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AGC's 2023 Tech PE Year-End Report

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As we make it through Groundhog Day with no shadow over our furry friend and most of the Winter behind us, our sights are now set on Spring, where we are looking at underlying technology company performance in 2024, much like 2023. With the private market investors and buyers hyper-focused on fundamentals and underlying unit economics, the tech operators and owners continue to scramble to optimize operating performance and efficiency in the face of lower overall revenue growth – in some cases with strong profitability, and in other cases with negative EBITDA in favor of efficient growth. With that as the backdrop for software companies' operating performance, we have fewer companies with steady or accelerating growth that have the right profile to bring to market. At the same time, the bid-ask spread on valuations continues to tighten and with the long dry spell in liquidity and the huge keg of dry powder, we are predicting that when Springtime comes, there will be a thawing of the frozen M&A markets and the beginning of an M&A deal renaissance that will involve PEs, VCs, and Strategics, all as highly active participants.

AGC's 2023 Tech PE Year-End Report

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