We have a long history of working with the top strategic and PE investors in tech, with a focus on fast-growing companies whose valuations typically range between $50M and $1B. Through a senior-led, hands-on approach, AGC provides their clients with unwavering integrity and transparency through the ups and downs of a deal process.
"What a ride. There were literally countless of times when I thought back to a few months ago when we were discussing if it's even necessary to work with an advisor and thinking how grateful I am to have you on board. Having gone through all of this now I can't believe the option was even on the table. Fred and the team got us to a signed deal on what I'd say are excellent terms. Thank you for that, I don't think we would have landed here otherwise."
"John, Sean and their team's M&A expertise was invaluable in helping us achieve a great outcome. AGC's unwavering commitment to our success, combined with their work ethic and availability, proved invaluable in achieving an optimal outcome for our team and shareholders. They put a lot of resources into supporting us as founders and took care of a lot of things that we really would have struggled with ourselves. Both in the bid process and due diligence they were invaluable, generating several attractive offers and giving us optionality in the process. We are grateful for their partnership and the results they delivered. I would highly recommend them."
"KeyedIn was in its eleventh year, growing quickly, and exceeding key double-digit million revenue milestones and we knew the time was right to find a partner to help us get to triple-digit revenue. We have been working with AGC on multiple opportunities. After many discoveries, opportunities, and economic ebbs and flows, we launched a targeted process and identified STG Group / Sciforma as the right partner to help drive long term value and growth. AGC helped us navigate the complexities of the deal with Sciforma, a product carve-out, and ultimately closing on a premium merger of two very strong PPM solutions. The entire team worked tirelessly to make it happen and were a pleasure to work with. Thank you to Hugh, Charlie, Logan, and Pierce for pulling all of this together. Up and to the right!"
"I want to extend my deepest gratitude to Jon, Doug, Zach, and the entire AGC team for their unwavering dedication, expertise and partnership. AGC has been an outstanding investment banking partner – truly the best we could have asked for. Their commitment went beyond what I ever expected. AGC worked tirelessly to help us uncover an investment partner that would check all of our boxes and be aligned with our continued growth ambitions; they became an integral part of our team, fully aligned with our objectives and mission while always keeping our best interests at heart. It was an incredible experience working alongside such a talented and passionate group. This has been a remarkable chapter in our journey, and we couldn't have asked for better partners."
"We chose AGC due to their depth of knowledge in our space as well as the solid reputation for delivering results! We built a strong relationship with senior leadership and their team quickly and they were there to guide us and advise us every step of the way. Their attention to every aspect of the transaction and being able to view and explain the process from a 360 degree perspective was important to us as well as operating with integrity. We could have not picked a better partner to go through this process with us."
"Rob's work throughout this process was exemplary, leading the effort from the front and representing QMetry with the utmost professionalism in every interaction. His team was the invaluable backbone that drove the deal home with precision and navigating a rapid due diligence process. I was deeply impressed with the AGC team's commitment and skill and would certainly look for their support again in the future."
"The AGC team surpassed expectations at every stage of the process. They didn't just grasp our business and markets, they truly got it, and were instrumental in delivering a result that the founders and management are proud of. With their round-the-clock dedication, creative thinking, and unwavering persistence, they kept the ball rolling and ensured seamless communication throughout. I would strongly recommend AGC as a financial advisor."
"As a financial advisor, the AGC team provided valuable support throughout the process, helping us navigate the complexities of the transaction. We appreciate their efforts in facilitating a deal that allowed us to bring it to a conclusion."
"AGC's ability to jump into our turnaround story and introduce us to the right partners was amazing. Their team was smart, creative, responsive and dedicated throughout both the equity and debt fund raising processes. We highly recommend AGC and look forward to working with them again in the future."
"For many closely-held business owners, the sale of their company or a large capital round is one of the biggest decisions we will ever make. Choosing the right advisor to assist in this process is critical to achieving the best value, terms and overall outcome. When I think about my experience with AGC, I can say selecting them without question was the best decision I made in the entire process. They became part of my team and worked harder than anyone I had ever seen. While in the end we signed the perfect deal, the process alone with AGC has been one of the most valuable investments of time for my company and me personally."
"The AGC team with Jon and Doug at the helm was instrumental in structuring and executing the LiquidFrameworks process which ultimately resulted in a transaction with ServiceMax and a planned public market listing of the combined companies. This outcome of the process they led can only be described as outstanding. Their knowledge, expertise and perspective in matters involving finance and deal negotiation as well as timely specifics related to our SaaS industry provided critical guidance and advice used throughout the process."
"Our business had gone through a period of tremendous growth and was in a space seeing consolidation that resulted in our need for an investment banking partner that was well connected to both growth investors and strategic partners. AGC did an outstanding job of learning our business model and translating that into a compelling business case. They worked tirelessly to help get a great deal and we look forward to working with the team again! Thanks so much to all of the team. Your calm and patient approach won the day, even during some difficult times."
"Linda and the team at AGC were critical in driving a successful conclusion to an intense process that achieved an outcome that the founders, management, and board are very proud of. Their understanding of the event marketing and management landscape and their knowledge of the key players were crucial factors in achieving such a successful result. I would strongly recommend AGC as a financial advisor and we look forward to working with Linda and her team in the future."
We thoroughly appreciated and enjoyed working with Sean and the AGC team. They were supportive and expert partners day in and day out. They made managing three time zones a non-issue for us by always being available. Thanks to AGC we had a competitive process and realized the best outcome for our shareholders and team. We can recommend AGC without hesitation!
"Although I was confident from the beginning that IBS was the optimal choice for APS, there was some initial reluctance in working with a banking partner. Entrusting AGC Partners with this responsibility, however, proved to be the right decision. The industry acumen that Jon and Charlie brought to the table, their strategic foresight, and their comprehensive understanding of legal, financial, and tax issues served as the cornerstone of a lucrative agreement for myself, my family, and my stakeholders. The AGC team navigated the technicalities and cross-border nuances, and the depth and breadth of their relationships, spanning all the key players in the global travel and hospitality tech industry, were instrumental in driving home an exceptional transaction. We express our gratitude for their dedication and needless to say, we are thrilled with the outcome!"
"To us, it was essential that our banker could fundamentally understand the Promon technology and offering. The AGC team quickly gained such understanding. By doing so, they could 'connect the dots' very rapidly; providing us with deep insight into which partnerships would long-term create the greatest return for all parties. On top of that, they don't forget the small details, which ultimately will lead to a timely and satisfactory transaction. We can give AGC our strongest recommendations as an M&A advisor in the IT security industry."
"I still remember when Jonathan and Charlie took me to lunch trying to convince me how attractive they felt Nomadix and GlobalReach would be to many potential investors. When we took the leap of faith to have them lead us through a confidential process, we did not know where the journey would lead. In addition to being pleased with the results by selling the companies at a high valuation to a prestigious strategic buyer, we also learned how important choosing the right partner is for the journey. Jonathan, Charlie, and their amazing team worked and advocated tirelessly on our behalf at every stage of the process. We cannot speak highly enough about what AGC Partners did to lead us through to a successful transaction."
"Throughout the process, I have been glad we had the counsel and support of the AGC team. They quickly establish trust and confidence with the Board who relied heavily on their advice and experience. Their capacity to shape the presentation and willingness to be clear and forthright when we needed to be challenged was incredibly helpful. Now that the transaction is closed I'm going to miss working with this amazing team. If I had to do it all over again, I'd do it with AGC Partners."
"Sean and the AGC team differentiated themselves through their unrelenting commitment to Bookboon and deep understanding of our platform. I personally spent most of my professional career building Bookboon into a global leader and I needed an advisor that I could trust with this critical transaction process. The whole AGC team worked tirelessly throughout every stage of the process, ensuring Bookboon found an outstanding new home and partner in the Access Group. We give Sean and AGC our highest recommendation as a technology M&A advisor."
"What a ride. There were literally countless of times when I thought back to a few months ago when we were discussing if it's even necessary to work with an advisor and thinking how grateful I am to have you on board. Having gone through all of this now I can't believe the option was even on the table. Fred and the team got us to a signed deal on what I'd say are excellent terms. Thank you for that, I don't think we would have landed here otherwise."
"John, Sean and their team's M&A expertise was invaluable in helping us achieve a great outcome. AGC's unwavering commitment to our success, combined with their work ethic and availability, proved invaluable in achieving an optimal outcome for our team and shareholders. They put a lot of resources into supporting us as founders and took care of a lot of things that we really would have struggled with ourselves. Both in the bid process and due diligence they were invaluable, generating several attractive offers and giving us optionality in the process. We are grateful for their partnership and the results they delivered. I would highly recommend them."
"KeyedIn was in its eleventh year, growing quickly, and exceeding key double-digit million revenue milestones and we knew the time was right to find a partner to help us get to triple-digit revenue. We have been working with AGC on multiple opportunities. After many discoveries, opportunities, and economic ebbs and flows, we launched a targeted process and identified STG Group / Sciforma as the right partner to help drive long term value and growth. AGC helped us navigate the complexities of the deal with Sciforma, a product carve-out, and ultimately closing on a premium merger of two very strong PPM solutions. The entire team worked tirelessly to make it happen and were a pleasure to work with. Thank you to Hugh, Charlie, Logan, and Pierce for pulling all of this together. Up and to the right!"
"I want to extend my deepest gratitude to Jon, Doug, Zach, and the entire AGC team for their unwavering dedication, expertise and partnership. AGC has been an outstanding investment banking partner – truly the best we could have asked for. Their commitment went beyond what I ever expected. AGC worked tirelessly to help us uncover an investment partner that would check all of our boxes and be aligned with our continued growth ambitions; they became an integral part of our team, fully aligned with our objectives and mission while always keeping our best interests at heart. It was an incredible experience working alongside such a talented and passionate group. This has been a remarkable chapter in our journey, and we couldn't have asked for better partners."
"We chose AGC due to their depth of knowledge in our space as well as the solid reputation for delivering results! We built a strong relationship with senior leadership and their team quickly and they were there to guide us and advise us every step of the way. Their attention to every aspect of the transaction and being able to view and explain the process from a 360 degree perspective was important to us as well as operating with integrity. We could have not picked a better partner to go through this process with us."
"Rob's work throughout this process was exemplary, leading the effort from the front and representing QMetry with the utmost professionalism in every interaction. His team was the invaluable backbone that drove the deal home with precision and navigating a rapid due diligence process. I was deeply impressed with the AGC team's commitment and skill and would certainly look for their support again in the future."
"The AGC team surpassed expectations at every stage of the process. They didn't just grasp our business and markets, they truly got it, and were instrumental in delivering a result that the founders and management are proud of. With their round-the-clock dedication, creative thinking, and unwavering persistence, they kept the ball rolling and ensured seamless communication throughout. I would strongly recommend AGC as a financial advisor."
"As a financial advisor, the AGC team provided valuable support throughout the process, helping us navigate the complexities of the transaction. We appreciate their efforts in facilitating a deal that allowed us to bring it to a conclusion."
"AGC's ability to jump into our turnaround story and introduce us to the right partners was amazing. Their team was smart, creative, responsive and dedicated throughout both the equity and debt fund raising processes. We highly recommend AGC and look forward to working with them again in the future."
"For many closely-held business owners, the sale of their company or a large capital round is one of the biggest decisions we will ever make. Choosing the right advisor to assist in this process is critical to achieving the best value, terms and overall outcome. When I think about my experience with AGC, I can say selecting them without question was the best decision I made in the entire process. They became part of my team and worked harder than anyone I had ever seen. While in the end we signed the perfect deal, the process alone with AGC has been one of the most valuable investments of time for my company and me personally."
"The AGC team with Jon and Doug at the helm was instrumental in structuring and executing the LiquidFrameworks process which ultimately resulted in a transaction with ServiceMax and a planned public market listing of the combined companies. This outcome of the process they led can only be described as outstanding. Their knowledge, expertise and perspective in matters involving finance and deal negotiation as well as timely specifics related to our SaaS industry provided critical guidance and advice used throughout the process."
"Our business had gone through a period of tremendous growth and was in a space seeing consolidation that resulted in our need for an investment banking partner that was well connected to both growth investors and strategic partners. AGC did an outstanding job of learning our business model and translating that into a compelling business case. They worked tirelessly to help get a great deal and we look forward to working with the team again! Thanks so much to all of the team. Your calm and patient approach won the day, even during some difficult times."
"Linda and the team at AGC were critical in driving a successful conclusion to an intense process that achieved an outcome that the founders, management, and board are very proud of. Their understanding of the event marketing and management landscape and their knowledge of the key players were crucial factors in achieving such a successful result. I would strongly recommend AGC as a financial advisor and we look forward to working with Linda and her team in the future."
We thoroughly appreciated and enjoyed working with Sean and the AGC team. They were supportive and expert partners day in and day out. They made managing three time zones a non-issue for us by always being available. Thanks to AGC we had a competitive process and realized the best outcome for our shareholders and team. We can recommend AGC without hesitation!
"Although I was confident from the beginning that IBS was the optimal choice for APS, there was some initial reluctance in working with a banking partner. Entrusting AGC Partners with this responsibility, however, proved to be the right decision. The industry acumen that Jon and Charlie brought to the table, their strategic foresight, and their comprehensive understanding of legal, financial, and tax issues served as the cornerstone of a lucrative agreement for myself, my family, and my stakeholders. The AGC team navigated the technicalities and cross-border nuances, and the depth and breadth of their relationships, spanning all the key players in the global travel and hospitality tech industry, were instrumental in driving home an exceptional transaction. We express our gratitude for their dedication and needless to say, we are thrilled with the outcome!"
"To us, it was essential that our banker could fundamentally understand the Promon technology and offering. The AGC team quickly gained such understanding. By doing so, they could 'connect the dots' very rapidly; providing us with deep insight into which partnerships would long-term create the greatest return for all parties. On top of that, they don't forget the small details, which ultimately will lead to a timely and satisfactory transaction. We can give AGC our strongest recommendations as an M&A advisor in the IT security industry."
"I still remember when Jonathan and Charlie took me to lunch trying to convince me how attractive they felt Nomadix and GlobalReach would be to many potential investors. When we took the leap of faith to have them lead us through a confidential process, we did not know where the journey would lead. In addition to being pleased with the results by selling the companies at a high valuation to a prestigious strategic buyer, we also learned how important choosing the right partner is for the journey. Jonathan, Charlie, and their amazing team worked and advocated tirelessly on our behalf at every stage of the process. We cannot speak highly enough about what AGC Partners did to lead us through to a successful transaction."
"Throughout the process, I have been glad we had the counsel and support of the AGC team. They quickly establish trust and confidence with the Board who relied heavily on their advice and experience. Their capacity to shape the presentation and willingness to be clear and forthright when we needed to be challenged was incredibly helpful. Now that the transaction is closed I'm going to miss working with this amazing team. If I had to do it all over again, I'd do it with AGC Partners."
"Sean and the AGC team differentiated themselves through their unrelenting commitment to Bookboon and deep understanding of our platform. I personally spent most of my professional career building Bookboon into a global leader and I needed an advisor that I could trust with this critical transaction process. The whole AGC team worked tirelessly throughout every stage of the process, ensuring Bookboon found an outstanding new home and partner in the Access Group. We give Sean and AGC our highest recommendation as a technology M&A advisor."
Fear of AI displacing SaaS solutions has crushed public SaaS valuations, which are down 33% in the last 5 months. Less talked about, but as important as AI, is the four-year sectoral slowdown in SaaS growth and underperformance on profitability. 45 years of harvesting new greenfields has naturally reduced software's growth opportunity. The fear of AI has been the catalyst, but the massive slowdown in SaaS revenue growth from mid-20s to 11% has had a crushing impact on investors' future growth prospects, exit multiples, returns, and ultimately valuations.
Sadly, SaaS revenue growth is under attack from a nemesis as dangerous as market maturation and that is seat attrition! SaaS companies across the land, big and small, are experiencing contraction rather than expansion upon renewals. There are several forces at work contributing to this powerful trend:
• Massive stimulus and FOMO in COVID drove overbuying of technology
• The current global employment recession where unemployment is low, but few are hiring and layoffs are broad based and getting larger and louder (case in point: Block)
• AI is freezing would-be buyers, reducing software purchases by reducing headcount (potential shift to outcome-based pricing), and causing customers to hold off new purchases, waiting for better and cheaper solutions with reduced switching costs
• Software can be expensive, and if it is not adding real value or mission critical, it gets churned
As a result of the selloff, the spread between public and private SaaS valuations, as marked by the GPs, has never been wider. Public small cap SaaS companies are currently trading at 9.6x '26 EBITDA and 2.3x '26 Revenue. The enormous spread between buyers and sellers in the private SaaS market, along with the unknown impact of AI, continues to dampen SaaS M&A velocity – SaaS M&A volumes and valuations in the first two months of '26 are at a 10-year low. AI M&A deal value and volume have been rapidly growing since 2022, while SaaS stagnates, and we anticipate 2026 will see an acceleration of this trend.
SaaS M&A has entered a winter that increasingly appears structural rather than cyclical, with deal value down 77% from the 2021 peak and volumes falling as buyers in an AI-first world reassess long-term credibility and durability of growth rates and profit margins. Constricting debt markets will reduce equity returns, limiting valuations and deal velocity particularly in the largest SaaS private and public deals. Blue Owl is not alone; lenders across the market are hitting hard times and pulling back on new loans. Virtually all classes of debt providers have pulled back and are offering less for more, if anything at all.
SaaS incumbents that are best positioned in an AI-driven world tend to share several core characteristics:
• Proprietary data
• Deep domain expertise built over years
• Strong customer relationships and embedded workflows
• Regulatory lock-in
• High product complexity and meaningful IP
These traits generate significant intrinsic value and together form a moat to prevent cannibalization from AI startups. However, public and private SaaS companies cannot rely solely on legacy moats to protect them, they must also actively re-invent elements of their operating models and product strategies for the AI era. SaaS incumbents that move early can increase switching costs, deepen customer dependency, and accelerate product velocity. Those that hesitate risk being leapfrogged by more agile AI-native competitors.
Some things remain unchanged: investors continue to price underlying company performance, with growth remaining the #1 metric of discrimination – SaaS companies growing at 10% trade at 10.1x EBITDA vs. 19.1x for 20% growers, and there are not many 30% growers. Meanwhile, AI is reinforcing the large-cap advantage – companies with market cap >$10B trade at 5.8x revenue and 13.8x EBITDA vs 2.3x revenue and 9.5x EBITDA for small caps. Vertical SaaS trades at a de minimis premium versus horizontal SaaS, despite similar profitability and potentially higher defensibility against AI risk.
The smaller end of the SaaS market, those companies under $100M in ARR, are still finding greenfields to exploit, generating oversized growth rates well in excess of the 11% by the bigs. These smaller, growth companies coming to the market have been achieving spot ARR multiples of 10-15x. While they will continue to receive premium multiples, they will be 20-30% lower than they were previously.
Traditional SaaS IPOs are dead for the time being. Any life in the IPO market will likely come from pure AI or AI-enhanced SaaS stories delivering large-scale, uber growth, and a believable path to profitability – or one or more of the foundation models will go public. DPI for SaaS companies is going to have to come from sales predominantly to PEs and secondarily to public strategics. CVs will continue but their star may start to fade when the eventual exit valuations are not as promised.
Tech PE land continues to raise larger funds from premier LPs, pushing dry powder to record highs. On the assumption that these funds will be deployed and not returned to LPs ☺, then we have abundant firepower for years to come for private and public acquisitions of both SaaS and AI companies. Unlike the public market, the private market is holding on to historical valuation marks despite much lower growth and the competitive implications of AI. The rapid and massive 33% reset for public market SaaS companies, which have superior scale and Rule of 40 performance compared to the private market, will now require significant markdowns across private portfolios. Once valuations are marked to realistic levels, the gap between the public and private market valuations will narrow, as will the valuation gap between buyers and sellers. At that point, the business of investing new capital and returning capital to LPs can begin to thrive again, though we may not see that pick-up in M&A velocity until 2027.
While the software world has been hit hard, its history of adapting and thriving during periods of change is well documented (e.g., mobile computing, the internet, and cloud computing). The unequivocal silver lining in this carnage is that AI and SaaS are like yin and yang – together they are creating powerful new applications that are already expanding TAM and will set the stage for a new M&A cycle.
Where is the Capital Going?
SaaS incumbents and PEs need to take an AI first mentality to survive and thrive in a world experiencing an AI tsunami. Since the AI revolution took deep roots in 2022, the five AI leaders have grown from $5T to $15T in market cap, that is roughly 25% of the S&P 500. In that time, SaaS companies have only grown from $2.5T to $3.3T.
In 2025 the same AI titans invested $400B, VCs $102B, and PEs invested less than $5B. PEs have taken a wait and see approach believing the bubble will pop and they will reassess then. Yes, AI is experiencing a massive bubble, but the post bubble AI world is very real and will impact every element of SaaS and the world we work and live in for good and bad!
Concentration of power in governments, big business, or capital markets almost always has bad endings for the people at large. Power tends to corrupt and absolute power corrupts absolutely(1). The SaaS world has thrived over 40 years with massive new company formation, unending innovation, and a relatively broad distribution of wealth for those risk-taking entrepreneurs and investors. Over the last 10 years, social media, e-commerce, mobile communication, and now AI, have driven massive concentration of market share and power. Google – search; Apple – mobile phones, Amazon – cloud/ecommerce, Facebook – social media, Microsoft – office & cloud; and now Open AI, Anthropic, and a few others owning the foundation model market. The Tech Titans now dominate these mega markets. If one or two foundation models control AI and the largest applications, then the world of innovation and startups will suffer. Customer pricing will rise, as will profits. The AI companies will become giants, and economic power will become highly concentrated.
(1): Lord Acton, 1887
The proliferation of AI across the globe will clearly create great benefits in all types of efficiencies and predictive values, such as environmental threats, cancer, etcetera. When AI is bringing some of the best knowledge to bear to any task or challenge, it is obviously going to create massive leverage in doing whatever mankind is trying to do. That said, we already know AI is not going to be all good news. As we are already seeing, the efficiencies generated by AI and AI agents are and will replace hundreds of millions of global workers. That displacement, which has already started, will have painful consequences for mankind. As we jump into the AI world full steam ahead, we need to be highly vigilant, humane, and balanced in the application and speed in which we embrace the power of AI.
AGC Partners is AI first. We have 36 active engagements, 29 of which are AI companies. Having closed 560 deals over 23 years, we are well positioned to understand and articulate tectonic shifts and the way forward.
© In the U.S., America’s Growth Capital, LLC dba AGC Partners, member FINRA/SIPC. In Europe, America’s Growth Capital Europe, LLP (Appointed Representative Alternatives St. James, LLP which is authorized and regulated by the Financial Conduct Authority). America’s Growth Capital Europe, LLP is a Limited Liability Partnership incorporated in England and Wales (OC368580). Its registered address is 6th Floor, 9 Appold Street, London EC2A 2AP. The testimonials contained herein may not be representative of the experience of other customers or clients. Testimonials are no guarantee of future performance or success. Deals marked with an “*” are non-AGC deals.