DRAFT PAGE CONTENT:

Is PE buying software companies again? What the Workday/Silver Lake deal means for your exit

The headline: Silver Lake is reportedly in talks to acquire Workday . an HR and financial management software company . for approximately $43 billion. If it closes, it'll be one of the largest software buyouts in history.

What this tells you about the PE landscape:

PE wasn't gone. It was waiting.

After 2022-2023 crushed software multiples and made leveraged buyouts expensive (high interest rates + compressed valuations = unappealing math), PE stepped back from aggressive software deals.

But the math changed. Interest rates have moderated. Software valuations have been beaten down. And PE firms have $3+ trillion in dry powder they need to deploy.

Workday was sitting at a depressed multiple because of AI disruption fears . fears the market arguably overpriced. Silver Lake is saying: "We'll buy the fear discount."

What this means for smaller software companies:

1. PE appetite for profitable software is back. If you have solid ARR, good retention, and EBITDA margins (or a clear path to them), PE is a real buyer again.

2. The floor moved. Workday's 18% stock pop shows the market had priced in too much doom. Your business may be worth more today than the comparable public multiples suggested 6 months ago.

3. PE wants infrastructure, not AI hype. Enterprise workflow software, compliance tools, industry-specific SaaS, vertical software . these are exactly what PE shops like Thoma Bravo, Silver Lake, and Vista Equity are hunting.

Are you PE-attractive?

PE buyers typically look for:

• $5M+ ARR (ideally $15M+)
• 80%+ gross margins
• High net revenue retention (>100% is ideal)
• Predictable, contracted revenue
• Large serviceable market with room for roll-up

If you check most of those boxes, you should be talking to PE-focused M&A advisors right now, not waiting for a strategic buyer to find you.

Ask My Board on ExitBoard.ai can help you understand exactly what PE firms would pay for your business today.

[Book a Founder Clarity Session →]

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Internal notes:

• High urgency . Workday story is live this week, search intent spiking
• Cross-link with LinkedIn Workday angle
• CTA: Founder Clarity Session

Status: READY FOR JASON review