Key insights from this month's Tech market briefing

In this edition, our analysts break down the first signs of stabilisation in B2B software valuations after months of sharp compression, a record-breaking pace of AI investment that has already surpassed 2025's full-year total in just four months, and a deep dive into the data and intelligence segment, one of the most structurally compelling and acquisition-active verticals in B2B technology.

What we cover in this month's replay

Our May 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 rebounded 5% in April, though the universe remains down nearly 19% year-to-date, with the recovery concentrated in large-cap names up 18% on average.
• Valuation stabilisation as EV/Sales multiples edged back to 4.2x from 4.0x in March, the first recovery in five months, though levels remain well below the 10-year average of 6.6x last seen in Q1 2017.
• Deal activity across PE, M&A and VC, with corporate M&A active in Q2 including Capital One's acquisition of Brex and Viatris Group's $2 billion deal for HCSS, while AI VC investment hit $233 billion year-to-date, already surpassing the full-year 2025 record.
• A deep dive into data & intelligence, including how proprietary data ownership is driving premium valuations of 10x+ revenue, how financial institutions are rationalising their data stacks, and why strategic acquirers are moving aggressively to defend data moats.
• Q1 2026 earnings signals, with hyperscalers posting record AI-driven cloud growth while mid-market players face diverging fortunes shaped by the Middle East conflict and platform architecture choices.

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 Siyi Qi, Data & Intelligence Thematic Lead, together with Iñigo Llamado, 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.