Just read the SaaSRise Q1 2026 M&A report. The numbers are striking.

Private equity accounted for 58% of all SaaS acquisitions in 2025, up from around 40% two years ago. The median EV/Revenue multiple for public SaaS is sitting at 6.6x as of June 2026, with the BVP Cloud Index closer to 8x. Lower-middle market ($5M–$50M ARR) is commanding 3x to 6x, with premium assets pushing 6x–10x+.

After Anthropic's Claude Cowork launch in January 2026 wiped roughly $1 trillion off aggregate SaaS market cap and compressed public multiples from ~7x to ~5.5x, M&A activity stayed surprisingly resilient. PE buyers see the compressed valuations as a buying opportunity.

What this means for indie operators: if your SaaS does $1M+ ARR with decent margins and low churn, PE firms are actively hunting for you. Thoma Bravo alone closed $42B in acquisitions last year. The PROS Holdings sale at $1.4B happened specifically because their AI pricing engine was deeply embedded in customer workflows.

The playbook changed. You don't need a strategic acquirer or a VC-backed exit path anymore. Hit $1M ARR, keep margins above 60%, prove stickiness, and the PE firms will find you.