M&A advisory for ERP software companies
ERP M&A is one of the most consistently active corners of enterprise software. The major ERP strategics - Microsoft, Oracle, SAP, Workday and the mid-market consolidators - alongside a deep PE bench run long ERP roll-ups. Deals price on cloud transition progress, implementation backlog quality and multi-year contract durability.
The most active strategic buyers are Microsoft, Oracle, SAP, Workday and the mid-market ERP consolidators, alongside a deep PE bench running long ERP roll-ups across industry-specific and mid-market platforms. Flow has direct access to the ERP strategic acquirers and PE platforms that drive deal activity in this category.
Flow team has relevant sector experience and has worked with ERP companies across mid-market and enterprise cloud ERP, industry-specific ERP for manufacturing, distribution and services, NetSuite, SAP and Dynamics partners, and adjacent modules in procurement.
"ERP software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing ERP software M&A targets
ARR
Bookings
Implementation backlog
Net retention
Enterprise customer count
Cloud ARR mix
Partner-influenced bookings
Services share
Gross margin
Renewal rate
ERP software valuations in May 2026
Public ERP software comps trade at 3.8x EV/Revenue. Median revenue multiple across ERP software M&A deals was 1.5x in the last 12 months.
3.8x
Median EV/Revenue as of May 2026 for public ERP software companies
12x
Oracle is the highest valued public ERP software company based on EV/Revenue (excluding outliers)
1.5x
Median EV/Revenue across ERP software M&A deals in the last 12 months
37x
Median EV/Revenue across ERP software VC rounds in the last 12 months
Key recent ERP software M&A deals
$2.3B acquisition of HSO by Bain Capital was the largest ERP software M&A transaction completed in the last year.
See all ERP software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Aug-25 | HSO |  | HSO is a Stockholm-headquartered global Microsoft partner with over 2,500 consultants across 30 offices in Europe, North America, and Asia Pacific. Founded in 1993, it implements Microsoft Dynamics 365 ERP and CRM, Azure cloud infrastructure, Power Platform low-code tools, and AI-driven analytics for enterprises. HSO serves industries including manufacturing, retail, construction, and financial services with tailored solutions like Retail360 for omnichannel commerce and AEC360 for project management in architecture, engineering, and construction. | Bain Capital | $2.3B | 5.0x | |
May-25 | Acumatica |  | Acumatica is a cloud-based ERP provider offering modular applications for finance, distribution, manufacturing, and CRM to midmarket companies. Kirkland, Washington-headquartered, the platform supports real-time analytics and multi-entity management for industries like construction and retail. Acumatica integrates with over 300 third-party apps and serves 7,000 customers globally through a partner network. | Vista Equity Partners | $2.0B | - | |
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 | - | |
Mar-26 | KUBRA |  | KUBRA is a Phoenix-headquartered provider of customer communication platforms for utilities and government agencies across the U.S. and Canada. Its solutions include electronic billing, payment portals, mobile apps, outage alerts, and interactive mapping tools. Serving clients like Duke Energy and BC Hydro, KUBRA processes transactions reaching 40% of North American households. Founded in 1997, it integrates AI for personalized notifications. | Repay Holdings | $372M | 1.6x | |
Mar-26 | Beta10 |  | Beta10 is a Spanish software company that builds ERP systems for fire protection, private security, and surveillance sectors, including tools for budgets, work orders, CRM, invoicing, inventory, and mobile access. | Asolvi | $279M | - | |
Feb-26 | OTS |  | OTS is a Greek IT firm developing enterprise software for public sector and private organizations, including systems for financial management, HR, payroll, scheduling, and document workflows. | Real Consulting | $56M | - | |
Sep-25 | Synergix Technologies |  | Synergix Technologies is a Singapore-based provider of web-based ERP software solutions. Founded in 1990, it delivers over 20 integrated modules tailored for trading, distribution, project-based, manufacturing, healthcare, and other sectors. The company serves 400 customers ranging from SMEs to multinationals across Singapore, Malaysia, Indonesia, Vietnam, Thailand, and China with its TaskHub e-business platform. Employing 55 staff, Synergix emphasizes customizable turnkey ERP systems for real-time business automation. | Miroku Jyoho Service | $25M | - | |
Sep-25 | MK Solutions | | MK Solutions is a São Paulo-based developer of vertical ERP software platforms integrating real-time performance indicators, automated alerts, sales pipeline tracking, and integrated financial management tools for industry-specific operations in Brazil. | Nuvini | $7.0M | 0.2x | |
Dec-25 | WorkGroup |  | Italian firm WorkGroup develops technology and management software for businesses and professionals. | Mare Engineering Group | $6.0M | 1.5x | |
Sep-25 | Celnet Technology |  | Celnet Technology is a Shanghai-based provider of Salesforce cloud solutions for digital transformation in manufacturing, retail, and healthcare. Their sales, service, and marketing clouds support customer management for sectors like FMCG and medical devices, with implementations in over 500 Chinese enterprises. | Youxin Technology | $1.0M | - | |
Apr-26 | EffiaSoft | | EffiaSoft is a Hyderabad-based software provider founded in 2012 that builds enterprise platforms for retail, F&B, distribution, shipping, airlines, banking, and taxation sectors. Its flagship JustBilling suite functions as a cloud-based POS, inventory management, and billing system with multi-channel order processing. EffiaSoft delivers custom product engineering, from ideation to maintenance, serving SMBs in India and Southeast Asia. Recognized by Startup India and IBM Global Entrepreneur programs, the company focuses on scalable SaaS for operational streamlining. | MariApps Marine Solutions Pte | $400K | - | |
Apr-26 | Revolution Group | | Revolution Group is an IT company that supplies support services together with CRM and ERP systems. | Cumulus Consulting | - | - | |
Apr-26 | E | Endeavor4 (Sage Intacct practice) | | Endeavor4’s Sage Intacct practice business offers ERP consulting services for Sage Intacct, a cloud-based financial management platform. This practice targets growing mid-sized businesses with complex accounting requirements. | Net at Work | - | - |
Apr-26 | ACD Groupe |  | ACD Groupe is a Labège-headquartered French developer of ERP software for manufacturing and industrial services. Its ACD RTM platform manages production planning, inventory, traceability, and maintenance via modular components open to third-party integrations. Founded in 1988, the company deploys its solutions to over 500 sites across France in sectors like aeronautics, mechanics, and plastics. | TeamSystem | - | - | |
Apr-26 | DIA |  | DIA is a software development company in Turkey supplying data security, CRM, e-commerce, ERP, cloud, production, and mobile management solutions. | TeamSystem | - | - |
Most active buyers of ERP software companies
TeamSystem, Aptean and Net at Work are the most active acquirers of ERP software companies in the last three years.
See all ERP software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
TeamSystem | | TeamSystem is an Italian software developer supplying management solutions for SMEs, professionals, accountants, lawyers, and artisans. The company provides ERP systems, access control for sports facilities, and training programs. Pesaro-headquartered since 1979, TeamSystem operates 42 offices across Italy. | ACD GroupeDIASellsy+2 | 6 | |
Aptean | | Aptean is an Alpharetta, Georgia-headquartered global provider of ERP software tailored for manufacturing, distribution, and services industries. Platforms like Aptean ERP and Industrial Innovator manage production planning, warehouse operations, and financials for clients in food, apparel, and automotive sectors. Formed in 2012 from QAD and CDC Software mergers, Aptean operates in 22 countries. | JMAVLEXsoftwareIndigo Software+2 | 6 | |
Net at Work | | Net at Work is a New York-headquartered IT services firm founded in 1996 that implements accounting software, CRM systems, custom applications, document management, and cybersecurity solutions. Partnerships with Sage Software, Microsoft, Citrix, and Cisco enable integrated deployments for midmarket clients in professional services, nonprofits, and distribution sectors. | Endeavor4 (Sage Intacct practice)LLB PartnersAdvanced Solutions & Consulting+1 | 4 | |
NTT DATA Business Solutions UK | | - | SPRO IT SolutionsAoop Cloud SolutionsSapphire Systems+1 | 4 | |
Vista Equity Partners | | Vista Equity Partners is an Austin-headquartered global investment firm specializing in private equity, credit, and data-driven strategies for enterprise software companies. The firm invests across North America, Europe, Israel, and India, managing buyouts, growth equity, and structured credit in sectors like cybersecurity, financial software, and healthcare IT. Portfolio highlights include companies such as Pluralsight, Ping Identity, and TRG Screen, with a focus on operational transformations through proprietary Vista Best-in-Class Model. | Amtech SoftwareAcumaticaRedwood Software+2 | 3 | |
Advent International | | Advent International is a Boston-headquartered private equity firm specializing in buyouts and growth equity investments across business and financial services, healthcare, industrials, retail, consumer and leisure, and technology sectors. The firm maintains offices in North America, Europe, Latin America, and Asia. Founded in 1984, Advent International targets mid-market companies with strong growth potential, supporting operational improvements and strategic expansions. Notable portfolio companies include Bauer Hockey in consumer products and Maxar Technologies in aerospace and defense. | SiesaSYSPROSYSPRO Software Pty Ltd+2 | 3 | |
Haulmer |  | Haulmer is a Brazilian digital freight platform connecting truck carriers with shippers across the country's road network. SaaS tools manage load bookings, digital payments, insurance, and real-time tracking. Haulmer draws revenue from transaction fees on bookings and add-on services, serving thousands of carriers and SMB shippers. | Apanio | 2 | |
Visma |  | Visma is an Oslo-headquartered SaaS group delivering accounting, HR, and administration software across Northern Europe and beyond. Organized into Software SMB, Software Government & Large Accounts, and Business Process Outsourcing divisions, it powers operations for 1.7 million customers in 13 countries with products like Visma.net ERP and eAccounting. The company maintains a presence in Norway, Sweden, Finland, Denmark, and expanding markets. | RindegastosLaudusDootax+2 | 2 | |
Blackstone | | Blackstone is the world's largest alternative-asset manager with $1.242 trillion in total asset under management, including $906.2 billion in fee-earning assets under management, at the end of September 2025. The company operates with scale in each of its major product lines: private equity (26% of fee-earning AUM and 33% of base management fees), real estate/real assets (31% and 35%), private credit (34% and 25%), and other alternatives (9% and 7%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8). | Priority SoftwareCivicaSkroutz.gr+2 | 2 | |
KKR | | KKR is one of the world's largest alternative asset managers, with $723.2 billion in total managed assets, including $585.0 billion in fee-earning AUM, at the end of September 2025. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance). | 24SevenOffice (ERP unit)AgiloftNothing Bundt Cakes+2 | 2 |
Founders and investors we've worked with
We've supported winning builders across ERP 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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