The ‘death of SaaS’ could be the best thing to ever happen to SaaS M&A

The software-as-a-service (SaaS) doomer headlines may have peaked in February—but if you check out the dealmaking data, SaaS has been looking alive. 

For the final quarter of 2025, enterprise SaaS M&A hit $83.7 billion in total value, recent PitchBook data found. This was across 245 deals, a slight drop in deal count quarter-over-quarter, but a nearly 24% leap in deal value. All in, this means that 2025 was the biggest year for enterprise SaaS M&A since the fever pitch of 2021.