Research

Windsor Drake Research

Research from the desk that runs the mandates.

Sector valuations, transaction data and the benchmarks the firm works from in live sale processes. Every report is open to read, dated, and documented to primary sources.

578Fintech M&A transactions tracked
$278BDisclosed transaction value since November 2019
26Fintech sub-sectors covered
10.8xMedian EV / revenue across 21 disclosed fintech deals

Source: Windsor Drake Market Intelligence and the Fintech Exit Index, data through October 21, 2026.

The library

Quarterly valuation and M&A reports.

Eighty reports across fintech, software, cybersecurity and AI, newest first. Each opens on its own page, free to read.

Third quarter 2026 and the 2026 annual reports

25 reports

Second quarter 2026

24 reports
ReportSectorFormatLength
Cross-border Payments & FX Valuations: Q2 2026FintechValuations8 pages
Digital Assets & Blockchain Infrastructure Valuations: Q2 2026FintechValuations8 pages
Fintech M&A Activity: Q2 2026FintechM&A activity33 pages
Fintech Valuations: Q2 2026FintechValuations33 pages
Treasury, AP & AR SaaS Valuations: Q2 2026FintechValuations8 pages
WealthTech Valuations: Q2 2026FintechValuations33 pages
Construction Tech SaaS Valuations: Q2 2026Software & SaaSValuations8 pages
HR & Workforce SaaS Valuations: Q2 2026Software & SaaSValuations8 pages
Logistics & Supply Chain SaaS Valuations: Q2 2026Software & SaaSValuations8 pages
SaaS M&A Activity: Q2 2026Software & SaaSM&A activity33 pages
SaaS Valuations: Q2 2026Software & SaaSValuations33 pages
Vertical SaaS Valuations: Q2 2026Software & SaaSValuations33 pages
Cloud Security (CSPM/CWPP) Valuations: Q2 2026CybersecurityValuations9 pages
Cybersecurity M&A Activity: Q2 2026CybersecurityM&A activity33 pages
Cybersecurity Valuations: Q2 2026CybersecurityValuations33 pages
Endpoint Security (EDR/XDR) Valuations: Q2 2026CybersecurityValuations9 pages
Identity & Access Management Valuations: Q2 2026CybersecurityValuations8 pages
Network Security & Firewall Software Valuations: Q2 2026CybersecurityValuations33 pages
AI in Cybersecurity Valuations: Q2 2026AIValuations8 pages
AI Infrastructure Valuations: Q2 2026AIValuations7 pages
AI M&A Activity: Q2 2026AIM&A activity33 pages
AI Valuations: Q2 2026AIValuations33 pages
AI Workflow Automation Valuations: Q2 2026AIValuations8 pages
MLOps Platforms Valuations: Q2 2026AIValuations33 pages

First quarter 2026

31 reports
ReportSectorFormatLength
Cross-border Payments & FX Valuations: Q1 2026FintechValuations34 pages
Fintech M&A Activity: Q1 2026FintechM&A activity36 pages
Fintech Valuations: Q1 2026FintechValuations34 pages
Fraud/Risk/Compliance Software Valuations: Q1 2026FintechValuations36 pages
InsurTech Valuations: Q1 2026FintechValuations35 pages
PayFac/Payment Rails & Orchestration Valuations: Q1 2026FintechValuations28 pages
Treasury/AP/AR SaaS Valuations: Q1 2026FintechValuations32 pages
WealthTech Valuations: Q1 2026FintechValuations33 pages
Construction Tech SaaS Valuations: Q1 2026Software & SaaSValuations30 pages
Healthcare SaaS Valuations: Q1 2026Software & SaaSValuations29 pages
Logistics & Supply Chain SaaS Valuations: Q1 2026Software & SaaSValuations30 pages
Manufacturing SaaS Valuations: Q1 2026Software & SaaSValuations30 pages
PropTech SaaS Valuations: Q1 2026Software & SaaSValuations31 pages
SaaS M&A Activity: Q1 2026Software & SaaSM&A activity30 pages
SaaS Valuations: Q1 2026Software & SaaSValuations30 pages
Vertical SaaS Valuations: Q1 2026Software & SaaSValuations30 pages
Cloud Security (CSPM/CWPP) Valuations: Q1 2026CybersecurityValuations26 pages
Cybersecurity M&A Activity: Q1 2026CybersecurityM&A activity30 pages
Cybersecurity Valuations: Q1 2026CybersecurityValuations30 pages
DevSecOps Valuations: Q1 2026CybersecurityValuations26 pages
Endpoint Security (EDR/XDR) Valuations: Q1 2026CybersecurityValuations27 pages
IAM Valuations: Q1 2026CybersecurityValuations30 pages
Network Security & Firewall Software Valuations: Q1 2026CybersecurityValuations30 pages
SIEM/SOAR Valuations: Q1 2026CybersecurityValuations28 pages
AI in Cybersecurity Valuations: Q1 2026AIValuations23 pages
AI in Healthcare Valuations: Q1 2026AIValuations23 pages
AI Infrastructure (Vector DBs & Model Hosting) Valuations: Q1 2026AIValuations22 pages
AI Software M&A Activity: Q1 2026AIM&A activity22 pages
AI Software Valuations: Q1 2026AIValuations22 pages
AI Workflow Automation Valuations: Q1 2026AIValuations23 pages
MLOps Platforms Valuations: Q1 2026AIValuations23 pages

The full library in Market Intelligence

Benchmarks and tools

The numbers we price against.

Transaction research

The deals that set pricing.

All tracked transactions

Dossiers on the transactions that anchor valuations in our sectors: terms, multiples and strategic rationale, drawn from filings and primary sources.

YearTransactionDisclosed value
2022Block acquires Afterpay$29B
2023GTCR acquires a majority of Worldpay$18.5B
2020Nasdaq acquires Verafin$2.75B
2020SoFi acquires Galileo$1.2B
2023Visa acquires Pismo$1.0B

Sector briefings by email

The full briefing, sent from the desk.

Choose a sector and the briefing arrives in your inbox from Jeff Barrington. Tick the box to receive the quarterly research update as well.

Used only to send what you ask for. See the Privacy Policy.

Method

How the data is built.

Counts and disclosed values in Market Intelligence are computed from the reviewed transaction corpus when the site is built. None is entered by hand.

Every row passes editorial review before it appears. Rows marked pending or rejected are withheld from every public surface, including the downloads and the API.

Research is reviewed by Jeff Barrington, Founder and Managing Director. Cite as: Windsor Drake Market Intelligence (windsordrake.com).

The full methodology

697Transactions in the source file
578Published after review
87Rejected in review
21Pending or awaiting review

Considering a sale?

Windsor Drake advises founder-led companies on sell-side M&A. A first conversation is confidential and starts with your numbers.