DealNet Briefing: Sponsor Summary

Updated Fall 2026 · Next update Winter 26/27

Deals changed shape. The consolidation runway is in solutions and verticals.

117%As-a-solution deals vs. all of 2025, reached by Fall 2026
<1 in 10Payroll deals that are bureau-to-bureau; the rest buy into bigger stacks
11xRevenue gap: investor-backed workforce compliance leaders vs. all private firms
THE SHAPE
Deals didn’t stop. They changed shape.

Solution and vertical-market deals have already passed their full-year 2025 totals. Office of the CFO and payroll counts are tracking close to 2025.

20252026

Office of the CFO

90% of full-year 2025 reached by Fall 2026

44
38
52
32
72
60
Q1 '25
Q2 '25
Q3 '25
Q4 '25
Q1 '26
Q2 '26

Payroll

69% of full-year 2025 reached by Fall 2026

33
35
39
19
46
36
Q1 '25
Q2 '25
Q3 '25
Q4 '25
Q1 '26
Q2 '26

As-a-solution

117% of full-year 2025 reached by Fall 2026

32
36
49
30
102
62
Q1 '25
Q2 '25
Q3 '25
Q4 '25
Q1 '26
Q2 '26

Vertical-market

124% of full-year 2025 reached by Fall 2026

123
118
174
67
293
236
Q1 '25
Q2 '25
Q3 '25
Q4 '25
Q1 '26
Q2 '26

DealNet deal counts by quarter, like-for-like across periods. Q4 2025 collection is lighter than other quarters; Q3 2026 counts update with the next refresh.

THE PREMIUM
The premium moved to intelligence, compliance and software

Median EV/revenue of 2026 Work Tech deals with a disclosed multiple. The volume is in services; the price is in software, intelligence and AI.

Software, intelligence and AIServices, functional categories and no AI
Talent mgmt intelligence
5.3x
Compliance / GRC
4.7x
Intelligence
3.4x
Software / platform
2.9x
Mentions AI
2.8x
Backoffice
2.2x
Payroll
2.1x
WFM
1.9x
HR tech
1.8x
No AI
1.7x
Services
1.4x
Consulting
1.4x

Source: DealNet, 2026 YTD. Deals with monetized AI revenue price near 5–14x revenue.

WHAT SPONSORS SHOULD WATCH
  • Services roll-ups are getting bigger. KKR–Crowe (about $3.0B) and Grant Thornton Advisors–CBIZ (about $5.0B).
  • Holdcos are pricing the reset. Bending Spoons bought Airtable at about 2.7x ARR and Miro for $1.36B.
  • Stack buyers are absorbing point products. Gusto, Mercury, UnitedHealth and Paylocity bought payroll capabilities into bigger stacks.
  • Dry powder keeps flowing to the lower middle market. Serent Capital ($1.3B), Achieve Partners ($450M) and Sixth Street ($4.4B) closed funds in 2026.

The full quarter-by-quarter story, with the public-market reset, deals and signals: DealNet Briefing Preview. Follow the quarterly read in Charles Bedard’s LinkedIn newsletter.

Get the sponsor briefing

Name your platform and target segment. Charles pulls the DealNet signals and brings three answers: who the realistic targets are, what comparable deals are priced at, and the next move that builds your platform’s value.

Request your buyside briefing

Related: Sponsor questions, answered