Large technology carve-outs and platform deals (2023)
Technology has become one of the most active sectors for large PE deals, with sponsors like Thoma Bravo and Vista Equity making some of the biggest transactions of the year. These deals often involve carve-outs from large public technology companies, and they require sponsors to have deep technical expertise and the ability to manage fast-moving, talent-intensive businesses. The sector has attracted a new generation of sponsors who understand technology and can add real operational value.
Why it mattered
Technology carve outs and platform deals became a dominant PE strategy, as sponsors separated technology units from larger companies and scaled them independently. The model showed that technology businesses could be carved out, given focused management, and grown faster than inside a large conglomerate. It also highlighted the growing importance of software and enterprise technology as a core PE sector.