Last updated: October 31, 2026. The price paid in every tech acquisition Partner Grow has broken down, set against revenue, ARR or the target's last valuation. Each row links to the full teardown.
Quick summary
Median revenue multiple: about 9x across the nine deals with disclosed revenue or ARR.
Hypergrowth targets cost 30x and up: Hugging Face (~86x), Wiz (~32x) and Manus (~30x).
Mature SaaS clears at 2x to 7x: Miro (~2.3x), Jamf (3.1x), Braze (6.2x) and Informatica (6.7x).
Biggest step up on the last round: Manus at 6x and OpenRouter at 5.4x. Biggest haircut: Airtable at about a tenth of its 2021 peak.
Revenue and ARR multiples
Deal | Price | Target metric | Multiple | Breakdown |
|---|---|---|---|---|
Nvidia buys Hugging Face | $12.9B (reported) | ~$150M revenue | ~86x revenue | |
Google buys Wiz | $32B cash | ARR nearing $1B | ~32x ARR | |
Meta buys Manus | ~$3B | $100M ARR | ~30x ARR | |
Dassault buys ArisGlobal | $1.8B cash + up to $200M earnout | $175M revenue | ~10x revenue | |
Salesforce buys Fin (Intercom) | $3.6B | $400M company ARR, Fin $100M | 9x ARR | |
Salesforce buys Informatica | $8B cash | $1.2B subscription ARR | 6.7x subscription ARR | |
Salesforce buys Braze | $5.66B | Revenue | 6.2x revenue | |
Francisco Partners buys Jamf | $2.2B cash | $710M ARR | 3.1x ARR | |
Bending Spoons buys Miro | $1.79B equity, $1.355B EV | ~$600M ARR | ~2.3x ARR (EV) |
Multiples are price divided by the latest revenue or ARR cited in each teardown, rounded. Fin's multiple uses total company ARR.
Price versus last private valuation
Deal | Price | Compared with | Ratio | Breakdown |
|---|---|---|---|---|
Meta buys Manus | ~$3B | $500M last valuation | 6x | |
Stripe buys OpenRouter | $7B+ | $1.3B valuation 90 days earlier | 5.4x | |
Nvidia buys Groq | $20B | $6.9B valuation three months earlier | 2.9x | |
SpaceX lines up Cursor | $60B option | $50B round days earlier | 1.2x | |
Capital One buys Brex | $5.15B | $12.3B peak valuation | 0.42x (58% below peak) | |
Bending Spoons buys Airtable | $1.28B cash | $12.36B peak valuation (2021) | 0.10x |
Other deals covered
Deal | Terms | Breakdown |
|---|---|---|
Netflix to acquire Warner Bros | $82.7B EV, funded by $59B of bridge loans | |
GameStop bids for eBay | $55.5B, for a company four times its size | |
IBM buys Confluent | $11B at $31 a share | |
ServiceNow buying spree | $9B in six weeks, including Armis ($7.75B) and Veza (~$1B) | |
SoftBank buys DigitalBridge | $4B for a manager of $108B in digital infrastructure | |
Kroger buys Giant Eagle | $1.65B: $1.25B cash plus $400M of assumed debt | |
Walmart buys Vibe.co | $1.4B to grow Walmart Connect's $6.4B ad business | |
SAP's twin AI acquisitions | €1B commitment over four years | |
Anthropic buys Coefficient Bio | $400M in stock for a six person team | |
Palo Alto Networks buys CyberArk | $45 cash plus 2.2005 PANW shares per CyberArk share, closed Feb 2026 | |
Mastercard buys BVNK | Stablecoin infrastructure processing $30B a year | |
Everstone merges Wingify and ABTasty | $100M ARR combined, after $200M for control of Wingify | |
Cognition buys Poke | Nine figures, four months after launch | |
MyFitnessPal buys Cal AI | Undisclosed, $30M ARR and 15M downloads | |
Apollo buys Pocus | Undisclosed, Pocus raised $43M | |
Mistral buys Koyeb | Undisclosed, Koyeb raised $8.6M | |
Zscaler buys SquareX | Undisclosed, browser security | |
Figma buys Weavy | Undisclosed, 20 person team with a $4M seed | |
Airtable acquires DeepSky | Team of 15 absorbed four months after launch |
FAQ
What revenue multiple do tech acquisitions get in 2026?
Across the deals here with disclosed revenue or ARR, the median is about 9x. The range is wide: established SaaS companies such as Miro, Jamf and Braze sold for 2x to 7x, while fast growing assets such as Hugging Face, Wiz and Manus went for 30x or more.
What was the most expensive acquisition on revenue?
Nvidia's reported $12.9B deal for Hugging Face, at roughly 86x its ~$150M of revenue. Read the Hugging Face breakdown.
Why did Salesforce pay 6.2x for Braze?
Salesforce agreed to pay $5.66B, 6.2x revenue versus a market multiple of 3.14x, while still pricing Braze 27% below its IPO. Read the Braze breakdown.
Which acquisitions came in below the last private valuation?
Brex sold to Capital One for $5.15B, 58% below its $12.3B peak. Bending Spoons bought Airtable for $1.28B against a $12.36B peak in 2021.
Where can I find IPO valuations?
See the Tech IPO Tracker 2026 for every S1 breakdown in one table.
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