Low-Multiple Legacy Software Assets Could Draw New Buyers

A proposed American platform could acquire mature software companies at roughly 2–5x revenue and manage them as a portfolio. The idea rests on potentially strong net dollar retention and gross dollar retention at some legacy software businesses, creating a possible multiple-arbitrage opportunity.

Danaher and Constellation Software were cited as examples of holding-company models, while Bending Spoons was described as an example of clearing stalled portfolio assets. It remains uncertain whether an American equivalent will emerge or how much capital it could raise; future activity by Danaher or Constellation Software was not confirmed.

Liquidity is also becoming a priority for GPs and LPs seeking to close or reallocate older positions and fund vintages. Moving companies to owners willing to manage them is described as a major industry need, with liquidity among the top two or three topics in LP conversations and 2026 expected to be a particularly significant year.