Software buyout deals have collapsed to the lowest levels since the Covid-19 pandemic, as the threat of AI disruption paralyses dealmaking in a sector that last year was one of the hottest targets for private equity firms.
In a sign of how rapidly advances in AI are forcing buyout firms to rethink the sector’s future, the value of software deals fell to $50bn in the first five months of 2026, from $88bn in the same period last year, according to PitchBook data analysed by the FT.
It marks the lowest total for the first five months of a year since 2020, when the pandemic unleashed turmoil in financial markets and hammered the global economy.
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