In 2025, the Industry-specific Applications subsector remained the largest by volume in terms of M&A activity, the same as 2024, with 265 deals representing about 14% of total transactions. It was followed by CRM with 12% of transaction volumes, IT Services with 11% and ERP with 10%. Other AI subsectors in high demand include Information Management, Business Intelligence, Security, Application Development & Deployment, Control Systems, and Supply Chain Management.

AI companies in the Infrastructure Management sector achieved the highest disclosed median multiple at a striking 20.6 times revenue followed closely by Business Intelligence at 14.2 times revenue and Security at 11.4 times revenue. Other sectors in high demand were Enterprise Resource Planning, Customer Relation Management, Industry-specific Applications, Advertising Enablement, Information Management, Internet Content & Commerce, and IT Services.

The largest disclosed deal value in the AI sector was $25 billion with a median disclosed M&A deal size of $50 million. Additionally, 73% of AI sellers utilized a SaaS business model as buyers appreciated the subscription-like nature the revenues of those companies have.