M&A advisory for communication & collaboration software companies
Communication and collaboration software M&A has been driven by strategic consolidation at the major platforms - the hyperscalers, UC majors and CPaaS leaders - and PE platforms acquiring sticky enterprise messaging, voice and contact-centre assets. Deals price on seat retention, consumption gross margin and AI-driven differentiation.
Active strategic buyers include the hyperscalers, UC majors like Cisco and Zoom, and CPaaS leaders like Twilio, alongside PE platforms acquiring sticky enterprise messaging, voice and contact-centre assets. Flow has direct access to the communications strategic acquirers and PE platforms that transact in this category.
Flow team has relevant sector experience and has worked with communication and collaboration companies across team messaging and conferencing, voice and video infrastructure (CPaaS, UCaaS, CCaaS), email and customer communication, async collaboration, and community and creator collaboration.
"Communication & collaboration software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing communication & collaboration software M&A targets
Seat ARR
Consumption revenue
Paid seats
Net retention
Free-to-paid conversion
Active accounts
Minutes / messages
Gross margin
CAC payback
Self-serve vs sales mix
Communication & collaboration software valuations in May 2026
Public communication & collaboration software comps trade at 2.0x EV/Revenue. Median revenue multiple across communication & collaboration software M&A deals was 1.8x in the last 12 months.
2.0x
Median EV/Revenue as of May 2026 for public communication & collaboration software companies
4.3x
Zoom is the highest valued public communication & collaboration software company based on EV/Revenue (excluding outliers)
1.8x
Median EV/Revenue across communication & collaboration software M&A deals in the last 12 months
13x
Median EV/Revenue across communication & collaboration software VC rounds in the last 12 months
Key recent communication & collaboration software M&A deals
$2.0B acquisition of Q.ai by Apple was the largest communication & collaboration software M&A transaction completed in the last year.
See all communication & collaboration software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jan-26 | Q.ai |  | Q.ai delivers AI-powered communication platforms that enable high-throughput, multilingual interactions with built-in privacy controls and accessibility features, integrating seamlessly into enterprise workflows for global teams. | Apple | $2.0B | - | |
Aug-25 | Smart Communications |  | Smart Communications is a provider of cloud-based customer communications management software for enterprises. The platform enables personalized document generation, multi-channel delivery via email, SMS, and portals, with integrations to CRM systems like Salesforce. Serving financial services and utilities in Europe and North America, the London-headquartered firm was founded in 2001. | Cinven | $1.8B | - | |
Aug-25 | FlowiseAI |  | FlowiseAI is an open-source low-code platform for developing LLM-powered AI agents and multi-step workflows with drag-and-drop interfaces. It supports single-agent chatbots with tool integration, RAG pipelines from vector stores like Pinecone, and orchestration across agents using LangChain components. FlowiseAI offers API endpoints, SDKs, embedded widgets, and production deployments on cloud or self-hosted environments, with observability via Prometheus and OpenTelemetry. | Workday | $1.2B | - | |
Jul-25 | Beekeeper |  | Beekeeper is a Zurich-based mobile communication platform designed for frontline and deskless workers, enabling real-time messaging, task management, and broadcasts across multiple languages and locations. The platform integrates with over 100 third-party tools such as HR systems, time clocks, and safety apps to streamline operations in industries like manufacturing, hospitality, and retail. Beekeeper supports organizations in 18 languages, fostering employee engagement through features like newsfeeds, surveys, and compliance training. Founded in 2011, it serves global enterprises including Coca-Cola and TUI Group from its headquarters in Switzerland. | LumApps | $1.0B | 6.7x | |
Jul-25 | Cognigy |  | Cognigy is a conversational AI provider for contact centers with its low-code Cognigy.AI platform. Dusseldorf-headquartered, it automates voice and chat interactions across web, phone, SMS, and mobile apps in any language. The SaaS and on-premise solution integrates with backend systems for intent recognition and dynamic dialogs, reducing costs for enterprises like Deutsche Telekom. | NICE | $955M | 26x | |
Nov-25 | Carbyne | | - | Axon Enterprise | $625M | - | |
Dec-25 | ON24 | | ON24 Inc provides a cloud-based intelligent engagement platform that combines experiences with personalization and content, to enable sales and marketing organizations to capture and act on connected insights at scale. The Company’s platform offers a portfolio of interactive and hyper-personalized digital experience products that create and capture actionable, real-time data at scale from millions of professionals to provide businesses with buying signals and behavioral insights to efficiently convert prospects into customers. It provides solutions to Financial services, Life Sciences, Life sciences, Insurance, Technology, Associations, and Others. | Cvent | $400M | 3.1x | |
Jun-25 | SMSPortal |  | SMSPortal is a cloud-based messaging service enabling business-customer communications via SMS and API integrations. It supports maximum reach with cost-effective solutions for marketing campaigns, alerts, and two-way interactions. Smsportal.com provides scalable infrastructure for enterprises seeking authentic engagement across global audiences without complex setups. | LINK Mobility Group | $145M | 1.3x | |
Nov-25 | Doti AI | | Doti AI is a workplace AI assistant that delivers instant answers from enterprise data sources. The platform integrates with tools like Slack and Microsoft Teams to query documents, emails, and databases securely. Teams in sales, support, and operations use it for rapid information retrieval, with built-in safeguards for data privacy and compliance. | Salesforce | $100M | - | |
Nov-25 | FluentStream | | FluentStream Technologies is a Centennial, Colorado-headquartered provider of cloud-based VoIP telephony solutions tailored for call centers and distributed workforces. The company delivers unified communications platforms with PBX systems, call routing, analytics, and integrations to CRM tools like Zendesk and Microsoft Teams. FluentStream supports features such as AI-powered call monitoring, video conferencing, and SMS messaging across North America, serving SMBs in industries from healthcare to e-commerce. | Ooma | $45M | 1.8x | |
Apr-26 | LivePerson | | LivePerson Inc is the enterprise leader in digital customer conversation. The Conversational Cloud, the Company’s enterprise-class digital customer conversation platform, is trusted by the world’s top brands to accelerate their contact center transformation, orchestrate conversations across all channels, departments, and systems, increase agent productivity, and deliver more personalized, AI-empowered customer experiences. The company has a presence in the United Kingdom, Asia-Pacific, Latin America, and Europe. | SoundHound | $43M | - | |
Mar-26 | Estech Systems | | Estech Systems delivers business phone systems and cloud services with integrated features across deployment models. Founded in 1987 and headquartered in Texas, the company has sold over 350,000 systems through certified resellers. | Crexendo | $35M | 1.3x | |
Oct-25 | Claap |  | Claap is a Paris-based async video collaboration platform for screen recordings, contextual feedback, and decision-making. The tool replaces lengthy meetings and email threads with quick videos, serving remote teams in tech, marketing, and product development globally. | Lemlist | $25M | 13x | |
Nov-25 | Phone.com | | Phone.com is a unified communications provider offering VoIP, texting, video, fax, conferencing, and collaboration tools compatible with physical phones, mobiles, and softphones. The United States-based platform features web-based administration and 24/7 support for remote workforces. | Ooma | $23M | 1.0x | |
Apr-26 | Radiant Communication Sdn. Bhd. |  | Radiant Communication Sdn. Bhd. is a technology provider of omnichannel customer experience solutions, AI tools, software development, and system integration. Its cloud contact center handles voice, email, chat, and social channels. The firm delivers customer engagement platforms, network services, workflow automation, custom integrations, app development, reporting, and analytics, partnering with Genesys, Google, Vonage, and 8x8. | Bewith | $8.2M | 1.4x |
Most active buyers of communication & collaboration software companies
Capacity, LINK Mobility Group and NICE are the most active acquirers of communication & collaboration software companies in the last three years.
See all communication & collaboration software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Capacity | | Capacity is a St. Louis-based AI platform automating support for customer service and internal teams. It features intelligent virtual agents, agent assist tools, and conversational AI across email, chat, voice, and messaging channels. The system unifies knowledge bases and integrates with over 250 business applications including Salesforce, Zendesk, and Microsoft Teams. Capacity handles ticket routing, response generation, and workflow orchestration for enterprises. | Lang.aiStarmindCreovai+2 | 6 | |
LINK Mobility Group |  | LINK Mobility Group Holding ASA is a provider of mobile and CPaaS solutions specializing in messaging, digital services, and intelligent data usage. The company’s segment include Northern Europe comprising of enterprise traffic in Norway, Sweden, Denmark, and Finland; Central Europe comprising of enterprise traffic in Bulgaria, Romania, North Macedonia, Poland, Hungary, Germany, and Austria; Western Europe comprising of enterprise traffic in Spain (including subsidiaries in Colombia and Mexico), France, the United Kingdom, Italy, Portugal, and the Netherlands; and Global Messaging comprising of non-enterprise traffic. | SMSPortalFireText CommunicationsThe SMS Works+2 | 5 | |
NICE | | Nice is an enterprise software company that serves the customer engagement and financial crime and compliance markets. Software is deployed primarily on the cloud, but also on premises. Within customer engagement, Nice’s CXone is the leading CCaaS platform providing solutions such as call routing, interactive voice response, digital self-service, and workforce engagement management. Within financial crime and compliance, Nice offers risk and investigation management, fraud prevention, anti-money-laundering, and compliance solutions. | CognigyVerse.aiVoAPPs+1 | 4 | |
Ooma | | Ooma Inc is a communications services company. It is a smart software-as-a-service (SaaS) and unified communications platform that deliver voice and collaboration features including messaging, intelligent virtual attendants and video conferencing, and residential phone service provides PureVoice high-definition voice quality, advanced functionality and integration with mobile devices. Its services rely upon the following main elements: multi-tenant cloud service, on-premise devices, desktop and mobile applications, and calling platforms. It generates revenues from the sale of subscriptions and other services. | Phone.comFluentStream2600Hz | 3 | |
Volaris Group |  | Volaris Group is a technology holding company that acquires and operates vertical market software businesses serving industries such as public transit, justice, environmental services, and communications. Based in Mississauga, Ontario, Canada, it manages over 25 independent operating companies worldwide, including Trapeze Group for transportation software and Kentico for content management. Established in 2011 as a division of Constellation Software Inc., Volaris Group emphasizes long-term ownership, providing centralized finance, HR, and M&A support while allowing portfolio companies autonomy. Its network spans North America, Europe, and Asia Pacific, with software deployed in more than 20 countries. | AvencallDelaconDisplayNote Technologies+2 | 3 | |
Cursor | | Cursor is an AI-powered code editor developed by Anysphere, a San Francisco-based startup founded in 2022. Built on Visual Studio Code's foundation, the application integrates advanced AI capabilities directly into the coding workflow, offering intelligent code completion, natural language code editing, and conversational programming assistance. The tool enables developers to write, refactor, and debug code through AI-assisted features that understand project context and codebase structure. Anysphere has attracted significant venture capital funding from investors including Andreessen Horowitz, OpenAI, and Thrive Capital, positioning Cursor among the fastest-growing AI developer tools in the market. The company's product competes in the emerging category of AI-native integrated development environments designed to accelerate software engineering productivity. | GraphiteKoalaSupermaven | 2 | |
ClickUp | | ClickUp is a San Diego-headquartered productivity platform founded in 2017 offering task management, docs, whiteboards, chat, and 1,000+ integrations. It serves teams in engineering, marketing, and HR with customizable hierarchies, AI automations, and goals tracking. The all-in-one workspace replaces tools like Asana and Jira for over 10 million users across startups and Fortune 500 companies. | QatalogOraCodegen | 2 | |
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. | Doti AIAirkitMomentum+2 | 2 | |
SharpenCX | | SharpenCX is an Indianapolis-headquartered cloud platform for contact centers, featuring QA, coaching, and workforce management tools. Built on AWS with open APIs, it integrates with Zendesk and Five9 to analyze 100% of interactions using speech analytics. Adopted by enterprises handling millions of calls monthly, SharpenCX improves agent performance and customer satisfaction scores by 20-30%. | YtelPlum VoiceWebtext | 2 | |
TransPerfect | | TransPerfect is a New York-headquartered language services provider delivering translation, interpretation, and localization in 170 languages for global enterprises. Founded in 1992, it serves legal, pharmaceutical, and technology sectors with tools like GlobalLink for website and software adaptation. The company maintains 100 offices worldwide, processing 5 million words daily, and supports e-discovery for major litigation cases. | UnbabelTheSpeechStudio Emme+1 | 2 |
Founders and investors we've worked with
We've supported winning builders across communication & collaboration 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.
See moreRecent M&A advisory track record
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