Two of the industry’s top five largest deals year-to-date occurred in the security sector: Thomas Bravo’s announced acquisition of Proofpoint, a cybersecurity company that offers email and advanced threat protection, for $12.3 billion; and Okta’s announced acquisition of Auth0, an identity management platform for application builders and developers, for $6.5 billion.

There were 448 financially sponsored transactions with an aggregate value of 71.21 billion, representing 25 percent of the total volume and 45 percent of the total value, respectively.


Total transaction volume in 1st Half 2021 increased by 14 percent over 2nd Half 2020, from 1,586 to 1,808.

Total transaction value in 1st Half 2021 declined by ten percent over 2nd Half 2020, from $175.23 billion to $158.24 billion. Of note, value more than doubled from 1st Half 2020 to 2nd Half 2020.

The median revenue multiple rose from 2.9x in 2nd Half 2020 to 4.3x in 1st Half 2021. The median EBITDA multiple shifted downward from 11.8x in 2nd Half 2020 to 10.8x in 1st Half 2021.


Berkery Noyes tracked 7,888 Online & Mobile transactions between 2018 and 1st Half 2021, of which 1,430 disclosed financial terms, and calculated the aggregate transaction value to be $478.50 billion. Based on known transaction values, we project values of 6,458 undisclosed transactions to be $158.71 billion, totaling $637.20 billion worth of transactions tracked over the past two and a half years.

Transactions from 1st Half 2019 to 1st Half 2021 with enterprise values above $160 million received a median revenue multiple of 5.2x, whereas those in the $10-$20 million range garnered a median revenue multiple of 2.6x.

Disclosed median enterprise value multiples for all segments combined in this report during the last 30 months were 3.0x revenue and 12.5x EBITDA.