M&A advisory for industrial software companies
Industrial software M&A has been one of the more active categories through the software reset. Strategic consolidation at the major industrial platforms - the big diversified industrials, the process automation majors and the historic plant software vendors - runs alongside serious PE participation. Deals price on enterprise contracting durability and cross-sell.
Active buyers include the major diversified industrials, the process automation majors and the historic plant software vendors, alongside PE platforms building industrial software portfolios. Flow has direct access to the industrial strategic acquirers and PE platforms that transact in this category.
Flow team has relevant sector experience and has worked with industrial software companies across MES, asset performance management, plant historians and industrial IoT, simulation and digital twins, and quality and EHS.
"Industrial software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing industrial software M&A targets
ARR
Bookings
Site count / sites live
Net retention
Implementation backlog
Licence vs subscription mix
Time to deploy
Services margin
Customer concentration
Gross margin
Industrial software valuations in May 2026
Public industrial software comps trade at 3.7x EV/Revenue. Median revenue multiple across industrial software M&A deals was 3.2x in the last 12 months.
3.7x
Median EV/Revenue as of May 2026 for public industrial software companies
19x
Cadence Design Systems is the highest valued public industrial software company based on EV/Revenue (excluding outliers)
3.2x
Median EV/Revenue across industrial software M&A deals in the last 12 months
8.8x
Median EV/Revenue across industrial software VC rounds in the last 12 months
Key recent industrial software M&A deals
$2.9B acquisition of CSG Systems by NEC was the largest industrial software M&A transaction completed in the last year.
See all industrial software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Oct-25 | CSG Systems |  | CSG Systems International Inc is a purpose-driven, SaaS platform company that enables companies in a wide variety of industry verticals to tackle the growing complexity of business in the digital age. The company's cloud-first architecture and customer-centric approach empower companies to deliver unforgettable experiences for B2B (business-to-business), B2C (business-to-consumer), and B2B2X (business-to-business-to-consumer) customers, making it easier for people and businesses to connect to, use and pay for the services the company offers. The company operates in one segment i.e. Solutions and Services. Geographically, it generates revenue from the United States. | NEC | $2.9B | 2.4x | |
Apr-26 | Heavy Construction Systems Specialists | | Heavy Construction Systems Specialists is a Sugar Land-based developer of construction management software. Founded in 1986, HCSS supplies fleet, operations, estimating, and accounting tools to thousands of heavy civil and highway contractors across the United States. | Nemetschek (build & construct unit) | $2.4B | 11x | |
Aug-25 | Regrello | | Regrello provides AI-orchestrated platforms for manufacturing supply chains, automating procurement, production scheduling, and quality control. San Francisco-headquartered since 2020, it connects suppliers via no-code workflows and integrates with SAP and Oracle systems. Dell and 150 other factories use its tools for 45 percent task reduction. | Salesforce | $2.1B | - | |
Jan-26 | Mentee Robotics |  | Mentee Robotics is an Israeli company developing humanoid robots with advanced dexterity using robotics, AI vision, and sensor fusion. The MenteeBot platform features modular arms capable of grasping delicate objects and adapting to household or warehouse tasks via human demonstration learning. Deployments target logistics automation and domestic assistance, with robots navigating dynamic environments through 3D perception. Headquartered in Tel Aviv and founded in 2018, Mentee Robotics collaborates with manufacturers for scalable production. | Mobileye | $900M | - | |
Oct-25 | PSI Software |  | PSI Software SE is a software producer in process control and information systems. Its core business consists of process control and information systems for managing energy and material flows in industries tailored to the electricity, gas, oil, and district heating sectors, engineering, automobile, and automotive supply and logistics sectors. The company's segments include Energy Management, which offers intelligent solutions for utility companies in the electricity, gas, oil, and water sectors; the Production Management segment provides solutions for planning and controlling production processes in metals production, logistics, mechanical engineering, and automotive manufacturing. It generates maximum revenue from the Energy Management segment. | Warburg Pincus | $823M | 2.5x | |
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 | |
Oct-25 | RPMGlobal |  | RPMGlobal Holdings Ltd is engaged in the development of mining software solutions and professional development for the mining industry. The group has been advancing the mining industry through the provision of software solutions and deep domain expertis. The company brings together its technology, mining advisory, and professional development services to support mining clients in extracting more value at every stage of the mining lifecycle. Its segments include the Software Division and the Advisory Division. The group generates the majority of revenue from the Software Division, which offers software, including support (maintenance), training, and implementation services to mining companies. Geographically, the company operates in Australia, Asia, the Americas, Africa & Europe. | Caterpillar | $681M | 15x | |
Nov-25 | PTC (ThingWorx units) | | - | TPG | $600M | 3.0x | |
Nov-25 | PTC (Kepware units) | | - | TPG | $600M | 3.0x | |
Sep-25 | G | GE Vernova (Proficy Software unit) | | - | TPG | $600M | 1.8x |
Nov-25 | LocusView Solutions | | LocusView Solutions is an Ottawa-headquartered provider of Digital Construction Management software for utility infrastructure projects. Its LocusviewBUILD product digitizes field workflows on rugged tablets, replacing paper packets with real-time data validation via GIS integration. Utilities like Hydro One and PG&E use it for gas pipeline and electric transmission builds, capturing as-builts with barcode tracking for regulatory filings. The platform connects to EAM systems like Maximo, automating closeout packages. Professional services include training for 5,000+ field crews annually. Founded in 2007, LocusView processes data from projects spanning 50,000 km of infrastructure. | Itron | $525M | - | |
Jun-25 | CentML | | - | NVIDIA | $400M | - | |
Dec-25 | Averna | | - | SPHEREA | $320M | - | |
Oct-25 | Overlook Industries | | Overlook Industries is a New Hope, Minnesota-based engineering firm specializing in single-use liquid dispensing systems for pharmaceutical and biotech filling lines. The company designs sterile connectors, bag assemblies, and automation to streamline aseptic processing and reduce validation times in cleanroom environments. | EnPro Industries | $280M | 4.7x | |
Nov-25 | M | Matthews International (warehouse automation unit) | | - | Duravant | $232M | 3.2x |
Most active buyers of industrial software companies
TPG, Ideagen and IFS are the most active acquirers of industrial software companies in the last three years.
See all industrial software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
TPG | | TPG Inc is an alternative asset management firm. It invests across five multi-product platforms, namely Capital, Growth, Impact, Real Estate, Market Solutions, and TPG Angelo Gordon. The company invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, market solutions, innovation, and inclusion. | PTC (Kepware units)PTC (ThingWorx units)GE Vernova (Proficy Software unit)+2 | 4 | |
Ideagen |  | Ideagen is a Nottingham, UK-headquartered software provider listed on the London Stock Exchange AIM market under ticker IDEA.L. The company supplies governance, risk, and compliance platforms like Q-Pulse for quality management, Coruson for audit workflows, and Pentana for performance analytics to aviation, banking, life sciences, and manufacturing clients. With operations in the UK, EU, US, Middle East, and Southeast Asia, Ideagen serves over 2,000 organizations globally. | Safefood 360°Plant AssessorLucidity Software+2 | 4 | |
IFS |  | IFS is a Sweden-headquartered global provider of enterprise software for manufacturing, asset-intensive industries, and service operations. Linköping-based IFS develops IFS Cloud, an AI-powered platform covering ERP, EAM, SCM, ITSM, and FSM modules. Serving over 10,000 customers including Rolls-Royce, Nestlé, and Boeing, IFS enables real-time analytics and predictive maintenance. Acquired by EQT in 2022, the company expanded through acquisitions like Infor's EAM business. | EmpowerMXCopperleaf TechnologiesFalkonry+2 | 4 | |
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. | GermanedgeIndigo SoftwareSSG Insight+2 | 4 | |
SYSPRO | | SYSPRO is a provider of ERP software for manufacturers and distributors. Headquartered in Costa Mesa with global offices, the company delivers inventory management, supply chain planning, financials, CRM, and shop floor control modules deployable on-premise, cloud, or hybrid via web and mobile interfaces. | EvoconDATASCOPERitesoft | 3 | |
Datacor | | Datacor is a New Jersey-based provider of ERP software tailored for process manufacturers and chemical distributors. Its ERPlite suite manages inventory, production scheduling, quality control, and compliance for small to mid-sized enterprises. Established in 1983, Datacor serves over 1,000 customers in North America, including specialty chemical firms and distributors handling hazardous materials. The platform integrates with QuickBooks and supports EDI for seamless supply chain operations, reducing manual processes by automating lot tracking and formula management. | VDISoftInformetric SystemsBaytek International+1 | 3 | |
Prometheus Group | | Prometheus Group is an asset performance management software provider for maintenance-intensive industries. Raleigh-headquartered since 1998, its Prometheus Platform integrates six modules with EAM systems like SAP and Oracle, serving over 400 clients including ExxonMobil and Dow Chemical. Offerings encompass planning tools with drag-and-drop scheduling, mobile work execution for iOS and Android, electronic permitting with LOTO, analytics dashboards, outage management, and data governance. The suite operates in cloud or on-premise configurations across refineries, utilities, and manufacturing. | WebaloNiSoftMobilOps | 3 | |
Remsoft | | Remsoft is a provider of optimization software for natural resource industries including forestry, mining, and energy. Its suite covers tactical harvest scheduling, strategic planning, portfolio analysis, activity-based scheduling, and sales operations planning. Deployed in over 30 countries, solutions integrate with GIS systems and support multi-period models for timber supply chains and renewable energy portfolios. | INFLORLOGRLim Geomatics | 3 | |
Main Capital Partners |  | Main Capital Partners is an Amsterdam-headquartered private equity firm exclusively investing in enterprise software companies across Benelux, DACH, and Nordics regions. It pursues buy-and-build strategies in SaaS, cloud, and vertical market software, partnering with management for operational scaling. | Good SolutionsUnameITPATCH MANAGER+2 | 3 | |
Siemens | | Siemens is a multi-industry company focused on the areas of automation, electrification, mobility, and healthcare. Its top three geographic regions—the United States, Germany, and China—contribute over half of group revenue. Siemens has a 71% investment in separately listed Siemens Healthineers. Recent portfolio activity included the listing of Siemens Energy, spinning out its power and gas and Siemens Gamesa business divisions in 2020. | Canopus AIDotmaticsAltair+1 | 3 |
Founders and investors we've worked with
We've supported winning builders across industrial software and beyond.
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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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.
See moreRecent M&A advisory track record
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