP rights, key customer and supplier contracts, ongoing KPI tracking and a well-structured data room.
Both buyer groups are relevant. Strategic buyers are often interested in technology, customers, data, market position and synergies. Financial investors focus on growth, scalability, profitability, management and buy-and-build potential. Which buyer group offers the better price depends on the business model and the strategic situation. Carlsquare’s software buyers include tech corporations such as ServiceNow and Similarweb as well as private equity investors such as Thoma Bravo, Accel-KKR, Bregal and Norvestor.
In a sale to a US buyer, the advisor aligns the equity story, KPIs, data room and process management with the expectations of US strategic and financial investors. Carlsquare draws on its North American teams in San Francisco, Boston and Vancouver and on the group’s international software expertise.
