San Francisco is the most active tech M&A market in the US. This list covers 15 advisors closing deals across software, biotech, fintech, and SaaS in 2026 - with deal sizes, sector focus, and recent transactions.
San Francisco M&A in 2026
The Bay Area generates more tech M&A volume than any other US market. Technology M&A hit $534 billion globally in 2025 - 24% of all deal volume - and San Francisco firms drove a disproportionate share of that activity.
The SF buyer pool spans global strategics, growth equity funds, and PE platforms running AI and SaaS consolidations. Your advisor needs live relationships across all three groups to run a real process.
Tech and SaaS M&A deals in SF average four to seven months from launch to close. Advisor deal count matters more here than in most cities - buyers move fast on businesses represented by recognized names.
Before your first advisor meeting, set up an Ellty virtual data room and upload your financials, IP documentation, and key contracts. Bay Area buyers expect organized materials from the first conversation.
What separates San Francisco M&A advisors
The best SF advisors close 6-15 technology or life sciences transactions per year. The top boutiques - Qatalyst, FT Partners, Union Square Advisors - have closed 200+ transactions combined.
Buyer access is everything in SF. Your advisor's relationships with Google, Microsoft, Salesforce, and the top 20 SF-area PE sponsors determine whether you get a competitive process or a single bid.
AI and software acquisitions are the dominant deal type in 2025-2026. SF advisors who know how to position AI capabilities and ARR quality to both strategic and PE buyers run faster processes.
Use Ellty to share your CIM with trackable links. You'll see which buyers are spending real time on your revenue and product pages before your advisor calls for updates.
| Deal Type | Deal Size | Sector Focus | Website | |
|---|---|---|---|---|
| Qatalyst Partners | Sell-side | $500M-$50B+ | Software, internet, semiconductors, AI | qatalyst.com |
| Goldman Sachs TMT | Both | $500M-$100B+ | Technology, media, telecom, software, AI | goldmansachs.com |
| Morgan Stanley | Both | $200M-$100B+ | Technology, biotech, consumer, financial services | morganstanley.com |
| FT Partners | Sell-side | $50M-$5B+ | Fintech, payments, digital banking, insurtech | ftpartners.com |
| Evercore | Both | $200M-$50B+ | Technology, healthcare, consumer, financial services | evercore.com |
| Lazard | Both | $100M-$50B+ | Technology, healthcare, consumer, industrials | lazard.com |
| Union Square Advisors | Both | $50M-$2B+ | Software, internet, SaaS, enterprise tech | usadvisors.com |
| Houlihan Lokey | Both | $50M-$5B+ | Technology, healthcare, consumer, business services | hl.com |
| Leerink Partners | Both | $50M-$5B+ | Biopharma, diagnostics, medtech, health tech | leerink.com |
| Vista Point Advisors | Sell-side | $5M-$200M | Software, AI, internet, SaaS, founder-led tech | vistapointadvisors.com |
| William Blair | Both | $50M-$2B+ | Technology, healthcare, consumer, financial services | williamblair.com |
| Piper Sandler | Both | $50M-$2B+ | Technology, healthcare, consumer, financial services | pipersandler.com |
| Harris Williams | Both | $50M-$2B+ | Technology, healthcare, consumer, business services | harriswilliams.com |
| GrowthPoint Technology Partners | Sell-side | $10M-$250M | Software, SaaS, cybersecurity, IT services | growthpointpartners.com |
| Woodside Capital Partners | Both | $5M-$100M | Software, semiconductors, hardware, deep tech | woodsidecap.com |
How to verify an SF advisor's track record
Ask for a deal list from the last 24 months with company names, buyer types, and deal sizes. In SF, a credible tech advisor closes 6+ transactions per year and can name your likely buyers from memory.
Don't rely on brand name alone. Some bulge-bracket SF offices staff junior bankers on sub-$500M deals. Ask specifically who runs your deal day to day.
Ask the advisor to name five acquirers in your space who have bought businesses in the last 18 months. An advisor who hesitates doesn't have the buyer relationships their pitch deck implies.
Ellty's mergers and acquisitions page covers what buyers expect in a data room at each deal stage. Staging your access correctly shortens diligence by weeks.
Read the New York M&A advisors overview to compare SF advisory market dynamics to East Coast deal structure and buyer types.
San Francisco M&A data room
Organize your financials, IP docs, and contracts before Bay Area buyers start diligence.
Start free 14-day trialWhat an M&A deal looks like: 6 stages
San Francisco technology sell-side processes run four to seven months. AI and deep tech deals with complex IP reviews or regulatory considerations can extend to nine months.
| Stage | What happens | What you need ready | |
|---|---|---|---|
| Preparation | Preparation | Valuation, advisor selection, CIM drafted | 3 years financials, ARR data, IP inventory |
| Advisor engagement | Advisor engagement | Engagement letter signed, buyer list finalized | Engagement letter, cap table, key contracts |
| Marketing | Marketing | Teaser and CIM sent to strategic and PE buyers | Ellty data room with staged access by buyer tier |
| LOI | LOI | Buyers submit bids, advisor negotiates shortlist | Updated financials, management deck, cap table |
| Due diligence | Due diligence | Buyer reviews tech, IP, financials, and team | Full Ellty room: IP docs, customer agreements, financials |
| Close | Close | Purchase agreement signed, funds transferred | Board approvals, reps and warranties, escrow |
15 San Francisco M&A advisors in 2026
These firms are active across technology, biotech, SaaS, fintech, and consumer M&A in San Francisco and the Bay Area in 2026.
1. Qatalyst Partners
Qatalyst is the most prestigious tech-only boutique in San Francisco, advising on landmark technology acquisitions where both sides have senior board-level expectations.
Recent Deals: Advised PROS Holdings on its ~$1.4B take-private by Thoma Bravo (announced September 2025). Advised CyberArk in connection with Palo Alto Networks' acquisition of CyberArk, active through 2026.
LinkedIn: Qatalyst Partners on LinkedIn
Sector Focus: Software, internet, semiconductors, AI, enterprise tech
Deal Type: Sell-side
Deal Size: $500M-$50B+
Location: San Francisco, CA (headquarters)
Website: qatalyst.com
2. Goldman Sachs TMT
Goldman Sachs earned the No. 1 global M&A ranking in 2025 with $1.48 trillion in deal volume. Their SF-based TMT team advises on the biggest Bay Area technology and AI transactions.
Recent Deals: Advised on $1.48T in total M&A volume in 2025, ranking No. 1 globally. TMT sector M&A advisory included multiple Bay Area technology deals through 2025-2026.
LinkedIn: Goldman Sachs on LinkedIn
Sector Focus: Technology, media, telecom, software, AI, financial services
Deal Type: Both
Deal Size: $500M-$100B+
Location: San Francisco, CA (major office, global network)
Website: goldmansachs.com
3. Morgan Stanley
Morgan Stanley ranked No. 3 in TMT M&A by deal value in 2025, advising on $253.4B in technology transactions. Their SF office covers software, biotech, and consumer technology.
Recent Deals: Advised on $253.4B in TMT sector M&A transactions in 2025. Active in technology, biotech, and consumer M&A through 2026 with Bay Area deal coverage.
LinkedIn: Morgan Stanley on LinkedIn
Sector Focus: Technology, biotech, consumer, financial services, media
Deal Type: Both
Deal Size: $200M-$100B+
Location: San Francisco, CA (major office, global network)
Website: morganstanley.com
4. FT Partners
FT Partners is the only fintech-exclusive investment bank globally, based in San Francisco with 700+ completed transactions. They know the fintech buyer pool better than any generalist bank.
Recent Deals: Advised Hidden Road on its $1.25B sale to Ripple (April 2025). Advised on the acquisition of KUBRA by REPAY (March 2026). Active in fintech and payments M&A through 2026.
LinkedIn: FT Partners on LinkedIn
Sector Focus: Fintech, payments, digital banking, insurtech, digital assets
Deal Type: Sell-side
Deal Size: $50M-$5B+
Location: San Francisco, CA (headquarters)
Website: ftpartners.com
5. Evercore
Evercore is an independent elite boutique consistently ranked in the top 5 for global M&A by deal value. Their SF team covers technology, healthcare, and consumer M&A at the upper end of the market.
Recent Deals: Ranked among the top 5 investment banks globally for M&A advisory by deal value in 2025. Active in technology and healthcare M&A through 2025-2026 with Bay Area coverage.
LinkedIn: Evercore on LinkedIn
Sector Focus: Technology, healthcare, consumer, financial services, industrials
Deal Type: Both
Deal Size: $200M-$50B+
Location: San Francisco, CA (major office, national network)
Website: evercore.com
San Francisco M&A data room
Organize your financials, IP docs, and contracts before Bay Area buyers start diligence.
Start free 14-day trial6. Lazard
Lazard consistently ranks in the top 10 for global M&A by deal value and advises on large-cap technology, healthcare, and consumer transactions with Bay Area coverage.
Recent Deals: Active in technology and healthcare M&A advisory through 2025-2026. Lazard covers Bay Area technology transactions with a senior deal team and global strategic buyer access.
LinkedIn: Lazard on LinkedIn
Sector Focus: Technology, healthcare, consumer, industrials, financial services
Deal Type: Both
Deal Size: $100M-$50B+
Location: San Francisco, CA (major office, global network)
Website: lazard.com
7. Union Square Advisors
Union Square Advisors is a San Francisco-based technology investment bank with 122 completed transactions. They cover software, SaaS, and enterprise tech with a sell-side focus and senior-led processes.
Recent Deals: Advised on the acquisition of Conservice by TPG (December 2025). Active in software and enterprise tech M&A through 2025-2026 with a dedicated SF-based deal team.
LinkedIn: Union Square Advisors on LinkedIn
Sector Focus: Software, internet, SaaS, enterprise tech, digital media
Deal Type: Both
Deal Size: $50M-$2B+
Location: San Francisco, CA (headquarters)
Website: usadvisors.com
8. Houlihan Lokey
Houlihan Lokey is the No. 1 ranked M&A advisory team globally for sub-$1B transactions. Their SF office covers technology, healthcare, and consumer M&A with a deep sector team.
Recent Deals: Ranked No. 1 globally for M&A by transaction volume in 2024. Led TMT deal volume in three out of four quarters in 2025. Active across tech and healthcare M&A through 2026.
LinkedIn: Houlihan Lokey on LinkedIn
Sector Focus: Technology, healthcare, consumer, business services, financial restructuring
Deal Type: Both
Deal Size: $50M-$5B+
Location: San Francisco, CA (major office, global network)
Website: hl.com
9. Leerink Partners
Leerink Partners is a healthcare-only investment bank with deep biopharma, diagnostics, and medtech M&A expertise. They're the firm to use when your deal requires sector-specific technical fluency.
Recent Deals: Active in biopharma and medtech M&A advisory through 2025-2026. Leerink covers Bay Area life sciences businesses where technical positioning to non-sector buyers is required.
LinkedIn: Leerink Partners on LinkedIn
Sector Focus: Biopharma, diagnostics, medtech, health tech, healthcare services
Deal Type: Both
Deal Size: $50M-$5B+
Location: San Francisco, CA (major office, also New York and Boston)
Website: leerink.com
10. Vista Point Advisors
Vista Point is a sell-side-only boutique in San Francisco representing founder-led software, AI, and internet businesses. They focus on the $5M-$200M range where larger firms won't prioritize your deal.
Recent Deals: Active in software, AI, and internet M&A advisory through 2025-2026. Vista Point covers Bay Area founder-led technology exits with exclusively sell-side representation.
LinkedIn: Vista Point Advisors on LinkedIn
Sector Focus: Software, AI, internet, SaaS, founder-led technology
Deal Type: Sell-side
Deal Size: $5M-$200M
Location: San Francisco, CA (headquarters)
Website: vistapointadvisors.com
11. William Blair
William Blair covers technology, healthcare, and consumer M&A with a global network and a dedicated SF presence. They work the $50M-$2B range where senior attention and buyer breadth both matter.
Recent Deals: Completed 957 M&A transactions since December 2020. Active in technology and consumer M&A through 2025-2026 with Bay Area deal coverage and global buyer access.
LinkedIn: William Blair on LinkedIn
Sector Focus: Technology, healthcare, consumer, financial services, tech-enabled services
Deal Type: Both
Deal Size: $50M-$2B+
Location: San Francisco, CA (Bay Area coverage, Chicago headquarters)
Website: williamblair.com
12. Piper Sandler
Piper Sandler covers technology, healthcare, and consumer M&A with a sector depth that few mid-market banks match. Their SF coverage includes software, cybersecurity, and biotech sell-side processes.
Recent Deals: Acquired G Squared Capital Partners (September 2025), adding government tech advisory depth. Active in software and cybersecurity M&A through 2026 with Bay Area deal coverage.
LinkedIn: Piper Sandler on LinkedIn
Sector Focus: Technology, healthcare, consumer, financial services, cybersecurity
Deal Type: Both
Deal Size: $50M-$2B+
Location: San Francisco, CA (major office, national network)
Website: pipersandler.com
13. Harris Williams
Harris Williams closes 30+ technology, healthcare, and business services transactions annually. Their deal count gives live market data on what buyers pay in SF-area sub-sectors.
Recent Deals: Advised on the acquisition of Takkion by Siris Capital (May 2026). Active in technology, healthcare, and consumer M&A through 2025-2026 with Bay Area buyer coverage.
LinkedIn: Harris Williams on LinkedIn
Sector Focus: Technology, healthcare, consumer, business services, industrials
Deal Type: Both
Deal Size: $50M-$2B+
Location: San Francisco, CA (Bay Area coverage, national network)
Website: harriswilliams.com
14. GrowthPoint Technology Partners
GrowthPoint is a San Francisco-based technology boutique covering software, SaaS, and cybersecurity M&A in the $10M-$250M range. They run structured sell-side processes for businesses below the Qatalyst and Goldman threshold.
Recent Deals: Active in software, SaaS, and cybersecurity M&A advisory through 2025-2026. GrowthPoint covers Bay Area technology exits where deal size and senior attention both matter.
LinkedIn: GrowthPoint Technology Partners on LinkedIn
Sector Focus: Software, SaaS, cybersecurity, IT services, enterprise tech
Deal Type: Sell-side
Deal Size: $10M-$250M
Location: San Francisco, CA (headquarters)
Website: growthpointpartners.com
15. Woodside Capital Partners
Woodside Capital is a Silicon Valley boutique covering software, semiconductors, hardware, and deep tech M&A in the sub-$100M range. They fill the gap between early-stage acquihires and mid-market processes.
Recent Deals: Active in software, semiconductor, and hardware M&A advisory through 2025-2026. Woodside covers Bay Area deep tech and semiconductor exits at the lower end of the advisory market.
LinkedIn: Woodside Capital Partners on LinkedIn
Sector Focus: Software, semiconductors, hardware, deep tech, cybersecurity
Deal Type: Both
Deal Size: $5M-$100M
Location: San Francisco, CA (headquarters)
Website: woodsidecap.com
Bay Area tech M&A landscape
San Francisco is the center of global AI M&A in 2025-2026. Acquihires of 15-30 engineer teams are happening weekly, and full business acquisitions at $50M-$2B are running on compressed timelines.
Strategic buyers - Google, Microsoft, Salesforce, Apple, Meta - all have active Bay Area corporate development teams. Getting on their radar requires an advisor with direct relationships, not just a CRM contact.
PE sponsors are competing with strategics for Bay Area software businesses more aggressively than at any point since 2021. Your advisor needs to run a process that creates real competitive tension between both buyer types.
Ellty's granular permissions lets you stage document access by buyer tier - share your teaser broadly, and your full financials only post-LOI. Bay Area buyers expect controlled data room processes.
Read the Chicago technology M&A advisors guide to compare SF tech buyer dynamics to the Midwest market.
Biotech and life sciences M&A in San Francisco
About 60% of US biotech venture capital flows into Greater Boston and the Bay Area. San Francisco produces more biotech M&A deals than any other US city outside Boston.
Biotech acquisitions require advisors with real relationships at pharma corporate development teams. Most generalist advisors don't have them. Leerink and a handful of others do.
Life sciences diligence timelines in SF run longer than software deals - typically six to ten months. FDA milestones, IP ownership, and clinical data room organization add complexity that general M&A advisors underestimate.
Ellty's secure file sharing controls which biotech buyers see your clinical data and patent filings. Staged access to regulatory files is standard in pharma diligence processes.
Read the New York healthcare M&A advisors guide to compare SF biotech advisory to East Coast life sciences deal markets.
How SF deals differ from other US cities
Valuation expectations in San Francisco are higher than in any other US market. Founders who have raised at a premium valuation need advisors who can build a credible exit case for PE buyers who see the cap table.
Buyer competition is real but concentrated. The same 15-20 PE funds and 30-40 strategic corporate development teams see most SF deals. An advisor who's done 20 deals in your space is more valuable than one who's done 100 deals cross-sector.
Speed matters in SF processes. Buyers who pass once rarely come back. Your advisor needs to run a compressed, competitive timeline that keeps multiple buyers engaged simultaneously.
Ellty's dynamic watermarking protects proprietary product documentation and technical specs during early-stage buyer access. Bay Area strategics sometimes attempt to reverse-engineer products from data room files.
Read the sell-side due diligence guide before your advisor begins outreach. SF buyers request more technical documentation and IP analysis than most other markets.
How Ellty helps you close an M&A deal in San Francisco
Build your data room early. Bay Area buyers expect organized IP and financial files.
- 1.Upload financials and IP documentation securelyAdd ARR data, IP filings, and contracts before buyer outreach.
- 2.Set buyer permissions by deal stageControl who sees technical specs and customer data by tier.
- 3.Track document activity to spot serious buyersSee who opens files and follow up with real intent.
Common questions about San Francisco M&A advisors
- SaaS companies with NRR above 110% trade at 6x-9x ARR. Businesses below 100% NRR trade at 3x-5x ARR. AI-native businesses command premiums above standard SaaS multiples.
- Expect four to seven months. Biotech deals with clinical data review and FDA milestones can run six to ten months.
- FT Partners is the only fintech-exclusive bank in SF. Union Square Advisors and Houlihan Lokey also cover fintech at the mid-market level.
- Use a boutique under $200M for senior attention and sell-side focus. Use a bulge-bracket bank above $500M when you need global strategic buyer access.
- ARR quality, NRR, gross margin, customer concentration, IP ownership, and AI capability differentiation are the top six focus areas.
- Yes. Goldman Sachs, Morgan Stanley, Lazard, and Evercore all run cross-border processes with European and Asian strategic buyers in the Bay Area.
