Data downloads
The numbers behind the Windsor Drake reports, as CSV files with the method that produced each one. Every figure is computed by Windsor Drake from primary records: announcements, SEC filings, exchange quotes and the Exit Index. Nothing here is licensed from a data vendor. Last updated 2026-10-21.
How to cite
Reuse is permitted with attribution and a link (Creative Commons BY 4.0). Suggested form: "88 fintech M&A transactions were announced between 1 July and 21 August 2026 (Windsor Drake Exit Index, Q3 2026)" or "public SaaS traded at a 4.9x median EV/Revenue on 21 August 2026 (Windsor Drake SaaS composite, 34 companies)". Each file names its query date and its constituents, so a figure can be checked against the report it came from.
Fintech M&A activity by quarter, Exit Index
Announced fintech M&A transactions, the number disclosing consideration and the disclosed value, by quarter, as recorded in the Exit Index when queried on 21 August 2026. Download CSV. Full report: Fintech M&A Activity: Q3 2026.
| Quarter | Announced transactions | Disclosing consideration | Disclosed value | Note |
|---|---|---|---|---|
| 2025 Q4 | 43 | 9 | $14.7B | |
| 2026 Q1 | 10 | 3 | $1.8B | Index coverage of this quarter is thin; shown as recorded |
| 2026 Q2 | 94 | 17 | $8.2B | |
| 2026 Q3, to 21 August | 88 | 12 | $66.8B | Includes the $53B Stripe and Advent International offer for PayPal (15 July 2026); excluding it, 11 disclosing and $13.8B |
Method. Counts are computed from the Windsor Drake Exit Index, a deduplicated register of announced fintech transactions with a source URL on every record. Q3 2026 covers 1 July to 21 August only and is labelled as partial. Q1 2026 coverage in the Index is thin and the count is shown as recorded.
Restated 21 October 2026. The Index is ingested continuously; every row added since 18 August 2026 was reviewed on 21 October (122 approved, 83 rejected as non-transactions, duplicates or rumours, 9 held), and duplicate announcements are collapsed by target and quarter at build time. On that reviewed basis the full quarter, 1 July to 30 September 2026, holds 146 fintech transactions, 19 disclosing consideration for $26.2B, with the Stripe and Advent approach for PayPal excluded as a proposal rather than a transaction; the same window to 21 August holds 89 transactions, 11 disclosing, $19.9B. Q2 2026 on the same basis is 89 transactions, 15 disclosing, $7.5B. The table above keeps the figures as published on 21 August 2026.
Q3 2026 by acquirer type and sub-sector
The 88 transactions announced between 1 July and 21 August 2026 split by acquirer type and by sub-sector. Download CSV.
| Dimension | Category | Transactions | Share |
|---|---|---|---|
| Acquirer type | Strategic | 86 | 98% |
| Acquirer type | Sponsor-backed strategic | 2 | 2% |
| Acquirer type | Financial sponsor acting directly | 0 | 0% |
| Sub-sector | Insurtech | 27 | 31% |
| Sub-sector | Wealthtech | 12 | 14% |
| Sub-sector | Capital markets technology | 9 | 10% |
| Sub-sector | Business payments | 6 | 7% |
| Sub-sector | Treasury and cash management | 6 | 7% |
| Sub-sector | Card issuing | 5 | 6% |
| Sub-sector | Crypto | 4 | 5% |
| Sub-sector | Financial data | 4 | 5% |
Method. Acquirer type and sub-sector are the classifications carried on each Exit Index record.
Public SaaS composite, EV/Revenue, 21 August 2026
Median EV/Revenue across a 34-company listed SaaS comparable set, with medians by segment, revenue-growth cohort, disclosed net revenue retention and revenue scale, and the named constituents whose multiples were published. Download CSV. Full report: SaaS Valuations: Q3 2026.
| Measure | Group | Constituents | Median EV/Revenue |
|---|---|---|---|
| Composite | All constituents (IQR 3.9x to 7.5x; range 2.1x to 40.1x) | 34 | 4.9x |
| Segment | Data and infrastructure software | 8 | 9.3x |
| Segment | Vertical SaaS | 10 | 6.9x |
| Segment | Horizontal application software | 4.1x | |
| Growth cohort | Revenue growth above 30% | 5 | 20.2x |
| Growth cohort | 20% to 30% | 8 | 6.2x |
| Growth cohort | 15% to 20% | 7 | 6.2x |
| Growth cohort | 10% to 15% | 8 | 4.5x |
| Growth cohort | Below 10% | 6 | 3.6x |
| Net revenue retention | Disclosed NRR at or above 115% | 12.3x | |
| Net revenue retention | Disclosed NRR below 105% | 3.0x | |
| Revenue scale | Above $10B of revenue | 4.7x | |
| Revenue scale | $1.5B to $3B of revenue | 6.2x |
Published constituent multiples: Cloudflare 40.1x, Snowflake 22.2x, Datadog 20.2x, Samsara 12.8x, Guidewire 10.9x, Veeva 10.1x, Tyler Technologies 6.1x, Salesforce 4.6x, Blackbaud 2.9x, BILL 2.4x, monday.com 2.1x. The remaining constituents are charted in the report deck.
Method. Enterprise value equals market capitalisation less cash and short-term investments plus total borrowings. Market capitalisation is taken from exchange quotes on 21 August 2026 and cross-checked against the share count on each issuer's latest SEC cover page. Trailing twelve month revenue comes from each company's most recently reported quarter. Computed, not licensed.
Vertical SaaS cohort, 21 August 2026
The ten-company vertical SaaS cohort inside the composite, with the six published constituent multiples and the cohort median of 6.9x. Download CSV.
| Company | EV/Revenue | Note |
|---|---|---|
| Samsara | 12.8x | Grew 30.5% in its most recent reported quarter |
| Guidewire | 10.9x | Grew 26.9% in its most recent reported quarter |
| Veeva | 10.1x | |
| Tyler Technologies | 6.1x | |
| Blackbaud | 2.9x | Payments-weighted revenue |
| BILL | 2.4x | Payments-weighted revenue |
| Cohort median (10 companies) | 6.9x | Bentley Systems, AppFolio, Procore and nCino complete the cohort; Toast is excluded because it reports gross payments revenue |
Method. Same computation as the composite. Toast is excluded because it reports gross payments revenue.
Realised software transaction multiples, 2026 cycle
Value-to-revenue multiples for the nine 2026-cycle software transactions where both consideration and target revenue sit in the primary record, with the five transactions whose multiples were published. Download CSV.
| Transaction | Acquirer | Consideration | Value / revenue | Basis and date |
|---|---|---|---|---|
| Median, nine transactions | 2.9x | Three transactions at 9.4x to 11.5x, five at 1.2x to 2.9x, one at 4.7x; as of 21 August 2026 | ||
| Clearwater Analytics | Permira and Warburg Pincus | $8.4B | 11.5x | FY2025 revenue $731.4M; announced 21 December 2025 |
| OneStream | Hg and General Atlantic | $6.4B | 10.6x | FY2025 revenue $601.9M; announced 6 January 2026 |
| Confluent | IBM | $11.0B | 9.4x | FY2025 revenue $1,166.7M; completed 17 March 2026 |
| Simulations Plus | 4.7x | The one transaction between the two clusters | ||
| Airtable | Bending Spoons | $1.285B | 2.7x | Roughly 2.7x ARR; August 2026 |
Method. Announced consideration from the primary announcement or SEC filing divided by the target's own reported revenue. Multiples computed by Windsor Drake.
Changelog
- 2026-10-21. First release: Exit Index quarterly counts to 21 August 2026, Q3 2026 breakdown, the 21 August 2026 SaaS composite and vertical cohort, and the 2026-cycle realised transactions. Figures match the Q3 2026 reports published in August 2026.
Related: how the Exit Index is sourced, SaaS valuation multiples, vertical SaaS valuation multiples, fintech M&A market report, fintech valuation multiples.