July 2026 Market Intelligence

B2B software valuations reverse course in June

After three months of gradual recovery, B2B software valuations dipped again in June 2026. The B2B Software Universe fell 2.4% during the month and remains down 7.0% year-to-date, significantly lagging the S&P 500 (up 9.6%) and the Nasdaq (up 12.8%). EV/Sales NTM multiples fell back to 4.3x, remaining significantly below the 10-year average of 6.6x and at levels last seen in Q1 2017. Only Cybersecurity (+30% YTD) and Infrastructure Software (+32% YTD) remain positive for the year.

What this month's report covers

Dedale Intelligence's July 2026 Market Session covers five key themes across B2B software and technology markets:

• Valuations and market performance. EV/Sales NTM at 4.3x and EV/EBITDA at 14.9x, with detailed breakdowns across growth cohorts, FCF margin cohorts, Rule of 40 buckets, and geographic premiums. North American software trades at a 93% premium to European peers, compared to the 10-year average premium of 46%.
• Supply Chain Software segment deep-dive. Dedale Intelligence's survey of 82 supply chain software decision makers shows AI adoption already underway across TMS, WMS, and Fleet Management, with 50% to 56% of buyers actively implementing depending on sub-segment. WMS, TMS, and Fleet Management face limited AI disruption risk due to high switching costs and workflow embeddedness, while Supply Chain Planning and Risk Management are most exposed. The report covers the full deal landscape, the AI disruption matrix across all five sub-segments, and three key market dynamics shaping consolidation.
• Deal activity across PE, corporate M&A, and venture capital. Corporate M&A has reached approximately €27bn in Q2 2026 quarter-to-date, driven by Clearwater Analytics ($8.4bn take-private by Permira and Warburg Pincus), Salesforce's acquisition of Fin (approximately $3.6bn), and Nuvei's acquisition of Payoneer (approximately $2.75bn). VC volume has reached approximately €74bn quarter-to-date across 1,008 deals. Total 2026 YTD AI investment stands at $318bn, already surpassing the full-year 2025 total.
• IPO activity. June saw 35 IPOs, above the long-term average of 32, dominated by SpaceX's approximately $80bn raise representing around 60% of the 2026 YTD total offer amount. SpaceX listed on the NYSE under the ticker SPCX on June 12, 2026 at $135 per share, valuing the company at approximately $1.77 trillion. The B2B software IPO window remains effectively shut, with only one B2B software company going public in 2026 YTD as of June.
• Q1 2026 earnings: final batch. All 11 remaining companies in Dedale Intelligence's coverage universe beat consensus, and 9 of 10 raised guidance. Yet only 2 of 11 traded up. The market rewarded only the cleanest beats with the most credible forward signals, including Descartes (+2.5% on 46% adjusted EBITDA margin) and Sprinklr (+4.8% on improving renewal trends). CrowdStrike fell 13.9% on a modest 1.7% revenue beat, and Guidewire fell 17.6% despite raising guidance for the third consecutive quarter.

The full report contains detailed valuation tables by segment and cohort, the complete Supply Chain Software AI disruption matrix, deal-by-deal analysis across all three transaction types, earnings tables covering all 11 remaining companies, and the segment zoom covering financials and valuations across the full B2B software universe.

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