Research
Research reports
Quarterly market intelligence on M&A activity and valuations across AI, cybersecurity, fintech, SaaS, and wealthtech. Each report ships as both a slide deck and a written summary. Direct download, no gate.
AI research
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AI Valuations Q2 2026 MLOps Platforms Valuations: Q2 2026 A deep-dive valuation analysis of the MLOps platform sector in Q2 2026, covering EV/Revenue multiples across six subsegments from full-stack platforms (18 to 28x) to legacy AutoML tools (3 to 6x). Anchored by Databricks' $134B valuation and CoreWeave's $1.7B acquisition of Weights and Biases, with Windsor Drake's broad-market benchmark set at 8 to 10x EV/Revenue for the mid-market cohort. Covers LLMOps re-rating, Rule of 40 dynamics, hyperscaler buyer activity, and 2026 forecast scenarios. -
AI Valuations Q2 2026 AI Valuations: Q2 2026 Windsor Drake's Q2 2026 market intelligence on AI-sector valuations. AI multiples remain far above the broader software market, with foundation-model labs priced at 15x to 30x revenue on strategic optionality and AI-native software anchored near an 11x EV/Revenue benchmark, but the premium is now conditional on demonstrated revenue rather than narrative. The report covers subsegment multiples, public versus private convergence, the IPO reopening led by Cerebras, record venture and private equity capital, and rising bubble-risk scrutiny. -
AI M&A Activity Q2 2026 AI M&A Activity: Q2 2026 Windsor Drake Q2 2026 market intelligence on AI-sector M&A activity. AI has become the central catalyst for global dealmaking, with North American AI M&A rising 57% to 589 deals in 2025 and a record megadeal cycle led by Google's $32B acquisition of Wiz. The report covers deal volume and value, the barbell deal-size distribution, buyer activity across hyperscalers, private equity and enterprise strategics, six AI subsegments, and a 2026 outlook.
Cybersecurity research
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Cybersecurity Valuations Q2 2026 Identity & Access Management Valuations: Q2 2026 Public IAM multiples have re-anchored near 6.0x NTM revenue in Q2 2026, with Palo Alto Networks' $25B acquisition of CyberArk (closed February 2026) and SailPoint's $12.8B February 2025 relisting framing the strategic and public benchmarks. Non-human and AI agent identity platforms now lead the sector at 15x to 30x revenue, while privileged access (14x to 18x), identity governance (9x to 14x) and workforce IAM (4x to 8x) reflect a sharp subsegment bifurcation. Gartner forecasts $24.3B of global IAM spend in 2026 at roughly 15% growth, and the report sets out how founders should position for a strategic-buyer-led identity consolidation cycle. -
Cybersecurity Valuations Q2 2026 Network Security & Firewall Software Valuations: Q2 2026 Network security and firewall software valuations in Q2 2026 turn on platform consolidation and an agentic AI access wave: Palo Alto's $25B CyberArk close and Google's $32B Wiz acquisition anchor the top of the table, while the broad public cohort settles near 11x EV/Revenue. Edge-cloud and SASE leaders trade at 14x to 28x revenue, mature NGFW incumbents anchor on roughly 14x EBITDA, and pure-play NDR vendors face XDR encroachment. Zscaler's reported Rule of 40 score of 78 sets the live cohort benchmark; the Rule of 50 has become the new top-decile bar. -
Cybersecurity Valuations Q2 2026 Cybersecurity Valuations: Q2 2026 Cybersecurity has re-anchored at a roughly 25% premium to broader software, with a public median near 6.0x to 6.5x NTM revenue and cloud, identity and AI-native platforms clearing 14x to 30x. Google's $32B Wiz close and Palo Alto Networks' $25B CyberArk close defined the Q2 2026 mega-deal cycle, while Gartner's $244B spending forecast and a Fed funds range of 3.50% to 3.75% set a constructive macro backdrop. Strategic buyers deployed an estimated 92% of cyber M&A capital in 2025, and the report sets out how founders should position for the current strategic-buyer-led window. -
Cybersecurity M&A Activity Q2 2026 Cybersecurity M&A Activity: Q2 2026 Windsor Drake market intelligence on cybersecurity M&A in Q2 2026, covering deal volume and value, the platform-driven megadeal cycle, the buyer landscape and subsector deal flow. Disclosed value of pure-play cybersecurity acquisitions rose from about $28B in 2024 to roughly $84B in 2025, led by Google's $32B purchase of Wiz and Palo Alto Networks' $25B acquisition of CyberArk. Paired deliverables: a 33-slide deck and a long-form written report.
Fintech research
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Fintech Valuations Q2 2026 Cross-border Payments & FX Valuations: Q2 2026 Windsor Drake's Q2 2026 deep-dive into cross-border payments and FX valuations finds a market rewired around software-shaped infrastructure and on-chain settlement, with a 6.5x EV/Revenue benchmark masking a wide split between stablecoin and B2B FX leaders at 10-15x and consumer remittance and legacy MTOs near 1-3x. Mastercard's $1.8B BVNK acquisition and Stripe's $159B tender frame the capability premium, while public comparables (Wise, Remitly) anchor a 2x revenue floor for non-software cross-border. The report sets out subsegment ranges, valuation drivers and a six-point founder playbook for the current cycle. -
Fintech Valuations Q2 2026 WealthTech Valuations: Q2 2026 Windsor Drake's Q2 2026 WealthTech valuations market intelligence. The broad WealthTech market has settled into a 6 to 8x EV/Revenue core, with AI-native advice platforms commanding mid-teens multiples while consumer-facing robo and retail apps stay compressed at 3 to 6x. The report covers subsegment multiples, the Rule of 40, AUM-linked revenue dynamics, public versus private convergence, and the role of AI in advice delivery. -
Fintech M&A Activity Q2 2026 Fintech M&A Activity: Q2 2026 Windsor Drake's Q2 2026 read on fintech M&A: a barbell market that has shifted from deal count to deal value, with $55.4B across 840 deals in 2025 and megadeals returning. Covers deal volume and value, the buyer landscape, deal structure and the 2026 outlook. -
Fintech Valuations Q2 2026 Fintech Valuations: Q2 2026 Windsor Drake's Q2 2026 read on fintech valuations: a market of disciplined exuberance clustered near a 4 to 5x EV/Revenue benchmark, with a widening split between Rule-of-40 winners above 7.3x and sub-scale plays at 2 to 4x. Covers subsector multiples, valuation methodology, drivers and geographic variation.
SaaS research
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SaaS Valuations Q2 2026 Vertical SaaS Valuations: Q2 2026 Vertical SaaS held a defensive premium through the Q1 2026 software repricing, with a working median EV/Revenue near 5.8x against 4.1x for horizontal peers. Workflow depth, proprietary industry data and embedded-finance monetisation underwrite a 25 to 30% premium, and platforms with embedded payments trade 7.0x to 9.5x revenue. With $3.7T of global PE dry powder and vertical SaaS now 55% of all SaaS M&A, the backdrop favours prepared sellers across healthcare IT, construction, legal, restaurants and field services. -
SaaS Valuations Q2 2026 SaaS Valuations: Q2 2026 Windsor Drake's Q2 2026 read on SaaS valuations: how agentic AI is repricing the software model, valuation variation across segments, public versus private dynamics, the Rule of 40, the IPO window and the macro and capital backdrop. -
SaaS M&A Activity Q2 2026 SaaS M&A Activity: Q2 2026 Windsor Drake's Q2 2026 read on SaaS M&A: the most constructive market since 2021, defined by value without volume as buyers pay more for fewer, larger deals. Covers megadeals, notable transactions, buyer activity and the strategic versus sponsor balance.