2025 SaaS M&A Market Insights and Founder Takeaways

Welcome back to The SaaS CFO Podcast! In this special end-of-year episode, host Ben Murray is joined for the third time by Jim Williams, Managing Director at GLC Advisors, for an in-depth update on the state of the software M&A and capital markets. Ben Murray and Jim Williams dive into what's really happening in SaaS dealmaking, cutting through the social media noise to explore trends in deal volume, valuations, and what truly makes a quality asset in today’s market.

They discuss why 2025 felt “steady but not spectacular,” how founders can position their businesses for attractive outcomes, and the continued importance of the fundamentals—think retention, growth, and profitability. Jim Williams shares what buyers are looking for, why clean financials and clear revenue models are deal breakers, and what to expect if you’re planning to sell in the near future. Plus, they touch on timely topics like the shifting impact of AI, earnouts, deal structures, and preparing for due diligence.

Whether you’re a SaaS founder, CFO, or simply want a no-nonsense perspective on the M&A environment, this episode is packed with actionable insights and predictions for 2026—straight from the front lines of the software dealmaking world. Let’s jump in!

Show Notes:

00:00 "2025: Steady Market Trends"

03:33 "Deferred Deals and Future Growth"

08:38 "Evaluating Business Revenue Models"

10:55 Evaluating Recurring Revenue Quality

15:55 "Contextualizing Seasonal Business Metrics"

19:10 Renewal Rate and Visibility Challenges

20:50 "Clarity in Business Value Proposition"

23:17 "Misaligned Business Metrics Unveiled"

28:33 "Platform vs. Add-On Trends"

32:46 "Fair Earnouts and Deal Terms"

35:55 Equity Rollover and Founder Involvement

39:19 "Deal Delays and Due Diligence"

41:53 "Preparing Financials for SaaS Market"

45:45 Strategic vs. Sponsor Buyer Perspectives

50:25 "Achieving Product-Market Fit Fundamentals"

51:41 "Early-Stage Funding Uncertainty"

55:25 "Open, Accessible, and Supportive"

Links:

Jim Williams LinkedIn: https://www.linkedin.com/in/james-williams-5754953/

To learn more about Ben check out the links below:

Subscribe to Ben’s daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe

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SaaS Metrics courses here: https://www.thesaasacademy.com/

Join Ben’s SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout

Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray