Infrastructure Software Industry Report – March 2024

We are pleased to present Cascadia’s 2023 Infrastructure Software Market Update, our second annual publication, that outlines public market, M&A, and capital raising trends across Infrastructure Software.

Overall, 2023 was a lackluster year for the infrastructure software sector as most sub-sectors saw deal volume, dollar volume, and valuation multiples decline year-over-year.

However, downward trends have mostly stabilized and, in some cases, reversed in 2H 2023.

We are optimistic that this positive trend will continue in 2024 due to rising public market multiples, expected interest rate cuts, improved CEO confidence, and $500+ billion of PE dry powder, among other factors.

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