{"id":55922,"date":"2025-12-11T09:20:54","date_gmt":"2025-12-11T08:20:54","guid":{"rendered":"https:\/\/editing.capitalmind.com\/software-valuation-update-q3-2025\/"},"modified":"2026-02-16T13:49:10","modified_gmt":"2026-02-16T12:49:10","slug":"software-valuation-update-q3-2025","status":"publish","type":"post","link":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/","title":{"rendered":"Software valuation update &#8211; Q3 2025"},"content":{"rendered":"\n<p>After two strong quarters, Q3 marked a valuation reset, driven by investor focus on profitability over pure growth. Multiples have converged, rewarding companies that exceed the Rule of 40 benchmark. ERP and HCM illustrate resilience through stickiness and talent-driven demand, while CRM remains the long-term growth leader despite short-term volatility.<\/p>\n\n\n\n<p>For entrepreneurs, balancing growth with margin is now critical to sustain premium valuations, while investors and PE firms should expect continued discipline and position portfolios for a two-speed market. Software remains structurally attractive, but quality &#8211; not category hype &#8211; will likely lead the way in the near future.<\/p>\n\n\n\n<p><strong>EV\/Revenue Development by sub sector: Q3 2019 \u2013 Q3 2025<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"511\" src=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-1-1024x511.png\" alt=\"\" class=\"wp-image-55686\" style=\"width:788px;height:auto\" srcset=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-1-1024x511.png 1024w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-1-800x399.png 800w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-1-768x383.png 768w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-1-1536x766.png 1536w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-1-2048x1022.png 2048w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-1-1x1.png 1w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-1-200x100.png 200w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-1-500x249.png 500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>A few takeaways from the last years:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Valuation spread narrowed <strong>from over 6.0x to less than 3.5x<\/strong>, i.e. sub sectors\u00b4 valuations are converging and experience fewer spikes.<\/li>\n\n\n\n<li><strong>Valuation spreads narrowed<\/strong> as higher rates and the end of \u201cgrowth at any cost\u201d pulled down high-growth names while profitable sub sectors held up. <strong>As business models and KPIs converge, investors apply more uniform lenses<\/strong>, compressing multiples across sub sectors.<\/li>\n\n\n\n<li>Over time, the overall software market was valued on average at 5.0x, the average trading bandwidth lays between 4.0x and 6.5x.<\/li>\n\n\n\n<li>On a sub sector level, <strong>all six sub sectors are currently trading below their <\/strong><strong>historical five year average<\/strong> valuation, while market forecasts indicate an upward trend over the next five years (see Enterprise Software Market 2025-2030); among other things, driven by usual expectations of capital market investors of mean reversion patterns.<\/li>\n\n\n\n<li><strong>ERP currently shows the highest revenue multiple at 5.8x<\/strong>, trading above the overall average and illustrating continued investor confidence in core platforms, supported by high customer stickiness and resilient margins.<a id=\"_msocom_1\"><\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>EV\/Revenue: YoY comparison 10\/2024 \u2013 10\/2025<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"550\" src=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-2-1-1024x550.png\" alt=\"\" class=\"wp-image-56273\" style=\"width:790px;height:auto\" srcset=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-2-1-1024x550.png 1024w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-2-1-800x430.png 800w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-2-1-768x413.png 768w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-2-1-1536x825.png 1536w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-2-1-1x1.png 1w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-2-1-200x107.png 200w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-2-1-500x269.png 500w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-2-1.png 1608w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ERP (-21%)<\/strong>, <strong>CRM (-18%)<\/strong>, <strong>BPM (-14%)<\/strong> and <strong>Accounting &amp; Finance (-22%)<\/strong> experienced the most pronounced reset\u2013 driven by softer growth prospects and a sharper investor focus on profitability.<\/li>\n\n\n\n<li><strong>SCM remained stable (-1%)<\/strong>, indicating a largely unchanged market view on supply-chain software fundamentals.<\/li>\n\n\n\n<li><strong>HCM is the only sub sector with positive momentum (+5%)<\/strong>, in light of scarcity of talent and remote work as likely drivers, reflecting continued demand for efficient and effective workforce and talent management solutions.<\/li>\n<\/ul>\n\n\n\n<p><strong>Revenue growth in % by sub sector: 2020 \u2013 2026E<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"490\" src=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-3-1024x490.png\" alt=\"\" class=\"wp-image-55694\" style=\"width:769px;height:auto\" srcset=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-3-1024x490.png 1024w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-3-800x383.png 800w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-3-768x368.png 768w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-3-1536x735.png 1536w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-3-2048x980.png 2048w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-3-1x1.png 1w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-3-200x96.png 200w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-3-500x239.png 500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CRM maintains the strongest long-term growth trajectory, reaching a forecasted <strong>growth of &gt;25% in FY2026E<\/strong><\/li>\n\n\n\n<li><strong>BPM is the most volatile segment<\/strong>, contracting in FY2024\u2013FY2025 before rebounding as workflow automation investments recover, reflecting its exposure to capex cycles and larger projects that are currently being pursued more cautiously, if at all<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s a two-speed market: fast-growing sub sectors (CRM, HCM, A&amp;F) lead the pack, while foundational platforms (ERP, SCM, BPM) show steadier, more cyclical growth.<\/p>\n\n\n\n<p><strong>Software Valuation Framework: The Rule of 40%<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1669\" height=\"881\" src=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-4-4.png\" alt=\"\" class=\"wp-image-55889\" style=\"width:793px;height:auto\" srcset=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-4-4.png 1669w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-4-4-800x422.png 800w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-4-4-1024x541.png 1024w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-4-4-768x405.png 768w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-4-4-1536x811.png 1536w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-4-4-1x1.png 1w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-4-4-200x106.png 200w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-4-4-500x264.png 500w\" sizes=\"auto, (max-width: 1669px) 100vw, 1669px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>There is a clear <strong>positive link between Rule of 40 performance and EV\/Revenue multiples<\/strong>, signalling that investors continue to reward a strong balance of growth and profitability\u2013 with a <strong>growing bias towards margin quality<\/strong> and capital-efficient growth in the current higher-rate, capital-scarce environment<\/li>\n\n\n\n<li>Companies below the 40% threshold cluster at lower valuation ranges, averaging 3.2x EV\/Revenue and a 15% Rule of 40 score<\/li>\n\n\n\n<li>In contrast, <strong>companies exceeding the 40%<\/strong> benchmark achieve significantly higher valuations, <strong>averaging 6.0x EV\/Revenue with a strong 61% Rule of 40<\/strong> performance.<\/li>\n\n\n\n<li>The upward trendline underscores that high-quality software companies &#8211; those pairing strong growth with solid margins &#8211; command a clear valuation premium.<\/li>\n<\/ul>\n\n\n\n<p><strong>EBITDA-margin by sub sector: 2020 to 2025 (in %)<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"524\" src=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-5-1024x524.png\" alt=\"\" class=\"wp-image-55706\" style=\"width:781px;height:auto\" srcset=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-5-1024x524.png 1024w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-5-800x409.png 800w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-5-768x393.png 768w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-5-1536x786.png 1536w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-5-2048x1048.png 2048w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-5-1x1.png 1w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-5-200x102.png 200w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-5-500x256.png 500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ERP<\/strong> maintains strong and stable profitability, with margins consistently in the <strong>22-28%<\/strong> range and a sector average of <strong>25.1%<\/strong>, reflecting high standardisation and robust customer retention. Systems are deeply rooted in the organizations, high margins are achievable.<\/li>\n\n\n\n<li><strong>SCM<\/strong> remains the lowest-margin category with averages around <strong>19.1%<\/strong>, reflecting heavier integration requirements and lower pricing power.<\/li>\n<\/ul>\n\n\n\n<p>Profitability is most resilient in standardised, sticky sub sectors (HCM, A&amp;F, ERP), while CRM, BPM, and SCM face structurally thinner margins due to integration and service intensity.<\/p>\n\n\n\n<p><strong>The Enterprise Software Market by sub sector, 2025-2030<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"593\" src=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-6-1024x593.png\" alt=\"\" class=\"wp-image-55711\" style=\"width:767px;height:auto\" srcset=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-6-1024x593.png 1024w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-6-800x464.png 800w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-6-768x445.png 768w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-6-1536x890.png 1536w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-6-2048x1187.png 2048w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-6-1x1.png 1w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-6-200x116.png 200w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/Grafik-6-500x290.png 500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>overall enterprise software market almost doubles<\/strong> from $247bn (2025) to $464bn (2030) (~13.5% CAGR)<\/li>\n\n\n\n<li><strong>ERP ($71bn) and CRM ($82.4bn) remain the largest sub sectors<\/strong>, supported by digital transformation and embedded AI<\/li>\n\n\n\n<li><strong>BPM is the fastest-growing segment<\/strong>, expected to grow at ~20% CAGR to $61.2bn, reflecting a shift toward workflow orchestration and automation<\/li>\n\n\n\n<li>SCM (11% CAGR) and HCM (13% CAGR) also expand strongly as firms focus on supply-chain resilience and workforce optimization<\/li>\n\n\n\n<li>Accounting software grows slower (8% CAGR), indicating a more mature, commoditized market<\/li>\n<\/ul>\n\n\n\n<p>Overall, process- and automation-centric sub sectors (BPM, CRM, ERP) are positioned to capture disproportionate value.<\/p>\n\n\n\n<p><strong>Investec Software Index vs. S&amp;P500<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"564\" src=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/grafik-7-1024x564.png\" alt=\"\" class=\"wp-image-55715\" style=\"width:755px;height:auto\" srcset=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/grafik-7-1024x564.png 1024w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/grafik-7-800x441.png 800w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/grafik-7-768x423.png 768w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/grafik-7-1536x847.png 1536w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/grafik-7-2048x1129.png 2048w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/grafik-7-1x1.png 1w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/grafik-7-200x110.png 200w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/grafik-7-500x276.png 500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>Investec Software Index has consistently outperformed the S&amp;P 500<\/strong>, reflecting not only the sector\u2019s superior long-term growth profile but also the resilience of sticky, recurring-revenue models and stable margins, particularly in periods of macro uncertainty such as COVID-19<\/li>\n\n\n\n<li>Key Highlights include:<ul><li>With a positive January spread (highlighted in orange) in most years, ranging from 4% to 22%, underscores the sector\u2019s ability to sustain a clear valuation premium versus the broader market.<\/li><\/ul>\n<ul class=\"wp-block-list\">\n<li>Overall, the index trend confirms that software remains a structurally attractive asset class, supported by durable growth, high-margin economics, and sustained investor demand.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>The Investec Software Index tracks daily developments in segments such as ERP, CRM, BPM, SCM, HCM and Accounting&amp;Finance. The index includes valuations, growth projections, profitability margins and other metrics. You can find more information on our <a href=\"https:\/\/www.investec.com\/advisory\/news-insights\/\" target=\"_blank\" rel=\"noreferrer noopener\">website.<\/a><\/p>\n\n\n\n<p>Investec has a senior sector team in Technology, who are experienced experts in selling, buying, and financing businesses.<\/p>\n\n\n\n<p>If you have questions and would like to know more about valuations, buyer activity and current opportunities in the market \u2013 please get in touch:<\/p>\n\n\n\n<p><a href=\"mailto: Oliver.Andrews@investec.co.uk\" target=\"_blank\" rel=\"noreferrer noopener\">Oliver Andrews<\/a>, <a href=\"mailto: ron.belt@investec.com\">Ron Belt<\/a>, <a href=\"mailto: jean-arthur.dattee@investec.com\">Jean-Arthur Datt\u00e9e<\/a>, <a href=\"mailto: thomas.ellenberger@investec.com\">Thomas Ellenberger<\/a>, <a href=\"mailto: arne.laarveld@investec.com\">Arne Laarveld<\/a>, <a href=\"mailto: sebastian.lawrence@investec.com\">Sebastian Lawrence<\/a>, <a href=\"mailto: mirko.nikkels@investec.com\">Mirko Nikkels<\/a>, <a href=\"mailto: maurits.odekerken@investec.com\">Maurits Odekerken<\/a>, <a href=\"mailto: oliver.reinecker@investec.com\">Oliver Reinecker<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After two strong quarters, Q3 marked a valuation reset, driven by investor focus on profitability over pure growth. Multiples have&#8230;<\/p>\n","protected":false},"author":17,"featured_media":55730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"inline_featured_image":false,"footnotes":""},"categories":[3801],"tags":[],"news-event-type":[],"dealtype":[],"class_list":["post-55922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sectornews-de","ps-tmt-de"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Software valuation update - Q3 2025 | Investec Business Advisory<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Software valuation update - Q3 2025 | Investec Business Advisory\" \/>\n<meta property=\"og:description\" content=\"After two strong quarters, Q3 marked a valuation reset, driven by investor focus on profitability over pure growth. Multiples have...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Investec Business Advisory\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-11T08:20:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-16T12:49:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/shutterstock_1240395943-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1741\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kavita Datta Chaudhuri\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Verfasst von\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kavita Datta Chaudhuri\" \/>\n\t<meta name=\"twitter:label2\" content=\"Gesch\u00e4tzte Lesezeit\" \/>\n\t<meta name=\"twitter:data2\" content=\"6\u00a0Minuten\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/\"},\"author\":{\"name\":\"Kavita Datta Chaudhuri\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/#\\\/schema\\\/person\\\/1bcc4094d811f25a87ae1e015f19781e\"},\"headline\":\"Software valuation update &#8211; Q3 2025\",\"datePublished\":\"2025-12-11T08:20:54+00:00\",\"dateModified\":\"2026-02-16T12:49:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/\"},\"wordCount\":945,\"publisher\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/wp-content\\\/uploads\\\/2025\\\/12\\\/shutterstock_1240395943-scaled.jpg\",\"articleSection\":[\"Sektor und Produkt Insights\"],\"inLanguage\":\"de\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/\",\"url\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/\",\"name\":\"Software valuation update - Q3 2025 | Investec Business Advisory\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/wp-content\\\/uploads\\\/2025\\\/12\\\/shutterstock_1240395943-scaled.jpg\",\"datePublished\":\"2025-12-11T08:20:54+00:00\",\"dateModified\":\"2026-02-16T12:49:10+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/#breadcrumb\"},\"inLanguage\":\"de\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"de\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/wp-content\\\/uploads\\\/2025\\\/12\\\/shutterstock_1240395943-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/wp-content\\\/uploads\\\/2025\\\/12\\\/shutterstock_1240395943-scaled.jpg\",\"width\":2560,\"height\":1741,\"caption\":\"shutterstock_1240395943.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/software-valuation-update-q3-2025\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Software valuation update &#8211; Q3 2025\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/#website\",\"url\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/\",\"name\":\"Investec Business Advisory\",\"description\":\"Investec Business Advisory\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"de\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/#organization\",\"name\":\"Capitalmind Investec\",\"url\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"de\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/Logo_Investec_cmjn_6.jpg\",\"contentUrl\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/Logo_Investec_cmjn_6.jpg\",\"width\":1120,\"height\":1121,\"caption\":\"Capitalmind Investec\"},\"image\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/company\\\/capitalmind---corporate-finance-advisory\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UC4bVt7iNejh8tGT6Qfa9R4w\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/#\\\/schema\\\/person\\\/1bcc4094d811f25a87ae1e015f19781e\",\"name\":\"Kavita Datta Chaudhuri\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"de\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/08c4c10f6742fd81b9f65fccc841eaa2a13f44e4dee73615cee683b492245f3f?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/08c4c10f6742fd81b9f65fccc841eaa2a13f44e4dee73615cee683b492245f3f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/08c4c10f6742fd81b9f65fccc841eaa2a13f44e4dee73615cee683b492245f3f?s=96&d=mm&r=g\",\"caption\":\"Kavita Datta Chaudhuri\"},\"url\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/author\\\/kavitachaudhuri\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Software valuation update - Q3 2025 | Investec Business Advisory","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/","og_locale":"de_DE","og_type":"article","og_title":"Software valuation update - Q3 2025 | Investec Business Advisory","og_description":"After two strong quarters, Q3 marked a valuation reset, driven by investor focus on profitability over pure growth. Multiples have...","og_url":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/","og_site_name":"Investec Business Advisory","article_published_time":"2025-12-11T08:20:54+00:00","article_modified_time":"2026-02-16T12:49:10+00:00","og_image":[{"width":2560,"height":1741,"url":"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/shutterstock_1240395943-scaled.jpg","type":"image\/jpeg"}],"author":"Kavita Datta Chaudhuri","twitter_card":"summary_large_image","twitter_misc":{"Verfasst von":"Kavita Datta Chaudhuri","Gesch\u00e4tzte Lesezeit":"6\u00a0Minuten"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/#article","isPartOf":{"@id":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/"},"author":{"name":"Kavita Datta Chaudhuri","@id":"https:\/\/www.investec.com\/advisory\/de\/#\/schema\/person\/1bcc4094d811f25a87ae1e015f19781e"},"headline":"Software valuation update &#8211; Q3 2025","datePublished":"2025-12-11T08:20:54+00:00","dateModified":"2026-02-16T12:49:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/"},"wordCount":945,"publisher":{"@id":"https:\/\/www.investec.com\/advisory\/de\/#organization"},"image":{"@id":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/shutterstock_1240395943-scaled.jpg","articleSection":["Sektor und Produkt Insights"],"inLanguage":"de"},{"@type":"WebPage","@id":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/","url":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/","name":"Software valuation update - Q3 2025 | Investec Business Advisory","isPartOf":{"@id":"https:\/\/www.investec.com\/advisory\/de\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/#primaryimage"},"image":{"@id":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/shutterstock_1240395943-scaled.jpg","datePublished":"2025-12-11T08:20:54+00:00","dateModified":"2026-02-16T12:49:10+00:00","breadcrumb":{"@id":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/#breadcrumb"},"inLanguage":"de","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/"]}]},{"@type":"ImageObject","inLanguage":"de","@id":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/#primaryimage","url":"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/shutterstock_1240395943-scaled.jpg","contentUrl":"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2025\/12\/shutterstock_1240395943-scaled.jpg","width":2560,"height":1741,"caption":"shutterstock_1240395943.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.investec.com\/advisory\/de\/software-valuation-update-q3-2025\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investec.com\/advisory\/de\/"},{"@type":"ListItem","position":2,"name":"Software valuation update &#8211; Q3 2025"}]},{"@type":"WebSite","@id":"https:\/\/www.investec.com\/advisory\/de\/#website","url":"https:\/\/www.investec.com\/advisory\/de\/","name":"Investec Business Advisory","description":"Investec Business Advisory","publisher":{"@id":"https:\/\/www.investec.com\/advisory\/de\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investec.com\/advisory\/de\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"de"},{"@type":"Organization","@id":"https:\/\/www.investec.com\/advisory\/de\/#organization","name":"Capitalmind Investec","url":"https:\/\/www.investec.com\/advisory\/de\/","logo":{"@type":"ImageObject","inLanguage":"de","@id":"https:\/\/www.investec.com\/advisory\/de\/#\/schema\/logo\/image\/","url":"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2020\/01\/Logo_Investec_cmjn_6.jpg","contentUrl":"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2020\/01\/Logo_Investec_cmjn_6.jpg","width":1120,"height":1121,"caption":"Capitalmind Investec"},"image":{"@id":"https:\/\/www.investec.com\/advisory\/de\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/capitalmind---corporate-finance-advisory","https:\/\/www.youtube.com\/channel\/UC4bVt7iNejh8tGT6Qfa9R4w"]},{"@type":"Person","@id":"https:\/\/www.investec.com\/advisory\/de\/#\/schema\/person\/1bcc4094d811f25a87ae1e015f19781e","name":"Kavita Datta Chaudhuri","image":{"@type":"ImageObject","inLanguage":"de","@id":"https:\/\/secure.gravatar.com\/avatar\/08c4c10f6742fd81b9f65fccc841eaa2a13f44e4dee73615cee683b492245f3f?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/08c4c10f6742fd81b9f65fccc841eaa2a13f44e4dee73615cee683b492245f3f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/08c4c10f6742fd81b9f65fccc841eaa2a13f44e4dee73615cee683b492245f3f?s=96&d=mm&r=g","caption":"Kavita Datta Chaudhuri"},"url":"https:\/\/www.investec.com\/advisory\/de\/author\/kavitachaudhuri\/"}]}},"_links":{"self":[{"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/posts\/55922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/comments?post=55922"}],"version-history":[{"count":0,"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/posts\/55922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/media\/55730"}],"wp:attachment":[{"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/media?parent=55922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/categories?post=55922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/tags?post=55922"},{"taxonomy":"news-event-type","embeddable":true,"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/news-event-type?post=55922"},{"taxonomy":"dealtype","embeddable":true,"href":"https:\/\/www.investec.com\/advisory\/de\/wp-json\/wp\/v2\/dealtype?post=55922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}