Chicago's tech M&A market is active across software, SaaS, fintech, and IT services. This list covers 13 firms closing technology deals in 2026 - with deal sizes, sector focus, and recent transactions.
Chicago tech M&A in 2026
Software and SaaS M&A hit 2,698 transactions globally in 2025 - a record. Chicago-based companies are benefiting from both local PE activity and national strategic buyers.
The Chicago tech buyer pool includes growth equity funds, PE sponsors building vertical SaaS platforms, and strategic acquirers looking for product capabilities. Your advisor needs relationships across all three groups.
Technology deals in Chicago average four to seven months from launch to close. Advisors without active software transaction histories underestimate buyer diligence timelines on recurring revenue and churn.
Before your first advisor meeting, set up an Ellty data room for startups and upload your SaaS metrics, ARR documentation, and key contracts. You'll look prepared from day one.
What separates Chicago tech advisors
The strongest Chicago tech advisors close 6-10 software or SaaS transactions per year. Generalists who also cover healthcare or industrials won't know your buyer pool.
Software buyers focus on ARR, net revenue retention, and customer concentration. Your advisor should know how to position each metric before outreach starts.
AI and fintech acquisitions in 2025-2026 are attracting PE buyers new to software. An advisor who can translate your product architecture for a non-technical buyer speeds up the LOI stage.
Use Ellty to share your CIM with trackable links. You'll see exactly which buyers opened it and how long they spent on your revenue projections.
| Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|
| William Blair | Both | $50M-$2B+ | Software, SaaS, fintech, tech-enabled services | williamblair.com |
| Lincoln International | Both | $50M-$1B+ | Software, SaaS, IT services, digital economy | lincolninternational.com |
| Houlihan Lokey | Both | $50M-$5B+ | Software, SaaS, fintech, cybersecurity, IT services | hl.com |
| Piper Sandler | Both | $50M-$2B+ | Technology, fintech, cybersecurity, software | pipersandler.com |
| Harris Williams | Both | $50M-$2B+ | Software, SaaS, tech-enabled services, business services | harriswilliams.com |
| Livingstone Partners | Both | $25M-$500M | Technology, media, software, business services | livingstonepartners.com |
| Dresner Partners | Both | $15M-$300M | IT services, software, fintech, e-commerce | dresnerpartners.com |
| Mesirow Financial | Both | $25M-$500M | Technology, business services, software, distribution | mesirow.com |
| Raymond James | Both | $25M-$1B+ | Technology, fintech, software, IT services | raymondjames.com |
| Baird | Both | $50M-$2B+ | Software, SaaS, fintech, internet, digital media | rwbaird.com |
| Stout | Both | $10M-$500M | Technology, software, digital media, business services | stout.com |
| BGL (Brown Gibbons Lang) | Both | $20M-$500M | Technology-enabled services, software, business services | bglco.com |
| Auctus Capital Partners | Both | $10M-$150M | Technology, software, IT services, business services | auctuscapitalinc.com |
How to verify a tech advisor's track record
Ask for a deal list with company names, buyer types, and close dates from the last 24 months. A serious Chicago tech advisor closes 5+ software or SaaS transactions per year.
Call the CEO or CFO of two software businesses they've sold - not the references they offer. Ask whether the senior banker stayed active after the pitch meeting.
Ask the advisor to name five PE funds most active in vertical SaaS or your specific sub-sector right now. Vague answers mean they don't know your buyer pool.
Ellty's venture capital page covers what growth equity buyers expect in a data room. Knowing their checklist lets you organize files before outreach starts.
Read the Chicago M&A advisors overview before narrowing to technology specialists.
Chicago tech M&A data room
Organize your SaaS metrics, contracts, and IP docs before buyers start diligence.
Start free 14-day trialWhat a tech M&A deal looks like: 6 stages
Chicago technology sell-side processes run four to seven months. SaaS deals with complex ARR adjustments and recurring revenue diligence can run longer.
| Stage | What happens | What you need ready | |
|---|---|---|---|
| Preparation | Preparation | Valuation, advisor selection, CIM drafted | 3 years financials, ARR breakdown, churn data |
| Advisor engagement | Advisor engagement | Engagement letter signed, buyer list finalized | Engagement letter, org chart, key contracts |
| Marketing | Marketing | Teaser and CIM sent to strategic and PE buyers | Ellty data room with staged access per buyer type |
| LOI | LOI | Buyers submit bids, advisor negotiates shortlist | Updated MRR/ARR, cap table, management deck |
| Due diligence | Due diligence | Buyer reviews code, contracts, financials, IP | Full Ellty room: IP docs, customer agreements, financials |
| Close | Close | Purchase agreement signed, funds transferred | Board approvals, reps and warranties, escrow |
13 Chicago technology M&A advisors in 2026
These firms are active across software, SaaS, fintech, IT services, and tech-enabled services M&A in Chicago in 2026.
1. William Blair
William Blair's technology practice is one of the deepest at any Chicago-headquartered firm, covering software, SaaS, and tech-enabled services sell-side processes across deal sizes.
Recent Deals: Acted as exclusive financial advisor to SpryPoint (Norwest Venture Partners portfolio) on its strategic growth investment from Insight Partners, closing December 2025. Active across software and SaaS M&A through 2026.
LinkedIn: William Blair on LinkedIn
Sector Focus: Software, SaaS, fintech, tech-enabled services, healthcare tech
Deal Type: Both
Deal Size: $50M-$2B+
Location: Chicago, IL (headquarters, global network)
Website: williamblair.com
2. Lincoln International
Lincoln International acquired TCG Corporate Finance in late 2024, bringing their global technology group to 150+ specialists. Their software and IT services practice now covers North American and European buyer networks.
Recent Deals: Advised Peak Rock Capital on the sale of Spatial Business Systems to Enverus (Blackstone portfolio) in 2025. Active in software and SaaS M&A through 2026.
LinkedIn: Lincoln International on LinkedIn
Sector Focus: Software, SaaS, IT services, digital economy, tech-enabled services
Deal Type: Both
Deal Size: $50M-$1B+
Location: Chicago, IL (global headquarters)
Website: lincolninternational.com
3. Houlihan Lokey
Houlihan Lokey is the No. 1 ranked technology M&A advisory team globally. Their Chicago office covers software, SaaS, fintech, and cybersecurity with 150+ finance professionals dedicated to the tech sector.
Recent Deals: Led TMT deal volume in three out of four quarters in 2025. Ranked No. 1 global M&A advisor for sub-$1B transactions in 2024. Active across software and fintech M&A through 2026.
LinkedIn: Houlihan Lokey on LinkedIn
Sector Focus: Software, SaaS, fintech, cybersecurity, IT services, industrial software
Deal Type: Both
Deal Size: $50M-$5B+
Location: Chicago, IL (major office, global network)
Website: hl.com
4. Piper Sandler
Piper Sandler expanded its technology advisory capabilities in 2025 by acquiring G Squared Capital Partners, adding cybersecurity, govtech, and defense tech M&A depth alongside its existing software practice.
Recent Deals: Acquired G Squared Capital Partners (September 2025), adding 50+ government technology transactions to its advisory track record. Active in software and cybersecurity M&A through 2026.
LinkedIn: Piper Sandler on LinkedIn
Sector Focus: Technology, software, fintech, cybersecurity, govtech
Deal Type: Both
Deal Size: $50M-$2B+
Location: Chicago, IL (major office, national network)
Website: pipersandler.com
5. Harris Williams
Harris Williams closes 30+ technology sector transactions annually and has deep relationships across PE platforms running vertical SaaS consolidation strategies in 2025-2026.
Recent Deals: Advised on the acquisition of Takkion by Siris Capital (May 2026). Active across software, SaaS, and tech-enabled services M&A with national PE and strategic buyer coverage.
LinkedIn: Harris Williams on LinkedIn
Sector Focus: Software, SaaS, tech-enabled services, business services, healthcare tech
Deal Type: Both
Deal Size: $50M-$2B+
Location: Chicago, IL (Midwest coverage, national network)
Website: harriswilliams.com
Chicago tech M&A data room
Organize your SaaS metrics, contracts, and IP docs before buyers start diligence.
Start free 14-day trial6. Livingstone Partners
Livingstone covers technology, media, and software M&A with an international buyer network that reaches European strategic acquirers. Useful for Chicago SaaS companies with cross-border buyer interest.
Recent Deals: Active in technology, business services, and software M&A through 2025-2026. Livingstone covers Chicago-area tech businesses with buyer access in London and Dusseldorf.
LinkedIn: Livingstone Partners on LinkedIn
Sector Focus: Technology, media, software, business services, outsourced services
Deal Type: Both
Deal Size: $25M-$500M
Location: Chicago, IL (headquarters, also London and Dusseldorf)
Website: livingstonepartners.com
7. Dresner Partners
Dresner Partners has a dedicated IT services and technology M&A practice, covering software, fintech, and e-commerce. Their quarterly IT services M&A updates signal an active sector deal team.
Recent Deals: Advised CCI Systems on the divestiture of its Network Solutions Group to ePlus Technology. Active in IT services and software M&A advisory through 2025-2026 in Chicago.
LinkedIn: Dresner Partners on LinkedIn
Sector Focus: IT services, software, fintech, e-commerce, e-learning
Deal Type: Both
Deal Size: $15M-$300M
Location: Chicago, IL (headquarters)
Website: dresnerpartners.com
8. Mesirow Financial
Mesirow's Chicago-based investment banking team covers technology and business services M&A with a Midwest buyer network relevant for lower-middle-market software exits.
Recent Deals: Active in technology and business services M&A advisory through 2025-2026. Mesirow covers Chicago-area software and tech-enabled services businesses at mid-market scale.
LinkedIn: Mesirow on LinkedIn
Sector Focus: Technology, business services, software, distribution, diversified sectors
Deal Type: Both
Deal Size: $25M-$500M
Location: Chicago, IL (headquarters)
Website: mesirow.com
9. Raymond James
Raymond James covers technology, fintech, and software M&A with a dedicated investment banking team and national PE and strategic buyer network active in Chicago-area tech deals.
Recent Deals: Active in technology and software M&A advisory through 2025-2026. Raymond James covers mid-market tech sell-side processes with national buyer coverage and a deep fintech practice.
LinkedIn: Raymond James on LinkedIn
Sector Focus: Technology, fintech, software, IT services, business services
Deal Type: Both
Deal Size: $25M-$1B+
Location: Chicago, IL (major office, national network)
Website: raymondjames.com
10. Baird
Baird's technology investment banking team covers software, SaaS, fintech, and digital media with deal-count depth in the $50M-$500M range. They run structured sell-side processes with real buyer breadth.
Recent Deals: Active in software and SaaS M&A advisory through 2025-2026. Baird covers mid-market technology sell-side processes with a dedicated software sub-sector team and national buyer access.
LinkedIn: Baird on LinkedIn
Sector Focus: Software, SaaS, fintech, internet, digital media, tech-enabled services
Deal Type: Both
Deal Size: $50M-$2B+
Location: Chicago, IL (major office, national network)
Website: rwbaird.com
11. Stout
Stout's technology team covers software and digital media M&A with a senior-led deal team in Chicago. They're a fit for businesses below $200M where a national bank won't prioritize your deal.
Recent Deals: Active in technology and software M&A advisory through 2025-2026. Stout covers Chicago-area lower and core middle market technology sell-side processes with sector-specific buyer targeting.
LinkedIn: Stout on LinkedIn
Sector Focus: Technology, software, digital media, business services
Deal Type: Both
Deal Size: $10M-$500M
Location: Chicago, IL (headquarters)
Website: stout.com
12. BGL (Brown Gibbons Lang)
BGL covers technology-enabled services and software M&A at the mid-market level. Their Chicago team brings Midwest PE relationships that national banks don't always carry for sub-$150M software deals.
Recent Deals: Active in technology-enabled services and software M&A advisory through 2025-2026. BGL covers Chicago-area software businesses with a senior-led team focused on sell-side execution.
LinkedIn: Brown Gibbons Lang on LinkedIn
Sector Focus: Technology-enabled services, software, business services, outsourced services
Deal Type: Both
Deal Size: $20M-$500M
Location: Chicago, IL (Midwest office, also Cleveland and Philadelphia)
Website: bglco.com
13. Auctus Capital Partners
Auctus focuses on lower middle market technology and IT services businesses where deal size doesn't attract national bank attention. Their 55+ completed transactions include software and tech-enabled services deals.
Recent Deals: Active in technology and IT services M&A advisory through 2025-2026. Auctus covers Chicago-area lower middle market software businesses with a senior-led sell-side team.
LinkedIn: Auctus Capital Partners on LinkedIn
Sector Focus: Technology, software, IT services, business services
Deal Type: Both
Deal Size: $10M-$150M
Location: Chicago, IL (headquarters)
Website: auctuscapitalinc.com
SaaS and vertical software deals in Chicago
Vertical SaaS reached 54% of all SaaS transactions in Q3 2025 globally. Chicago's tech ecosystem produces fintech, proptech, legal tech, and HR tech companies that fit this profile.
PE buyers running vertical SaaS consolidations move fast on Chicago targets. Your advisor needs to know which platforms are actively acquiring in your niche.
Churn, NRR, and ARR quality are the first things PE diligence teams review in SaaS deals. Clean metrics and well-organized customer agreements shorten the process.
Send your data room link through Ellty and track who's reviewing your investor relations documents versus going quiet. It saves follow-up guesswork on which buyers are serious.
Read the New York technology M&A advisors guide to compare how Chicago tech buyers differ from East Coast sponsor and strategic acquirer networks.
Fintech M&A in Chicago
Chicago is one of the top US fintech cities, with payment processors, lending platforms, and financial data businesses regularly reaching acquisition scale.
FT Partners reported mid-market fintech deals ($100M-$500M) climbed to 34% of total fintech M&A volume in Q1 2026. Chicago fintech sellers are hitting this range more often.
Not every tech advisor knows fintech regulatory complexity. Payment company acquisitions involve licensing transfers that generalist advisors regularly underestimate.
Ellty's fundraising page covers what financial buyers look for in a data room before submitting a fintech bid. Staging access to licensing and compliance files reduces late-stage diligence delays.
Read the Chicago M&A advisors overview before narrowing to fintech specialists.
What PE buyers review in Chicago tech deals
PE buyers in software deals focus on ARR quality, NRR, gross margin, and customer concentration. These four metrics determine whether your business fits a sponsor's hold thesis.
Most PE funds running software consolidations in 2025-2026 use a platform plus bolt-on model. Your advisor should know which Chicago-area platforms are actively acquiring.
Diligence on software businesses is faster when code ownership and IP assignment are documented before the process starts. Buyers flag unresolved IP issues quickly.
Ellty's professional services page covers how advisors and their legal teams expect documents organized during tech M&A diligence. Organized files reduce the back-and-forth that slows close.
Read the Los Angeles M&A advisors guide to see how Chicago tech buyers compare to West Coast strategic acquirers in deal speed and thesis.
How Ellty helps you close a tech M&A deal in Chicago
Build your data room early. Software buyers expect organized ARR data and IP files.
- 1.Upload financials and product documentation securelyAdd ARR data, contracts, and IP files before buyer outreach.
- 2.Set buyer permissions by deal stageControl who sees customer data and recurring revenue details.
- 3.Track document activity to spot serious buyersSee who opens files and follow up with real intent.
Common questions about Chicago technology M&A advisors
- Lower-middle-market SaaS companies trade at 4x-6x ARR. Businesses with NRR above 110% and Rule of 40 scores above 50 can reach 6x-8x ARR.
- Expect four to seven months. SaaS deals with complex ARR quality reviews or IP issues can run two to three months longer.
- William Blair, Lincoln International, and Houlihan Lokey have the strongest SaaS deal histories. Dresner and Stout cover smaller SaaS businesses.
- Use a boutique under $100M for senior attention and Midwest PE access. Use a national firm when deal size exceeds $200M or you need broader strategic buyer reach.
- ARR quality, net revenue retention, customer concentration, gross margin, and IP ownership documentation are the five main focus areas.
- Yes. Lincoln International and Livingstone Partners both run cross-border processes with European strategic buyers active in software acquisitions.
