Full Year 2025 Private Equity Industry Trends

2025 KEY HIGHLIGHTS

Thoma Bravo and its affiliated businesses had 7 transactions over $1 billion in the Information Industry in 2025, these transactions include the acquisitions of PROS Holdings, Verint Systems, Dayforce Corporation, itel, Olo, Hornetsecurity, and Boeing’s Digital Aviation Solutions.

The highest value deal in 2025 was PIF, Silver Lake, and Affinity Partners’ announced acquisition of Electronic Arts (EA), for $55 billion. EA develops and delivers games, content and online services, including Battlefield™, Apex Legends™, The Sims™, Need for Speed™, and various EA SPORTS™ titles.

2025 KEY TRENDS

Total transaction volume in 2025 decreased slightly over 2024, from 763 to 755.

Total transaction value in 2025 gained 23 percent over 2024, from $188 billion to $232 billion.

The median revenue multiple increased from 3.4x in 2024 to 3.9x in 2025.

The median EBITDA multiple rose from 17.4x in 2024 to 19.2x in 2025.

M&A MARKET OVERVIEW

Berkery Noyes tracked 2,283 private equity transactions between 2023 and 2025, of which 348 disclosed financial terms, and calculated the aggregate transaction value to be $415.76 billion. Based on known transaction values, we project values of 1,935 undisclosed transactions to be $93.90 billion, totaling $509.65 billion worth of transactions tracked over the past three years.

Disclosed median enterprise value multiples for all segments combined in this report during the last 36 months were 3.83x revenue and 18.68x EBITDA.

Out of 2,283 deals tracked by Berkery Noyes between 2023 and 2025, transactions valued at $160 million and above garnered a median enterprise value multiple of 4.4x revenue. In contrast, companies with transaction values between $10 million and $160 million captured a median enterprise value multiple of 2.6x revenue.