{"id":69583,"date":"2026-04-26T11:51:17","date_gmt":"2026-04-26T09:51:17","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=69583"},"modified":"2026-05-11T17:14:25","modified_gmt":"2026-05-11T15:14:25","slug":"ai-boosts-valuation-of-tech-companies","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/la-ia-aumenta-la-valoracion-de-empresas-tecnologicas\/","title":{"rendered":"Does AI increase the value of your business? The reality of multiples in tech M&A"},"content":{"rendered":"

<\/span>Does artificial intelligence boost the valuation of tech companies?<\/strong><\/span><\/h2>\n\n\n\n

Not necessarily.<\/strong> Artificial intelligence is not driving up the value of all tech companies. It is creating a clear divide in the valuation of tech companies<\/a><\/strong>, separating strategic firms from those that are starting to become dispensable.<\/p>\n\n\n\n

At Baker Tilly\u2019s Tech M&A division\u2014the leading advisor on technology mergers and acquisitions in the Iberian mid-market by number of transactions in the TMT sector in 2025\u2014we have observed a clear trend: AI does not add value on its own; rather, it reshapes where value lies.<\/p>\n\n\n\n

<\/span>Does having AI increase a company\u2019s value?<\/strong><\/span><\/h2>\n\n\n\n

No.<\/strong> One of the most common mistakes in the process of buying and selling technology companies is to assume that incorporating AI into the product automatically increases the valuation multiple.<\/p>\n\n\n\n

That is no longer true.<\/strong><\/p>\n\n\n\n

Today\u2019s buyers (funds, corporates, private equity firms) are more technically savvy and demand clear evidence. The question is no longer whether you use AI, but whether that AI has an impact on:<\/p>\n\n\n\n

    \n
  • Reduction in customer churn<\/li>\n\n\n\n
  • Improved margin<\/li>\n\n\n\n
  • Increase in LTV<\/li>\n\n\n\n
  • Operational efficiency<\/li>\n<\/ul>\n\n\n\n

    When valuing technology companies, KPIs are more important than the narrative<\/strong>.<\/p>\n\n\n\n

    <\/span>What do buyers look for in today\u2019s tech M&A market?<\/strong><\/span><\/h2>\n\n\n\n

    Buyers are prioritising four key factors in their assessment:<\/p>\n\n\n\n

      \n
    1. First-party data<\/strong> not dashboards, but datasets that are difficult to replicate and which improve the product)<\/li>\n\n\n\n
    2. Involvement in a critical workflow <\/strong>(the more critical your role is in the customer\u2019s process, the greater your value)<\/li>\n\n\n\n
    3. Real impact on the business <\/strong>(AI must deliver tangible results, not just demos)<\/li>\n\n\n\n
    4. Defensibility <\/strong>(avoiding the automation of tasks and resisting \u2018commoditisation\u2019)<\/li>\n<\/ol>\n\n\n\n

      <\/span>Multiples in 2025: the fork test<\/strong><\/span><\/h2>\n\n\n\n

      Our research and the sources analysed reveal a clear division in the market:<\/p>\n\n\n\n

        \n
      • \u201cAI core\u201d companies: ~33x<\/strong> EV\/Revenue<\/strong><\/li>\n\n\n\n
      • Medium-sized SaaS: ~5,3x \u2013 5,4x<\/strong><\/li>\n\n\n\n
      • Lower quartile: ~2,5x \u2013 2,8x<\/strong><\/li>\n\n\n\n
      • Average SaaS multiple: has fallen from 24x in 2024 to 18x in 2025)<\/li>\n<\/ul>\n\n\n\n

        The market isn\u2019t paying to \u2018use AI\u2019. It pays to control an advantage that grows stronger with use.<\/p>\n\n\n\n

        <\/span>What is the most significant change in M&A?<\/strong><\/span><\/h2>\n\n\n\n

        In the current climate, buyers no longer simply purchase products.<\/p>\n\n\n\n

        They buy:<\/p>\n\n\n\n

          \n
        • Speed<\/li>\n\n\n\n
        • Talent<\/li>\n\n\n\n
        • Data<\/li>\n\n\n\n
        • Know-how<\/li>\n<\/ul>\n\n\n\n

          The sources analysed sum it up well: 2025 was the busiest year on record for SaaS M&A, with 746 transactions in the third quarter alone \u2013 26% more than the previous year. And much of this activity is no longer driven solely by the traditional buy market share<\/em>approach, but by a buy over build<\/em><\/strong>strategy; in other words, the buyer acquires what enables them to move forward more quickly.<\/p>\n\n\n\n

          <\/span>If AI can build software, does that mean my company is losing value?<\/strong><\/span><\/h2>\n\n\n\n

          That doesn\u2019t necessarily have to be the case. A new key factor has emerged in the valuation of technology companies: buyers want to know whether your position will remain strong as AI continues to drive down the cost of building, operating and replacing software.<\/strong><\/p>\n\n\n\n

          When buyers don\u2019t see your product as durable, they will do one of two things: <\/p>\n\n\n\n

            \n
          • Lower the multiple, or <\/li>\n\n\n\n
          • Tighten up the terms of the deal (earn-outs, retention clauses, conditions).<\/li>\n<\/ul>\n\n\n\n

            In fact, 80% of buyers see AI-driven commoditisation as the main threat to SaaS<\/strong>, and that perception carries a lot of weight in negotiations.<\/p>\n\n\n\n

            <\/span>Is due diligence really important for valuation?<\/strong><\/span><\/h2>\n\n\n\n

            Yes, it is critical.<\/strong> Although it wasn\u2019t as significant in the past, it is now the main factor determining the price. The most sensitive areas tend to be:<\/p>\n\n\n\n

              \n
            • Intellectual property and contracts<\/li>\n\n\n\n
            • Use of open source software<\/li>\n\n\n\n
            • Data quality<\/li>\n\n\n\n
            • Technical units<\/li>\n\n\n\n
            • Consistency of metrics<\/li>\n<\/ul>\n\n\n\n

              Any weakness identified results in a reduction in the load-bearing capacity or increased structural requirements. <\/strong><\/p>\n\n\n\n

              <\/span>What can you do to protect the value of your business?<\/strong><\/span><\/h2>\n\n\n\n

              Before starting the sales process, it is essential to answer three questions:<\/p>\n\n\n\n

              <\/span>Does AI improve a real KPI?<\/strong><\/span><\/h3>\n\n\n\n

              It is not enough simply to integrate AI. It must have an impact on measurable results.<\/p>\n\n\n\n

              <\/span>Do you tell the story from the perspective of the outcome or the technology?<\/strong><\/span><\/h3>\n\n\n\n

              Buyers value the impact on their business, not the technology. <\/p>\n\n\n\n

              Talking about technology doesn\u2019t sell. Presenting yourself as a company that reduces costs or eliminates risks where the customer can\u2019t go wrong says a lot more. Buyers buy impact, not slogans.<\/p>\n\n\n\n

              <\/span>Is your company ready for due diligence?<\/strong>?<\/span><\/h3>\n\n\n\n

              Prepare the IP, technical debt, metrics, contracts, technology\u2026 Anything that isn\u2019t resolved before the process begins will be seen as a risk during negotiations.<\/p>\n\n\n\n

              <\/span>How long should you wait before selling a business?<\/strong><\/span><\/h2>\n\n\n\n

              Less than two years. The truth is that sales are no longer measured in years, but in quarters. A telling statistic that confirms this trend is that 40% of SaaS CEOs are considering bringing forward their exit plans<\/strong> due to the uncertainty caused by the rapid evolution of AI.<\/p>\n\n\n\n

              In many cases, waiting without a clear strategy can lead to a fall in the valuation.<\/strong><\/p>\n\n\n\n

              <\/span>Can AI influence a company\u2019s valuation?<\/strong><\/span><\/h2>\n\n\n\n

              Yes, but not automatically.<\/strong> AI is already a factor in valuation, although many companies have yet to incorporate it properly into their narrative.<\/p>\n\n\n\n

              The key is not to position yourself as a company \u2018with AI\u2019, but to demonstrate something much more concrete:<\/p>\n\n\n\n

                \n
              • Without your company, it would take the buyer longer<\/li>\n\n\n\n
              • That would involve taking on more risk<\/li>\n\n\n\n
              • Or that would generate less value<\/li>\n<\/ul>\n\n\n\n

                That is what really affects the multiple.<\/strong><\/p>\n\n\n\n

                If you are considering selling your business within the next 12\u201324 months, we can help you understand how the market views your company today.<\/p>\n\n\n\n

                You can take a self-assessment test to gauge how well prepared your company is. <\/p>","protected":false},"excerpt":{"rendered":"

                \u00bfLa inteligencia artificial aumenta la valoraci\u00f3n de empresas tecnol\u00f3gicas? No necesariamente. La inteligencia artificial no est\u00e1 elevando el valor de todas las empresas tecnol\u00f3gicas. Est\u00e1 creando una brecha clara en la valoraci\u00f3n de empresas tecnol\u00f3gicas, separando compa\u00f1\u00edas estrat\u00e9gicas de aquellas que empiezan a ser prescindibles. Desde el \u00e1rea de Tech M&A de Baker Tilly \u2014l\u00edder […]<\/p>\n","protected":false},"author":4,"featured_media":69666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[222],"tags":[],"sectores":[],"tipo-contenido":[2260],"class_list":["post-69583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adquisiciones","tipo-contenido-noticias"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/comments?post=69583"}],"version-history":[{"count":2,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69583\/revisions"}],"predecessor-version":[{"id":69618,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69583\/revisions\/69618"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/69666"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=69583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=69583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=69583"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=69583"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=69583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}