M&A advisory for BI & analytics software companies
BI and analytics M&A has tracked the consolidation of the modern data stack and the strategic interest from cloud, ERP and CRM platforms in owning the analytics layer. Strategic acquirers and PE platforms have both been active, with deals pricing on retention, consumption economics and embedded analytics OEM exposure.
Active buyers are the cloud, ERP and CRM platform majors that want to own the analytics layer - Salesforce, Microsoft, Oracle and the major data platforms have all transacted in BI and analytics - alongside infrastructure-focused PE platforms. Flow has direct access to the data and platform strategic acquirers and infrastructure PE buyers that are active buyers in this category.
Flow team has relevant sector experience and has worked with BI and analytics companies across self-service BI, embedded analytics, data science and notebook platforms, augmented analytics and AI-assisted insight tools, and vertical analytics applications.
"BI & analytics software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing BI & analytics software M&A targets
Seat ARR
Consumption revenue
Net retention
Active users
Queries / compute units
ARPU
Gross margin
Logo retention
CAC payback
Edition mix
BI & analytics software valuations in May 2026
Public BI & analytics software comps trade at 3.4x EV/Revenue. Median revenue multiple across BI & analytics software M&A deals was 4.5x in the last 12 months.
3.4x
Median EV/Revenue as of May 2026 for public BI & analytics software companies
72x
Palantir is the highest valued public BI & analytics software company based on EV/Revenue (excluding outliers)
4.5x
Median EV/Revenue across BI & analytics software M&A deals in the last 12 months
20x
Median EV/Revenue across BI & analytics software VC rounds in the last 12 months
Key recent BI & analytics software M&A deals
$8.4B acquisition of Clearwater Analytics by Permira was the largest BI & analytics software M&A transaction completed in the last year.
See all BI & analytics software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Dec-25 | Clearwater Analytics |  | Clearwater Analytics describes its mission as aiming to be the world’s most trusted and comprehensive technology platform for the entire investment cycle. Clearwater has historically focused on back-office functions such as investment accounting, but with acquisitions such Enfusion, Beacon, and Bistro, the firm has broadened its focus with front-office and middle-office capabilities. Clearwater primarily serves insurance companies, asset managers, hedge funds, and corporate treasuries. Pro forma for Enfusion, about 76% of Clearwater’s revenue is generated in the US. | Permira | $8.4B | 11x | |
May-25 | Informatica | | Informatica Inc provides artificial intelligence (AI) enabled data management products on a cloud native platform that connects, manages, and unifies data across multi-vendor, multi-cloud, and hybrid systems at an enterprise scale. The company’s platform includes a suite of interoperable data management products that leverage the shared services and metadata of the underlying platform, including products for Data Catalog, Data Integration & Engineering, API & Application Integration, Data Quality and Observability, Master Data Management, Customer and Business 360 Applications, Governance, Access and Privacy, and Data Marketplace., allowing customers to track and understand their data. Geographically, the company generates maximum revenue from North America. | Salesforce | $8.0B | 4.6x | |
Oct-25 | Nexthink |  | Nexthink is a Lausanne-headquartered leader in digital employee experience management, deploying SaaS analytics across endpoints for enterprises like Airbus and General Mills. The platform monitors device performance, application responsiveness, and user sentiment in real time, enabling IT remediation via automation scripts. Publicly listed on Nasdaq since 2023, Nexthink processes trillions of IT events daily from Fortune 500 deployments. | Vista Equity Partners | $5.9B | 17x | |
Jul-25 | WNS | | WNS is a business process management provider that applies artificial intelligence, analytics, and hyperautomation to streamline operations for clients in banking, healthcare, shipping, and retail. Mumbai-headquartered with global delivery centers in India, the Philippines, and the United States, the company was listed on the New York Stock Exchange in 2006. It manages finance, procurement, and customer experience processes for Fortune 500 enterprises. | Capgemini | $3.3B | 2.5x | |
Aug-25 | Verint Systems | | - | Thoma Bravo | $2.0B | 2.2x | |
Nov-25 | SEMrush | | SEMrush Holdings Inc is engaged in the online visibility management software-as-a-service (SaaS) platform. Its platform utilizes data and intelligence at the core surrounded by AI-powered interconnected hubs focused on search engine optimization, paid advertising, social media management, local marketing, brand marketing, and content marketing Geographically, it generates revenues from the United States, the UK, and Others. | Adobe | $1.9B | 4.2x | |
Oct-25 | Securiti | | Securiti is a data security platform offering the Data Command Center for governance, privacy, and compliance across hybrid multicloud setups. San Jose-headquartered since 2019, it unifies data intelligence with automated controls for GenAI usage in AWS, Azure, and Google Cloud. Global enterprises like Mastercard and Broadcom rely on Securiti for DSPM and DLP features. The company earned recognition as a Leader in Forrester's Privacy Management Wave and Gartner's Cool Vendor in Data Security, processing petabytes of data daily for over 300 customers. | Veeam Software | $1.7B | - | |
Jun-25 | Aurora Energy Research |  | Aurora Energy Research is an Oxford-headquartered analytics firm delivering forecasting models for electricity markets in Europe, North America, and Asia-Pacific. Subscription platforms forecast wholesale prices, renewable generation from wind farms, and battery storage dispatch for clients like National Grid and Orsted. Acquired by Wood Mackenzie in 2021, the team provides scenario analysis for net-zero transitions. | TPG | $1.3B | - | |
Sep-25 | Statsig | | Statsig is a San Francisco-headquartered experimentation platform for product teams managing feature flags, A/B tests, and analytics. It supports SDKs in JavaScript, Python, and Java connecting to warehouses like Amplitude and Mixpanel. Statsig powers deployments at companies including Notion, Pinterest, and Xbox Live across gaming, e-commerce, and SaaS sectors. | OpenAI | $1.1B | 28x | |
Sep-25 | DX | | DX is a developer intelligence platform headquartered in San Francisco, California, United States. The tool measures engineering productivity through metrics on code deployment frequency, pull request cycle time, and AI code generation adoption. It integrates with GitHub, GitLab, and Jira to provide dashboards for teams at companies like Atlassian and Snowflake, aiding velocity improvements and AI transformation strategies. | Atlassian | $1.0B | - | |
Apr-26 | DataSpark |  | DataSpark provides advanced analytics and intelligent automation services. | Dataciders | $840M | - | |
Jul-25 | Adastra Group |  | Adastra Group is a Montreal-headquartered data and technology consultancy with offices in Europe and North America. The firm implements data warehousing, business intelligence, machine learning, and RPA solutions using Snowflake, Tableau, and UiPath for clients in retail, finance, and healthcare. Adastra has delivered over 1,000 projects transforming petabyte-scale data environments. Founded in 2005, it employs 500 specialists serving Fortune 500 companies. | Carlyle Group | $784M | 3.2x | |
Jul-25 | FD Technologies | | FD Technologies plc is a London-listed software firm headquartered in New Belfast, Northern Ireland, delivering the KX streaming analytics platform for high-frequency data processing. KX handles petabyte-scale datasets in real time for clients in capital markets, cybersecurity, and healthcare including JPMorgan and Nasdaq. The company processes over 1.5 trillion events daily across its deployments. Founded in 1999, FD Technologies operates globally with offices in New York, Tokyo, and Singapore. | TA Associates | $724M | 7.0x | |
Jun-25 | SLK Software |  | SLK Software is a Bangalore-based IT services firm delivering software engineering, quality assurance testing, data analytics, and business intelligence solutions. The company focuses on enterprise applications for telecommunications, healthcare, and manufacturing industries through agile development and cloud migration services. SLK Software operates development centers in India with client delivery teams in the United States and Europe. | Altimetrik Corp. | $600M | - | |
Dec-25 | tvScientific | | tvScientific is a connected TV advertising platform enabling brands to buy, optimize, and measure campaigns across streaming services. The New York-based company automates CTV programmatic purchasing with real-time analytics and incrementality testing. It processes data from major platforms like Roku, Amazon Fire TV, and Samsung, proving ROI for performance marketers in gaming and e-commerce. | Pinterest | $450M | 4.5x |
Most active buyers of BI & analytics software companies
Snowflake, OpenAI and Experian are the most active acquirers of BI & analytics software companies in the last three years.
See all BI & analytics software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Snowflake | | Founded in 2012, Snowflake is a fully managed platform that consolidates data hosted on different public clouds for centralized analytics and governance. Snowflake’s cloud-native architecture allows users to independently scale the compute and storage layers, providing customers with optimized performance at lower costs. The company’s data lake and data warehouse products support a variety of use cases, including business analytics, data engineering, and artificial intelligence. Snowflake is widely used by Fortune 2000 companies in financial services, media, and retail sectors. | ObserveSelect StarDatavolo+2 | 6 | |
OpenAI | | OpenAI is an artificial intelligence research and deployment company that develops large language models, including the GPT series, and consumer-facing products such as ChatGPT. Founded in 2015 as a nonprofit research lab, the organization transitioned to a capped-profit structure in 2019 to attract the capital needed for large-scale AI development. The company offers API access to its models for enterprise and developer use, alongside image generation through DALL-E and code-assistance tools. Headquartered in San Francisco, OpenAI has become one of the most prominent players in the generative AI space, backed by a multibillion-dollar investments from Microsoft, Amazon, NVIDIA, SoftBank and many more. | neptune.aiStatsigCrossing Minds+2 | 5 | |
Experian | | Experian is one of the leading credit bureaus in North America and the United Kingdom, providing the consumer information that is the basis for making lending decisions. The company also provides decision analytics, marketing data, and direct-to-consumer credit products and services. Roughly one quarter of the company's revenue is generated outside of North America and the United Kingdom, primarily in Latin America and Asia. | AtDataNeuro-IDReward Insight+2 | 5 | |
Salesforce | | Salesforce provides enterprise cloud computing solutions. The company offers customer relationship management technology that brings companies and customers together. Its Customer 360 platform helps the group deliver a single source of truth, connecting customer data across systems, apps, and devices to help companies sell, service, market, and conduct commerce. It also offers Service Cloud for customer support, Marketing Cloud for digital marketing campaigns, Commerce Cloud as an e-commerce engine, the Salesforce Platform, which allows enterprises to build applications, and other solutions, such as MuleSoft for data integration. | Spindle AIApromoreInformatica+2 | 4 | |
Accenture | | Accenture is a leading IT services firm that provides consulting, system integration, and business process outsourcing to enterprises around the world. Customers of Accenture come from a variety of sectors, including communications, media and technology, financial services, health and public services, consumer products, and resources. Accenture is the world's largest professional services company by headcount with around 800,000 employees in over 120 countries. | FacultyRANGR DataAllitix+2 | 4 | |
Crisp | | Crisp is a platform connecting consumer packaged goods brands to point-of-sale and inventory data from over 40 retailers including Walmart and Kroger. Headquartered in New York, it delivers store-level sales analytics, demand forecasting, and supply chain optimization through dashboards and APIs. Brands in food, beverage, and personal care sectors use its tools for assortment planning and out-of-stock prevention across North American markets. | Atheon AnalyticsClearBoxLumidata+2 | 4 | |
ChapsVision |  | ChapsVision is a Paris-headquartered software provider delivering data management platforms for retail, finance, and public services sectors. Its solutions unify customer and product repositories with analytics and investigation tools to drive digital transformation. The company integrates master data management systems that handle large data volumes, enabling compliant data governance and real-time insights for European enterprises. | SinequaArticqueOWLINT+1 | 4 | |
Amplitude | | Amplitude Inc is a Software company that provides a Digital Analytics Platform that helps companies analyze their customer behavior within digital products. The Company delivers its application over the Internet as a subscription service using a software-as-a-service (SaaS) model and also it offers customer support related to initial implementation setup, ongoing support services, and application training. The company generates revenue primarily through selling subscriptions to the platform. The company derives a majority of its revenue from the United States. | InfiniGrowJuneKraftful | 3 | |
Accel-KKR | | Accel-KKR is a Menlo Park-headquartered private equity firm targeting growth-stage and middle-market companies in software, technology-enabled services, and cybersecurity sectors across North America and Europe. Formed as a joint venture between Accel Partners and KKR in 2000, it invests in established firms like Duck Creek Technologies and invests in companies such as AvidXchange. | PhocasVisiQuateAccertify+2 | 3 | |
Databricks | | Databricks is a San Francisco-headquartered cloud platform unifying data engineering, analytics, and AI on a lakehouse architecture. Founded in 2013, it supports Delta Lake for reliable data lakes, MLflow for machine learning lifecycle management, and Unity Catalog for governance across workspaces. The platform powers ETL pipelines, serverless SQL warehouses, and generative AI model deployment for enterprises worldwide, including integrations with AWS, Azure, and Google Cloud. | TectonLilac AIEinblick+2 | 3 |
Founders and investors we've worked with
We've supported winning builders across BI & analytics software and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
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Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
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