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EVP Corporate Development, Progress Software
6 quotes from 1 episode on M&A Science, each with a timestamped link to the source.
Jeremy Segal explained that strategic software buyers win against private equity by utilizing existing platforms to optimize acquired assets. Relocating high-cost engineering to global centers allows buyers to pay competitive upfront prices while driving down effective EBITDA multiples.
Zero interest rates previously gave private equity firms cheap debt to aggressively pursue deals at high valuations.
“…the values were crazy money was free right you know interest there was interest rates was at zero so you know if private equity could just go do deals and you know that's when it was a little more challenging for us too because you know they they could be a lot more aggressive from a value standpoint because the debt that they needed to do these deals was so cheap.”
From Progress EVP: Why Private Software Valuations Must Drop
Walking away from a deal becomes the preferred option when sellers withhold basic information during due diligence.
“…we're comfortable saying all right well the best thing for us to do is to walk…”
From Progress's 'Orange Flags' System: How to Walk from Bad Deals
AI tools depend on underlying software systems to inform large language models and deliver actual value.
“AI also realizes that they're highly dependent on software to inform their LLMs and to basically make the AI have some semblance of value…”
From Progress EVP: Why Private Software Valuations Must Drop
Jeremy Segal noted that creating shareholder value requires finding assets with room for improvement. Transferring high-cost operations to global hubs like Bangalore provides a structural advantage over standalone private equity buyers.
“How do we create shareholder value with the deals we do? We create shareholder value by finding assets where we know there's still room for optimization.”
“Private equity folks buying this as a standalone entity didn't have that same platform…”
Private equity firms face pressure to show liquidity, while venture capital redirects funds into AI. Jeremy Segal mentioned these shifts will force sales of software ecosystem portfolios, generating acquisition targets.
“There's going to be more pressure because private equity needs to show liquidity. venture capital is going to be focused on investing in AI and is going to want to find liquidity for some of its port codes that are in the software ecosystem and it could create great buying opportunities for progress.”
From Progress EVP: Why Private Software Valuations Must Drop
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