Boston is one of the most active technology M&A markets in the US, with strong deal flow in SaaS, AI, cybersecurity, defense tech, and enterprise software. This list covers 11 active technology M&A advisors in 2026 - deal sizes, sector focus, and verified recent transactions.
Boston technology M&A in 2026
Global M&A deal value reached approximately $4.5 trillion in 2025, up 40% year-over-year. Technology was the leading sector by deal value, driven by AI infrastructure, SaaS consolidation, and cybersecurity platform buildouts.
Boston is the second-largest tech M&A hub in the US after San Francisco, with active PE and strategic deal flow across enterprise software, cloud infrastructure, fintech, and defense technology. AGC Partners has been named the most active technology M&A boutique investment banking firm every year from 2009 through 2025.
Set up an Ellty data room before your first advisor conversation. Technology buyers check source code access policies, customer contract terms, and IP ownership before sending an LOI.
Ellty's NDA management features let you control which buyers access your source code documentation and technical architecture during the diligence process.
What separates Boston tech M&A advisors
Boston tech M&A advisors have live relationships inside the PE firms that matter - TA Associates, Summit Partners, General Atlantic, Thoma Bravo. Advisors who already know these firms' sector investment theses get better pricing and better process control.
AGC Partners closed 28 technology deals in 2025 - 14 PE and 14 strategic acquisitions. They've signed 20 engagements in 2026 YTD, a new record. Shea & Company has advised on $50B+ in software transactions since 2005 and advised on the acquisition of Raken by Sverica Capital in September 2025.
Technology diligence in Boston centers on ARR quality, churn, net revenue retention, and customer concentration. Advisors who know how software buyers read metrics can prep your data room to minimize repricing risk.
| Advisor | Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|---|
| AGC Partners | AGC Partners | Both | $50M-$1B+ | SaaS, AI, cybersecurity, GRC, fintech, vertical software, defense tech | agcpartners.com |
| Shea & Company | Shea & Company | Both | $25M-$500M | Enterprise software, SaaS, B2B software, vertical software, software-enabled services | sheaco.com |
| Bowen Advisors | Bowen Advisors | Both | $10M-$250M | Cloud, cybersecurity, defense tech, healthcare IT, sustainability tech | boweninc.com |
| Progress Partners | Progress Partners | Both | $10M-$200M | Digital media, adtech, martech, SaaS, digital health, commerce tech | progresspartners.com |
| Houlihan Lokey (Technology) | Houlihan Lokey (Technology) | Both | $100M-$5B+ | Enterprise software, SaaS, AI, cybersecurity, fintech, tech-enabled services | hl.com |
| William Blair (Technology) | William Blair (Technology) | Both | $50M-$2B+ | Enterprise software, fintech, health IT, defense tech, payments | williamblair.com |
| Piper Sandler (Technology) | Piper Sandler (Technology) | Both | $50M-$2B+ | Software, cybersecurity, fintech, payments, government IT | pipersandler.com |
| Lincoln International (Technology) | Lincoln International (Technology) | Both | $50M-$1B+ | Tech-enabled services, SaaS, enterprise software, IT services, digital infrastructure | lincolninternational.com |
| Jefferies (Technology) | Jefferies (Technology) | Both | $200M-$5B+ | Enterprise software, cloud, AI, semiconductors, digital infrastructure | jefferies.com |
| Raymond James (Technology) | Raymond James (Technology) | Both | $25M-$1B+ | Technology, software, IT services, cybersecurity, tech-enabled services | raymondjames.com |
| BellMark Partners | BellMark Partners | Both | $5M-$100M | Business & technology services, SaaS, software-enabled services, tech-enabled business services | bellmarkpartners.com |
How to verify a Boston tech advisor's software deal record
Ask for a closed deal list with software company names, deal sizes, and buyer types from the last 24 months. A credible Boston tech M&A advisor closes 10+ software transactions per year with named buyers.
Check whether the advisor has sold to both PE platforms and strategic software acquirers. Selling to Thoma Bravo is structurally different from selling to Salesforce. Advisors who've done both know what each buyer demands in diligence.
Ask specifically which advisor on the team will run your deal day-to-day. At large banks, the Managing Director who pitches often hands execution to a junior associate. Get the deal team in writing before signing an engagement letter.
Use Ellty to prepare your software IP documentation before buyer meetings. Read the software M&A diligence guide to understand what technology buyers check before making a bid.
Look at the Boston M&A advisors overview for the full Boston advisory landscape before narrowing to technology-specific firms.
Running a software M&A process in Boston?
Organize your code, IP, and customer contracts before software buyers start diligence.
Start free 14-day trialWhat technology buyers check first in software diligence
Software buyers in Boston run a predictable diligence playbook. Financial quality (ARR, NRR, churn, CAC) is the first check. Technical diligence (code quality, architecture, security posture) follows immediately.
Buyers check customer concentration before anything else in the P&L. If your top 3 customers represent more than 50% of ARR, expect repricing conversations at LOI. Your advisor should know this before running the process.
Net revenue retention above 110% commands the highest multiples in SaaS M&A. Buyers who find NRR below 100% - meaning customers are churning net - reprice the deal significantly or walk.
Prepare your technical documentation before going to market. Buyers want API documentation, security certifications (SOC 2, ISO 27001), and architecture diagrams in the data room before management presentations.
Use Ellty to share your technical documentation securely with software buyers who are under NDA. Staged access by diligence phase keeps your proprietary IP protected through the process.
| Metric | What buyers want | What buyers reprice for | |
|---|---|---|---|
| ARR | ARR | $5M-$100M+ with predictable growth | Declining ARR or revenue restatements |
| NRR | Net Revenue Retention | 110%+ signals best-in-class expansion | Below 100% signals net churn problem |
| Customer Concentration | Customer Concentration | No customer above 20% of ARR | Top 3 customers above 50% of ARR |
| Gross Margin | Gross Margin | 70%+ for SaaS, 50%+ for tech-enabled services | Below 50% gross margin with high COGS |
| Security | Security Posture | SOC 2 Type II or ISO 27001 certified | No security certification, prior breaches |
| IP Ownership | IP Ownership | Clean IP ownership with signed assignments | IP disputes, unassigned contractor work product |
11 Boston technology M&A advisors in 2026
These firms are active in SaaS, enterprise software, AI, cybersecurity, cloud, and tech-enabled services M&A in Boston in 2026.
1. AGC Partners
AGC Partners is the most active technology M&A boutique investment banking firm in the US, named No. 1 by deal volume every year from 2009 through 2025. They closed 28 technology deals in 2025 - 14 PE-platform and 14 strategic acquisitions. AGC signed 20 engagements in 2026 YTD, a new record. In 2025, AGC advised on the Protecht US $280M investment from PSG across GRC, LegalTech, and Vertical SaaS, and the GetVisibility acquisition by Forcepoint in cybersecurity.
Recent Deals: Advised on Protecht US $280M investment from PSG (GRC/LegalTech/Vertical SaaS, 2025). Advised on GetVisibility acquisition by Forcepoint (cybersecurity, 2025). Closed 28 total deals in 2025.
LinkedIn: AGC Partners on LinkedIn
Sector Focus: SaaS, AI, cybersecurity, GRC, fintech, vertical software, defense tech, data and analytics
Deal Type: Both
Deal Size: $50M-$1B+
Location: Boston, MA (headquarters, 9 global offices)
Website: agcpartners.com
2. Shea & Company
Shea & Company is a Boston-based software-only investment bank with $50B+ in completed transactions since its founding in 2005. They focus exclusively on enterprise software, SaaS, and B2B software at deal sizes from $25M to $500M. Their differentiator is senior bankers running deals - no handoff to junior associates. In September 2025, Shea & Company advised on the acquisition of Raken by Sverica Capital Management.
Recent Deals: Advised on Raken acquisition by Sverica Capital Management (September 2025). Advised on Red Gate Software funding round (January 2026). Completed 151 total deals including 115 M&A transactions since founding.
LinkedIn: Shea & Company on LinkedIn
Sector Focus: Enterprise software, SaaS, B2B software, vertical software, software-enabled services
Deal Type: Both
Deal Size: $25M-$500M
Location: Boston, MA (headquarters, San Francisco office)
Website: sheaco.com
3. Bowen Advisors
Bowen Advisors is a Boston-based growth tech investment bank founded in 2002, focused exclusively on cloud, cybersecurity, defense tech, healthcare IT, and sustainability sectors. They most recently advised VISO TRUST on a 2026 transaction. Bowen's tech-only focus and 139 lifetime deals give Boston software founders access to a buyer network built exclusively around technology acquirers.
Recent Deals: Advised VISO TRUST on a transaction (2026). Active in cloud, cybersecurity, and defense tech M&A advisory through 2025-2026 with 28+ closed M&A deals.
LinkedIn: Bowen Advisors on LinkedIn
Sector Focus: Cloud, cybersecurity, defense tech, healthcare IT, sustainability, industrial technology
Deal Type: Both
Deal Size: $10M-$250M
Location: Boston, MA (headquarters, national coverage)
Website: boweninc.com
4. Progress Partners
Progress Partners is a Boston-based boutique focused on digital media, adtech, martech, SaaS, digital health, and commerce technology. Their focus on digital and technology-enabled services fills a gap in the Boston tech M&A market not covered by the software-only boutiques. Progress Partners' sector specialization gives digital media and commerce tech founders access to buyers that traditional software advisors don't cover.
Recent Deals: Active in digital media, adtech, and SaaS M&A through 2025-2026 with a dedicated Boston presence and focus on digital technology sectors.
LinkedIn: Progress Partners on LinkedIn
Sector Focus: Digital media, adtech, martech, SaaS, digital health, commerce technology
Deal Type: Both
Deal Size: $10M-$200M
Location: Boston, MA (headquarters)
Website: progresspartners.com
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Start free 14-day trial5. Houlihan Lokey (Technology)
Houlihan Lokey's Technology Group is the No. 1 technology M&A advisory team globally by LSEG data, with approximately 150 technology finance professionals and 25+ Managing Directors. Their Boston technology practice covers enterprise software, SaaS, AI, cybersecurity, and fintech with global buyer access. Houlihan Lokey's deal volume gives Boston tech founders real-time pricing data across every software sub-sector.
Recent Deals: Active in enterprise software, SaaS, AI, and cybersecurity M&A through 2025-2026 as the No. 1 global technology M&A advisor by deal volume.
LinkedIn: Houlihan Lokey on LinkedIn
Sector Focus: Enterprise software, SaaS, AI, cybersecurity, fintech, tech-enabled services
Deal Type: Both
Deal Size: $100M-$5B+
Location: Boston, MA (office, global network)
Website: hl.com
6. William Blair (Technology)
William Blair runs an active technology M&A practice covering enterprise software, fintech, health IT, defense tech, and payments. Their Boston tech team provides access to both PE and strategic buyers across the Northeast. William Blair completed its 17th healthcare technology advisory deal in 2025, reflecting the depth of their coverage in tech-adjacent sectors active in the Boston market.
Recent Deals: Completed 17 healthcare technology M&A advisory deals in 2025. Advised KKR on recapitalization of DentalXChange (health IT, 2025). Advised PrimeRx on its sale to RedSail Technologies.
LinkedIn: William Blair on LinkedIn
Sector Focus: Enterprise software, fintech, health IT, defense tech, payments, digital infrastructure
Deal Type: Both
Deal Size: $50M-$2B+
Location: Boston, MA (office, national network)
Website: williamblair.com
7. Piper Sandler (Technology)
Piper Sandler covers software, cybersecurity, fintech, payments, and government IT with a research-informed approach that gives Boston tech founders real-time buyer sentiment data. Their Boston team covers both PE-backed exits and strategic acquisitions. Piper Sandler is particularly active in fintech and payments M&A across the Northeast.
Recent Deals: Active in software, cybersecurity, fintech, and payments M&A through 2025-2026 with dedicated Boston coverage and a research-backed advisory process.
LinkedIn: Piper Sandler on LinkedIn
Sector Focus: Software, cybersecurity, fintech, payments, government IT, financial technology
Deal Type: Both
Deal Size: $50M-$2B+
Location: Boston, MA (East Coast office, national network)
Website: pipersandler.com
8. Lincoln International (Technology)
Lincoln International's technology practice covers tech-enabled services, SaaS, enterprise software, IT services, and digital infrastructure with cross-border buyer access. Their global network gives Boston software founders access to European strategic acquirers - particularly relevant for enterprise software businesses with international customer bases.
Recent Deals: Active in tech-enabled services, SaaS, and enterprise software M&A through 2025-2026 with global buyer access and Northeast coverage.
LinkedIn: Lincoln International on LinkedIn
Sector Focus: Tech-enabled services, SaaS, enterprise software, IT services, digital infrastructure
Deal Type: Both
Deal Size: $50M-$1B+
Location: Boston, MA (East Coast coverage, Chicago headquarters)
Website: lincolninternational.com
9. Jefferies (Technology)
Jefferies has a large global technology investment banking practice covering enterprise software, cloud, AI, semiconductors, and digital infrastructure. Their global buyer network gives Boston founders access to Japanese, Korean, and European strategic acquirers that most US boutiques can't reach. Jefferies is the right firm for Boston tech businesses where international strategic buyer interest creates premium valuation optionality.
Recent Deals: Active in enterprise software, cloud, AI, and digital infrastructure M&A through 2025-2026 with global buyer access and East Coast office presence.
LinkedIn: Jefferies on LinkedIn
Sector Focus: Enterprise software, cloud, AI, semiconductors, digital infrastructure
Deal Type: Both
Deal Size: $200M-$5B+
Location: Boston, MA (East Coast office, global network)
Website: jefferies.com
10. Raymond James (Technology)
Raymond James covers technology, software, IT services, and cybersecurity with a research-informed advisory approach. Their Boston tech team pairs M&A advisory with equity research coverage to give founders complete buyer market visibility. Raymond James handles both founder-owned exits and PE-backed platform sales in the Boston tech market.
Recent Deals: Active in technology, software, and IT services M&A through 2025-2026 with East Coast coverage and research-backed advisory process.
LinkedIn: Raymond James on LinkedIn
Sector Focus: Technology, software, IT services, cybersecurity, tech-enabled services
Deal Type: Both
Deal Size: $25M-$1B+
Location: Boston, MA (East Coast office, national network)
Website: raymondjames.com
11. BellMark Partners
BellMark Partners is a Boston-based boutique covering business and technology services, SaaS, and software-enabled services at the lower-middle market. In December 2025, BellMark served as exclusive financial advisor to Vital Delivery Solutions on its sale to Copley Equity Partners. Their lower-middle market focus gives Boston software founders below the minimum deal size thresholds of larger banks access to a quality advisory process.
Recent Deals: Served as exclusive financial advisor to Vital Delivery Solutions on its sale to Copley Equity Partners (December 2025). Active in business and technology services M&A through 2025-2026.
LinkedIn: BellMark Partners on LinkedIn
Sector Focus: Business & technology services, SaaS, software-enabled services, tech-enabled business services
Deal Type: Both
Deal Size: $5M-$100M
Location: Boston, MA (headquarters)
Website: bellmarkpartners.com
How PE firms value Boston software companies
Boston PE firms running software consolidations in 2026 focus on three things: ARR quality and predictability, technical moat depth, and management team retention post-close.
ARR predictability matters more than ARR size. PE buyers who see multi-year customer contracts with auto-renewal terms pay premiums over buyers who see month-to-month customers. Your advisor needs to know how to present your contract structure.
Technical moat - proprietary algorithms, patented technology, deep data network effects - is what separates commodity software from defensible software. Buyers pay higher multiples for software that's hard to rebuild. Document your technical differentiation before going to market.
Use Ellty for your business data room to organize your ARR metrics, customer contract files, and technical documentation in a format that PE buyers can review efficiently.
How to time a Boston tech M&A process
Software M&A timing is driven by company metrics momentum. Founders who go to market while ARR growth is accelerating get better valuations than founders who wait until growth plateaus.
The best time to run a Boston tech M&A process is when you have 6-12 months of accelerating ARR growth, a clear competitive moat, and a management team ready to stay post-close. Don't wait until growth slows.
Your advisor will tell you to wait for another quarter of metrics. Sometimes that's right. Sometimes it's wrong and the window closes. Get a second opinion from a different Boston tech advisor before deciding to delay.
Read the funding guide to understand how PE firms and strategic buyers think about software company valuations before starting your Boston tech M&A process.
How Ellty helps you run a Boston technology M&A process
Once you have your advisor, organize your IP and ARR documentation. Boston tech buyers start diligence with financial metrics and technical documentation review.
- 1.Upload ARR metrics, IP records, and customer contractsLoad financial documentation and IP ownership records before buyer outreach.
- 2.Stage access by NDA tier and buyer typeControl which buyers see your source code and technical architecture.
- 3.Track which buyers review your diligence filesSee which PE firms and strategics access your ARR and churn data in real time.
Common questions about Boston technology M&A advisors
- AGC Partners is the most active technology M&A boutique by deal volume, named No. 1 every year from 2009 through 2025. They closed 28 technology deals in 2025 and signed 20 new engagements in 2026 YTD.
- Shea & Company focuses exclusively on enterprise software and SaaS M&A at deals from $25M to $500M. They've advised on $50B+ in software transactions since 2005 with a senior-led, no-junior-handoff model.
- Expect four to six months for software deals with clean ARR and metrics. Deals with complex IP ownership or customer concentration issues often run six to nine months.
- NRR above 110% commands the highest multiples. Below 100% signals net churn and buyers reprice significantly. Work with your advisor to present retention metrics in the most favorable accurate framing.
- Start the advisor search 12-18 months before you want to close. Run the process when ARR growth is accelerating, not after it plateaus. The window for best valuations closes faster than most founders expect.
- Expect 3-5% for deals under $50M and 1-3% for deals above $100M. Software-only boutiques like AGC and Shea charge similar rates to the larger banks, with minimum fees common for transactions below $25M.
