The Agentforce Illusion: What the Enterprise SaaS M&A Market 2025 Data Actually Reveals
Everyone is citing Salesforce’s $500M Agentforce ARR as proof that agentic AI has transformed enterprise software. But the Q4 2025 data tells a different story. PitchBook reports declining deal values, zero megadeals, and exit valuation disclosures collapsing to just 29.1%—a sharp contrast to 2021’s peak market. Capital is flowing into ERP, compliance, and security software, not AI-native platforms. This analysis breaks down what the enterprise SaaS M&A market 2025 actually reveals about valuation pressure, buyer leverage, and the growing gap between AI narrative and deal reality.