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Highlights:

•1Q11 marked the fifth consecutive quarter the software industry’s benchmark median exit EV/Revenue multiple was above 2.1x TTM revenue. What’s behind the multiple? What are the hot M&A product categories? Are vertical solution providers still in M&A vogue?
•Thirty-nine SaaS companies were acquired in 1Q11, up from only ten during the same quarter a year ago. What SaaS product categories are experiencing rapid consolidation? Are buyers valuing SaaS operating margins over revenue growth rates in the current market?
•What is driving the return of private buyers to the M&A market? How has public buyer M&A strategy and thinking changed?
•Fifteen buyers made two or more software company acquisitions in 1Q11. Who were they and what did they acquire?
•TTM revenue growth rates accelerated in 1Q11 for public software, Internet and SaaS companies. Did it come at the expense of EBITDA margins which climbed to record levels in 2010?
•Public Internet companies achieved stellar financial results on a median basis in 1Q11. What categories performed best and how did investors reward them?
•At the close of 1Q11, the IPO pipeline consisted of twelve companies, including a few high profile names. Who are they? How does their financial performance measure up to 1Q11 IPOs and what does that portend for the stock performance once they go public?

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