News

Blackpeak Capital SaaS/ software market update – March 2025

Blackpeak Capital SaaS/ software market update – March 2025

Blackpeak are pleased to present our latest SaaS/ Software sector update report with market data through to 28 February 2025.

Despite the market volatility in recent weeks, the report highlights an improving trend in SaaS and Software sector transaction activity across both M&A and capital raisings. We believe 2025 is poised for a further improvement in SaaS and Software M&A and capital raising activity underpinned by:

  • Improving SaaS and Software valuation multiples in 2024, despite a recent correction driven by global uncertainty, will provide a better backdrop for agreeing terms between buyers and sellers, facilitating M&A and capital raising activity
  • Inflation and interest rates peaking in 2024 and expected to decline further in 2025, supporting better acquisition financing terms and valuations for SaaS growth companies
  • Strong performance of the SaaS and Software sectors in the last 12 months with performance significantly exceeding the wider market, despite slowing average revenue growth rates since 2022
  • Investors continue to place a premium on revenue growth and profitability, with a strong correlation between trading multiples and the Rule of 40
  • Both strategic acquirers and private equity firms are expected to be very active, with strong interest in vertical SaaS companies with strong unit economics and growth
  • Private equity and venture capital funds are facing growing pressure to deploy dry power and distribute capital, driving activity on both the buy and sell sides

SaaS Sector Update – March 2025_vSent

For more information contact:

Scott Colvin

+61 416 335 455

scott@blackpeakcapital.com.au

Blackpeak Capital technology market update – March 2025

Blackpeak are pleased to present our latest ANZ technology market update report (see link below) with market data through to 28 February 2025.

Despite the market volatility in recent weeks, the report highlights an improving trend in technology sector transaction activity across both M&A and capital raisings. We believe 2025 is poised for a further improvement in technology M&A activity underpinned by:

  • Improving activity levels in 2H 2024 and early 2025 across both private equity and strategic buyers
  • Inflation and interest rates peaking in 2024 and expected to decline further in 2025 supporting better acquisition financing terms and valuations for long duration growth assets
  • Improving valuation multiples in 2024 providing a better backdrop for agreeing terms between buyers and sellers (ie. bid-ask spread on valuation is narrowing)
  • Private equity sitting on record levels of dry powder and need to deploy after several quiet years on below average activity

Blackpeak Technology Sector Update (March 2025) vF

For more information contact:

Scott Colvin

+61 416 335 455

scott@blackpeakcapital.com.au

Prime Ecosystem (January 2025)

Blackpeak is pleased to announce that it acted as exclusive financial adviser to Prime Ecosystems on its sale to CoreLogic. Prime Ecosystem is an innovative software and IT services company specialising in solutions for the construction, restoration, and insurance industries. CoreLogic is a leading provider of property insights solutions. 

The announcement from CoreLogic is below: 

CoreLogic Announces Acquisition of Prime Ecosystem, Expanding Contractor Solutions Globally | CoreLogic® 

Cardiex Limited (December 2024)

Blackpeak is pleased to announce that it acted as joint lead manager to Cardiex Limited (ASX.CDX) $3.25 million placement. Cardiex is a digital health technology company specialising in non-invasive cardiovascular health monitoring solutions.  

The Company’s suite of products includes medical & home health devices, digital solutions for hypertension, cardiovascular disease, and other vascular health disorders – all based on the Company’s market leading SphygmoCor® vascular biomarker technology. Strategically positioned for transformative growth, Cardiex’s new FDA-cleared flagship product, the CONNEQT Pulse, and an expanding portfolio of innovative health technologies provide substantial opportunities in maternal health, cardiology, and preventative care. 

We look forward to supporting Cardiex on its CONNEQT Pulse US launch and its ongoing growth journey.  

Below is a link to the ASX announcement from CardieX: 

2924-02896287-2A1569238 

Pinnacle Investment Management (November 2024)

Blackpeak is pleased to announce that we acted as adviser to Pinnacle Investment Management (“Pinnacle”) on its investments in VSS Capital Partners (“VSS”) and Pacific Asset Management (“PAM”) and associated equity capital raising of ~$400m. Pinnacle has a diverse portfolio of world-class investment management firms (“Affiliates”). Along with holding equity interests in these Affiliates, Pinnacle provides seed funding, global institutional and retail distribution, and middle office and infrastructure services. VSS and PAM are both highly strategic investments furthering Pinnacle’s stated growth strategy. Pinnacle successfully completed an equity raise to fund the investments, seed new strategies for existing Affiliates and support future growth initiatives. 

Namoi (November 2024)

 

Blackpeak Capital would like to congratulate the board and management team of Namoi Cotton (Namoi) on their successful sale to Louis Dreyfus Company (LDC). Blackpeak was privileged to act as the exclusive financial advisor to Namoi on their sale following a strategic review to assess options to maximise value for shareholders. Following a competitive process, LDC’s final offer of $0.77 cash per Namoi share represented a ~120% premium to Namoi’s undisturbed share price of $0.36 

Change Financial Limited (September 2024)

Blackpeak is pleased to announce that it acted as exclusive financial adviser and lead manager to Change Financial (ASX.CCA) $3.5 million placement. Change is a global fintech, leveraging innovative and scalable technology to provide tailored payment processing solutions, card issuing and testing to banks and fintechs. Change’s technology is used by 150+ clients across 40+ countries to deliver simple, flexible, and fast-to-market payment services, including card issuing and testing. We look forward to continued support for Change on its growth journey. 

Below is a link to the ASX announcement from Change Financial: 

2924-02847428-2A1545351 

Yandal Resources (November 2024)

Blackpeak is pleased to announce that it acted as financial adviser, lead manager and underwriter to Yandal Resources Limited (ASX.YRL) options exercise and underwritten $4.9 million equity capital raising. Yandal has a portfolio of advanced gold exploration projects in the highly prospective Yandal and Norseman-Wiluna Greenstone Belts of Western Australia. The Company holds 100% interests in the Ironstone Well-Barwidgee gold projects covering approximately 380km2 and 53km2 of the Yandal Greenstone Belt; Mt McClure gold and Gordons gold projects.   

Below are links to the ASX announcement from Yandal: 

2924-02873920-6A1234448 

2924-02876116-6A1235724 

Blackpeak Technology Market Update: IT Services

Blackpeak are pleased to present a market update on the IT Services sector in ANZ which includes key trends on M&A & financings as well as valuation benchmarking data.

M&A activity in ANZ has been predominately related to bolt-on acquisitions with the ‘buy & build’ strategy continuing to be a common theme amongst the IT Services sector in ANZ (both public & private) as companies look to increase scale and add specialist capabilities through M&A.

Recent platform investments include BGH’s acquisition of NZ-based Managed Services provider Fusion5 (Dec-23) whilst Cyber & Managed Security provider AU Cloud (ASX:SOV) recently raised $30m to fund 3 acquisitions (Mar-24). 

The outlook for IT Services remains strong with spending to continue to be underpinned by digital transformation and outsourced managed services along with an increased focus on Cyber Security & AI as companies look to stay on top of security and respond to customer demand around how to incorporate AI into their service offering.

The report can be accessed in the link below:

IT Services Sector Update_Oct24

Categories: Blackpeak Insights

Blackpeak Insights: ANZ Travel, Property and Events booking software market update

Blackpeak are pleased to present a market update on the Travel, Property and Events booking software in ANZ which includes key trends on M&A & financings as well as a market map & profiles of industry participants.

Bookings software refers to businesses whose revenue is ultimately leveraged to the volume of bookings (hotel bookings, activities/ events, property bookings etc.) on their software platform. Vendors have emerged from the slow down experienced during the Covid-19 pandemic and are experiencing a period of rapid growth as leisure and business travel returns to pre-covid levels together with the increased digitisation of workflows across the sector. This should lead to the emergence of a number of scaled platform assets over the next few years.

M&A and financing activity in the sector has also been increasing with recent notable transactions in 2024 including Potentia’s sale of Newbook to Storable & Advent’s acquisition of RMS cloud.

Blackpeak believes that investment activity across the sector in ANZ will remain elevated over the next few years as strategic acquirers and financial sponsors look to deploy capital into fast growing, scaled assets in the region.

Blackpeak Travel Tech Update_August 24 redacted

For more information contact:

Scott Colvin

+61 416 335 455

scott.colvin@blackpeakcapital.com.au