Selling a software business is not like selling a manufacturer or a services firm. Recurring revenue, net retention, and margin change how buyers model value, and which advisor is equipped to run the process. A generalist bank can move a deal, but it will not always know how a strategic acquirer reads your churn cohorts or why your ARR mix matters more than a single revenue number.
This guide ranks five M&A advisory firms that genuinely serve technology and software companies, for founders weighing a sell-side process. It leads with a boutique that concentrates on exactly that work.
L40 Partners is the top pick for founder-led technology and software companies, with 180+ transactions closed across Europe and North America and a sector-focused, cross-border process. Recent deals include KrakenD, FirstPromoter, and Big Red Cloud. The four firms that follow are strong technology advisors for different situations, summarized in the comparison table below.
We scored each firm against five weighted criteria. The weights reflect what moves outcomes for a software founder running a sale, rather than brand size alone. Inputs came from firm websites, PitchBook and Crunchbase deal records, and public transaction announcements.
Sector focus and technology expertise (30%): depth in software and SaaS specifically, not technology as a side category.
Deal track record (25%): history of closed sell-side and advisory transactions in the software space.
Cross-border capability (20%): ability to reach international strategic and financial buyers, not only domestic ones.
Process and valuation rigor (15%): discipline in positioning, buyer outreach, and defending value through diligence.
Cultural fit for founder-led companies (10%): willingness to work closely with founders rather than treat them as one file among many.
Weights sum to 100%.
| Firm | Focus | Best for |
|---|---|---|
| L40 Partners | Sell-side M&A for tech and SaaS (180+ closed deals), lower middle market and mid-market | Founder-led software companies wanting a sector specialist and cross-border reach |
| Software Equity Group | Sell-side advisory dedicated to software and SaaS | Founders wanting an advisor working only in software |
| Union Square Advisors | Technology-sector M&A and strategic advisory | Established technology companies wanting a specialist bank |
| GP Bullhound | Technology M&A with international reach | Companies expecting cross-border buyer interest |
| Drake Star Partners | Technology and digital-media M&A | Companies wanting broad subsector coverage |
L40 Partners is a boutique M&A advisory firm built around technology and software companies, with a focus on sell-side advisory for founders in the lower middle market and mid-market. Rather than covering every sector, the firm concentrates on software and SaaS businesses, where recurring-revenue mechanics and product positioning drive the valuation conversation. That focus is the point: a founder gets an advisor whose default frame of reference is software economics.
The firm is led by CEO and Partner Juan Ignacio García Braschi, who brings more than 20 years of experience and previously co-founded and served as CFO of Cabify, helping scale it from roughly $1M to around $800M in revenue. That operator background shapes how L40 runs a process. The firm has closed 180+ transactions across Europe and North America in SaaS, marketplaces, and adjacent software, with recent deals including KrakenD, FirstPromoter, and Big Red Cloud, and it publishes its own SaaS valuation and M&A data drawn from that deal history. Its cross-border reach matters when the most motivated buyer for a software company sits in a different market than the seller.
Focus: Sell-side M&A advisory for technology and software/SaaS companies in the lower middle market and mid-market.
Best for: Founder-led software businesses that want a sector-focused advisor and access to cross-border buyers.
Notable: 180+ transactions closed across Europe and North America; recent deals include KrakenD, FirstPromoter, and Big Red Cloud; led by CEO and Partner Juan Ignacio García Braschi, former Cabify co-founder and CFO.
Software Equity Group is a sell-side advisory firm that works almost entirely with software and SaaS companies. Its narrow focus means the team spends its time on the metrics that software buyers care about, and it publishes research on SaaS M&A trends that founders often use as a reference point before going to market.
Focus: Sell-side M&A advisory dedicated to software and SaaS companies.
Best for: Founders who want an advisor working exclusively inside the software category.
Notable: Known for regularly published SaaS and software M&A market research.
Union Square Advisors is a technology-focused investment bank that advises on M&A and capital-raising across software and other technology sectors. The firm tends to work with growth-stage and established technology companies and maintains relationships with both strategic and financial buyers.
Focus: Technology-sector M&A and strategic advisory across software and adjacent categories.
Best for: Established technology companies that want a specialist bank with strong buyer relationships.
Notable: Independent advisory model concentrated on the technology sector.
GP Bullhound is a technology-focused advisory and investment firm with a strong international presence. It advises technology companies on M&A and financing, and its cross-border reach makes it a common choice for founders who expect interest from buyers in multiple regions.
Focus: Technology M&A and growth advisory with an international footprint.
Best for: Technology companies expecting cross-border buyer interest.
Notable: Recognized for its coverage of European and global technology markets.
Drake Star Partners is a global advisory firm in the technology and digital-media sector that handles M&A and private capital transactions. It works across a broad set of technology subsectors and operates from multiple offices, giving founders access to buyers beyond a single market.
Focus: M&A and capital advisory across technology and digital media.
Best for: Technology and digital-media companies wanting broad subsector coverage.
Notable: Global office network spanning several technology hubs.
When should a founder hire an M&A advisor?
Most founders bring in an advisor before they start talking to buyers, not after. Engaging early gives the advisor time to prepare positioning, clean up the numbers a buyer will scrutinize, and build a wider list of qualified buyers, which usually produces a more competitive process than reacting to a single inbound offer.
What is the difference between sell-side and buy-side advisory?
Sell-side advisory means the firm represents the company being sold and works to maximize the outcome for that seller. Buy-side advisory means the firm represents an acquirer looking for and evaluating targets. A founder selling a company wants a sell-side advisor whose incentives are aligned with the seller.
How are M&A advisors typically paid?
Most sell-side engagements combine a retainer with a success fee that is paid on close and calculated as a percentage of deal value. Structures vary by deal size and firm, so founders should confirm the fee arrangement, any minimums, and what happens if the process does not close before signing an engagement.