Well, rising interest rates and the macroeconomic concerns, they've made for a tricky buyout and financing environment, but the exception remains software.

You've got Sailpoint, Anna Plan, Coopa, Ava, Ava, all take private deals worth $7 billion and up.

Here's Orlando Bravo, one of the most active private equity buyers this year

on the opportunity that he sees.

These multiples or revenues have gone from 17 times on average at the peak to about four now.

Now what that does is much more important than valuation is what it does is it produces an environment where some of the highest quality largest

software companies are looking to go private.

So the the latest deal could be for a digital survey software company, Qualtrix.

It is fielding a 12.4 billion dollar bid from Private Equity Group, Silver Lake,

and Canada's largest pension fund, and it would represent one of the biggest

bias of the year. The price $18.15 per share that is a 6% premium over

last Friday's closing price but it's a 40% discount from its 52-week high.

And therein lies the opportunity for private equity buyers, what Bravo was alluding to.

Software and Cloud Valuations, they have, of course, reset from the pandemic or from their

2021 peaks and management and boards they may now be more willing to accept that

lower valuation. Qualrix though also represents a risk now before it was set to go public back in 2018

SAP swooped in with an $8 billion acquisition offered the idea here was

that Qualrix customer and user data would give SAP a huge leg up on competition.

That didn't happen though when Qualrix was spun out in an IPO, now SAP with the

remaining 71% stake in the company, it stands to make about 10% return.

That's fine, but it's nothing to write home about.

And it really wasn't the game-changing deal

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