Key insights from this month's Tech market briefing

In this edition, our analysts break down the continued compression in B2B software valuations now reaching multi-year lows, the polarised deal environment where AI mega-rounds have driven VC deal value above full-year 2025 totals in just one quarter, and a deep dive into healthcare software, one of the most structurally complex and AI-exposed verticals in B2B technology.

What we cover in this month's replay

Our April session focuses on the themes that matter most to investors and corporate strategy teams across B2B technology:

• Public market performance as the B2B Software Universe declined 4.8% in March, now down 22.2% year-to-date and significantly underperforming broader indices.
• Valuation compression as EV/Sales multiples fell further to 4.0x, down 29% year-to-date and well below the 10-year average of 6.6x, levels last seen in early 2017.
• Deal activity across PE, M&A and VC, with venture capital already surpassing full-year 2025 deal value in Q1, while corporate M&A remains sluggish on both volume and value.
• A deep dive into healthcare software, including where AI-driven disruption is accelerating across clinical workflow and patient management, and which categories appear more structurally defensible.
• Q4 2025 earnings signals, with 18 out of 18 companies tracked reporting year-over-year revenue growth, but sharply diverging market reactions based on forward guidance quality.

This session is led by Benjamin Forlani, CEO of Dedale Intelligence, who provides a high-level perspective on market dynamics and key trends shaping the tech landscape.

He is joined by Julia Reulet, Managing Director & COO, and Soukeyna Ndiaye, Healthcare Thematic Lead, Rambo Joinani, Director of Investment Research, together with Miguel Tang and Ignacio C. Eizmendi, members of Dedale's research team.

Watch the full replay below, dive into our article for a concise summary, or download the full Market Intelligence report for detailed data and analysis.

If you would like to go deeper on a specific segment, company set, or market theme, feel free to contact our team.