Windsor Drake Research

Research & Reports

Windsor Drake’s research library: data-led reports on software, fintech, AI, and cybersecurity M&A for founders, owners, and the buyers and reporters who track the lower middle market.

The State of Software M&A report cover
Featured report

The State of Software M&A

After a subdued stretch, technology dealmaking rebounded forcefully in 2025. Global M&A reached one of the highest totals on record, technology led the recovery, and a single theme, artificial intelligence, ran through the largest deals of the…

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The State of Software M&A report cover
The State of Software M&A
The annual review of technology dealmaking.
The AI M&A Index report cover
The AI M&A Index
Deal volume, multiples, and the deals the data misses.
The Dry Powder Report report cover
The Dry Powder Report
The capital overhang and what it means for sellers.
The Acquirer Index report cover
The Acquirer Index
Ranking the most active buyers of software companies.
The Cybersecurity Consolidation Report report cover
The Cybersecurity Consolidation Report
How platformization reshapes who buys, who sells, and when.
The Vertical SaaS Roll-Up Report report cover
The Vertical SaaS Roll-Up Report
The multiple arbitrage consolidating vertical software.
The AI Acquihire Report report cover
The AI Acquihire Report
How the largest AI exits are structured as hires and licenses.
The Deal Structure Report report cover
The Deal Structure Report
What the headline price actually contains.
The Net-Proceeds Report report cover
The Net-Proceeds Report
Why what you own is not what you get.
Why Deals Die report cover
Why Deals Die
The diligence findings that kill transactions.
The Sale Timeline Report report cover
The Sale Timeline Report
How long a sale takes, and how to compress it.
The Exit Readiness Index report cover
The Exit Readiness Index
What separates a sellable company from a good one.
The Rule of 40 Premium report cover
The Rule of 40 Premium
Why the same growth is priced four ways.
The Strategic vs. Sponsor Map report cover
The Strategic vs. Sponsor Map
Who pays more, and where.
Regulation as the Deal Clock report cover
Regulation as the Deal Clock
How rules decide who can buy, and when.
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