Buyer landscape
Likely buyers · SaaS in Germany.
Prepared 2026-09-29 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 361 verified exits: 20% to sponsors, 78% to corporates and platforms, 1% via IPO, 2% other routes. Route shift since 2020: sponsors 19% (was 24%), corporates and platforms 79% (was 74%), IPO 0% (was 3%).
The list: 24 Tier 1 · 1 Tier 2 of 120 matched buyers, including 12 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.
Financial buyers · 25
Tier 1 · Very High · score 70+
1. AFINUM Management GmbH SponsorVery High94
14 platform investments in Software & IT · 24 in Germany · 9 deals 2024–26
AFINUM X Buyout (2026) · 2026 vintage · deploying · check €10-75M
2 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.
Backed Fairbanks, 2026 · SaaS, Netherlands
2. Hg SponsorVery High93
49 platform investments in Software & IT · 19 in Germany · 22 deals 2024–26
AUM €69.0B · Hg Mercury 4 · 2023 vintage · deploying · check €48-360M
24 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.
Backed OneStream, 2026 · SaaS, US
3. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High90
18 platform investments in Software & IT · 32 in Germany · 15 deals 2024–26
AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M
4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.
Backed SnelStart, 2025 · SaaS, Netherlands
4. BID Equity Continuation Fund I SCSp SponsorVery High90
23 platform investments in Software & IT · 22 in Germany · 15 deals 2024–26
AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M
Accelerating: 13 deals in the last 2 years vs 2.8/yr before.
Bought Bmobile from BID Equity, 2025 · SaaS, France
5. Oakley Capital SponsorVery High89
15 platform investments in Software & IT · 15 in Germany · 20 deals 2024–26
AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M
10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Bought Senef from Isatis Capital, 2026 · SaaS, France
6. EQT SponsorVery High87
40 platform investments in Software & IT · 40 in Germany · 51 deals 2024–26
AUM €291.0B · EQT X · 2023 vintage · deploying · check €440M-3.3B
53 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.
Backed Mews, 2026 · SaaS, Netherlands
7. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High87
15 platform investments in Software & IT · 13 in Germany · 19 deals 2024–26
AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M
10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Blinq, 2025 · SaaS, Australia
8. BU Bregal Unternehmerkapital SponsorVery High87
17 platform investments in Software & IT · 32 in Germany · 14 deals 2024–26
AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M
4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.
Backed SnelStart, 2025 · SaaS, Netherlands
9. BID Equity SponsorVery High87
19 platform investments in Software & IT · 19 in Germany · 10 deals 2024–26
AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M
8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.
Backed Bmobile, 2025 · SaaS, France
10. Maguar Capital SponsorVery High85
5 platform investments in Software & IT · 9 in Germany · 7 deals 2024–26
AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M
7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.
Backed Schlafender Hase, 2026 · SaaS, Germany
11. Deutsche Beteiligungs SponsorVery High84
13 platform investments in Software & IT · 80 in Germany · 10 deals 2024–26
AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M
9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.
Backed Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland
12. Adelis Equity Partners SponsorVery High84
13 platform investments in Software & IT · 6 in Germany · 10 deals 2024–26
Adelis Equity Partners Fund IV · 2024 vintage · deploying · check €32-242M
4 platform investments since the 2024 vintage · mid-deployment vs its usual 7 per fund.
Backed Btwentyfour, 2024 · SaaS, Sweden
13. EOS Partners SponsorVery High84
4 platform investments in Software & IT · 12 in Germany · 4 deals 2024–26
AUM €500M · EOS Fund II · 2023 vintage · deploying · check €6-47M
4 platform investments since the 2023 vintage · mid-deployment vs its usual 7 per fund.
Backed Drooms, 2026 · SaaS, Germany
14. Maguar Capital Partners SponsorVery High84
4 platform investments in Software & IT · 7 in Germany · 6 deals 2024–26
AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M
7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.
Backed Schlafender Hase, 2026 · SaaS, Germany
15. Deutsche Beteiligungs AG SponsorVery High83
12 platform investments in Software & IT · 85 in Germany · 9 deals 2024–26
AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M
9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.
Backed Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland
16. Capmont SponsorVery High83
16 platform investments in Software & IT · 32 in Germany · 17 deals 2024–26
Capmont Technology Fund · 2024 vintage · deploying · check €2-15M
17 platform investments since the 2024 vintage · largely deployed vs its usual 15 per fund.
Backed Deeploi, 2025 · SaaS, Germany
17. Apax Partners SponsorVery High82
35 platform investments in Software & IT · 6 in Germany · 21 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed DLRdmv, 2025 · SaaS, US
18. Apax Partners (with NewAlpha) SponsorVery High82
30 platform investments in Software & IT · 6 in Germany · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed DLRdmv, 2025 · SaaS, US
19. Apax Partners and Inova Capital SponsorVery High82
29 platform investments in Software & IT · 6 in Germany · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed DLRdmv, 2025 · SaaS, US
20. Apax Partners and JMI Equity SponsorVery High82
29 platform investments in Software & IT · 6 in Germany · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed DLRdmv, 2025 · SaaS, US
21. Apax Partners SAS SponsorVery High82
29 platform investments in Software & IT · 6 in Germany · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed DLRdmv, 2025 · SaaS, US
22. Axcel SponsorVery High82
21 platform investments in Software & IT · 1 in Germany · 14 deals 2024–26
Axcel VII · 2023 vintage · deploying · check €26-194M
15 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.
Backed SuperOffice, 2025 · SaaS, Norway
23. Cipio Partners SponsorVery High82
19 platform investments in Software & IT · 9 in Germany · 8 deals 2024–26
Cipio Partners Fund VIII · 2021 vintage · partially deployed · check €4-30M
Accelerating: 6 deals in the last 2 years vs 1.8/yr before.
Backed Giraffe360, 2026 · SaaS, UK
Tier 2 · High · score 50+
24. Visma PE-backedHigh81
164 acquisitions in Software & IT · 6 in Germany · 55 deals 2024–26 · add-on program under General Atlantic / Hg
Platform held 6 yrs · likely exiting
Active in Germany since 2023.
Added on MaisMei, 2026 · SaaS, Brazil
Tier 1 · Very High · score 70+
25. Isai Gestion SponsorVery High81
61 platform investments in Software & IT · 1 in Germany · 32 deals 2024–26
AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M
25 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.
Backed Synera, 2026 · SaaS, Germany
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.