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Home / Sector Expertise / Application Software

Icon for Application Software Application Software

Software has come a long way over the last two decades, from a niche esoteric sector that only Silicon Valley truly understood to a mainstream global industry in which every institutional investor wants increasing exposure. Over this period, software has evolved from a high-risk investment theme pursued by venture capital firms to a well-understood business model uniquely combining both breakout growth potential and downside protection that is the poster child of the Digital Economy. Software as a Service (SaaS) has proven to be particularly popular with investors and acquirers given the exceptional forward visibility and scalability of the cloud-based delivery model.

Arma has been advising on software deals since its inception and has firmly established itself as the undisputed leader in this market segment, having advised on landmark deals like Visma ($5.3 billion), Iris ($1.8 billion) and Access ($1.4 billion), among others. Arma also has an unparalleled track record of delivering exceptional outcomes on landmark SaaS deals, with exit multiples regularly exceeding 10x ARR.

  • $143.2 billion aggregate deal value
  • 34% deals involve a
    strategic buyer
  • 25x EBITDA multiple on average

Sub-segment coverage and team

  • Enterprise Resource Planning (ERP)
  • Supply Chain Management (SCM)
  • Human Capital Management (HCM) and HR Tech
  • Customer Experience Management (CXM)
  • Marketing Automation
  • Content Management & Collaboration
  • Professional Service Automation (PSA)
  • Vertically focused Application Software
Meet the team
  • Paul-Noël Guély

    Managing Partner, London

  • Varun Sunderraman

    Partner, London

  • Daniel Fugmann

    Partner, London

  • Rohit Shiralkar

    Senior Managing Director, London

HOLD AND DRAG TO NAVIGATE through THE DEALS

  • Apr 2025
    significant minority investment by
    $16,480 million
    Read more
  • Mar 2025
    acquisition of
    (a portfolio company of Bowmark Capital)
    Read more
  • Mar 2025
    (a portfolio company of Hg and Permira)
    sale of minority stake to
    $5,940 million
    Read more
  • Mar 2025
    (a portfolio company of Ambienta)
    acquired by
    Read more
  • Mar 2025
    (a Visma company)
    acquired by
    $437 million
    Read more
  • Feb 2025
    (a portfolio company of H2 Equity Partners)
    acquired by
    Read more
  • Dec 2024
    (a portfolio company of Carlyle)
    acquired by
    $720 million
    Read more
  • Dec 2024
    (a portfolio company of Hg and Insight)
    acquired by
    (a portfolio company of Hg and Leonard Green)
    Read more
  • Nov 2024
    (a portfolio company of Hg)
    significant minority investment by
    Read more
  • Nov 2024
    (a portfolio company of Astorg)
    acquired by
    Read more
  • Oct 2024
    Minority investment in
    (a portfolio company of Bridgepoint)
    Read more
  • Sep 2024
    acquisition of
    Read more
  • Sep 2024
    (a portfolio company of Apax Partners)
    acquired
    (a portfolio company of Vitruvian Partners)
    Read more
  • Aug 2024
    acquired
    (a portfolio company of Insight Partners)
    $2,000 million
    Read more
  • Jun 2024
    (a portfolio company of Advent International and subsidiary of Aareal Bank)
    acquired by
    $4,150 million
    Read more
  • Jun 2024
    (a portfolio company of EQT, Hg Capital and TA Associates)
    acquired
    $700 million
    Read more
  • Apr 2024
    acquired
    (a portfolio company of Bain Capital)
    $1,550 million
    Read more
  • Feb 2024
    growth investment by
    Read more
  • Feb 2024
    (a portfolio company of August Equity)
    strategic growth investment by
    Read more
  • Dec 2023
    recapitalisation by
    $4,000 million
    Read more
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