Technology as Value Driver: Quantifying IT Assets in Enterprise Valuation

The Asset You Cannot See Is the One Defining Your Multiple

Something fundamental has shifted in how enterprise value is constructed. In 1975, intangible assets, including intellectual property, data, software, and technology infrastructure, represented just 17 percent of S&P 500 market capitalization.¹ By 2025, that figure had completely inverted. Intangible assets now constitute approximately 92 percent of S&P 500 market capitalization, with tangible assets reduced to roughly 8 percent.² The value of intangible assets worldwide reached an all-time high of $97.6 trillion in 2025, growing 23 percent from the prior year.³ And 83 percent of that intangible value remains unaccounted for on balance sheets.⁴

This is not primarily a public market phenomenon. For private equity, it creates a structural challenge at every stage of the investment lifecycle. At acquisition, firms that evaluate technology through a risk-and-compliance lens rather than a value-creation lens routinely miss the upside embedded in a target's data assets, platform scalability, and proprietary systems. At exit, firms that cannot articulate a clear technology value narrative leave multiple points on the table when buyers are pricing in uncertainty. The question is no longer whether technology matters to enterprise valuation. It is whether your firm has a disciplined framework for quantifying what it is worth.

Private equity firms backed by strong data foundations are expected to outperform peers by 20 percent in revenue growth, according to analysis from E78 Partners.⁵ Meanwhile, McKinsey research shows that top-performing software companies create a five- to tenfold increase in enterprise value during the hold period, driven largely by targeted technology, data, and operational improvements.⁶ The disparity between top and average performers is not explained by market conditions or entry pricing. It is explained by how effectively technology assets are identified, developed, and communicated as part of the value creation thesis.

What IT Assets Are Actually Being Valued

Most enterprise valuations capture technology as a cost center. Buyers look at IT spending as a line item in the P&L, evaluate whether infrastructure is current enough to avoid immediate capital expenditure, and note whether systems can support integration. This is necessary but insufficient. It misses the four categories of IT assets that actually move EBITDA and exit multiples in regulated mid-market companies.

The first is proprietary data and analytics infrastructure. Data has become the primary source of defensible competitive advantage for mid-market companies in financial services, healthcare, manufacturing, and legal. Companies that own proprietary datasets and have built the infrastructure to activate them command measurable valuation premiums. EisnerAmper has documented PE deals where healthcare analytics companies with access to proprietary patient databases secured 12x revenue multiples because their data powered machine learning engines that major competitors could not easily replicate.⁷ The AI training data market alone is forecasted to grow at a 27.7 percent compound annual growth rate from $2.82 billion in 2024 to $9.58 billion in 2029, a direct signal of how rapidly buyers are pricing proprietary data assets.⁸

The second is automation and workflow technology. Companies that have replaced manual processes with automated workflows carry structural cost advantages that translate directly to margin. According to FTI Consulting analysis, AI-enabled operational improvements generate EBITDA gains of 5 to 25 percent across industries where these tools can be deployed.⁹ Improved demand forecasting alone can boost revenue by 2 to 4 percent, while enhanced supply planning can cut inventory levels by 5 to 20 percent.¹⁰ These are not technology metrics. They are EBITDA metrics with a technology origin story.

The third is platform scalability and integration readiness. In buy-and-build strategies, add-on acquisitions accounted for 40 percent of total PE buyout deal value in 2024, the second-highest ratio in a decade.¹¹ Each add-on depends on a platform company whose technology can absorb and integrate new assets without requiring full-scale infrastructure rebuilds. Platform scalability, the ability to absorb volume, users, and acquired entities without proportional cost increases, is a compounding asset that accrues in value with every successful integration. Companies that can demonstrate this capability command a structural premium over those that cannot.

The fourth is cybersecurity posture posture and compliance architecture. In regulated industries, the cybersecurity and compliance infrastructure that a company has built is increasingly treated as a strategic asset rather than a cost of doing business. According to a 2025 market intelligence snapshot from Dialectica, cyber maturity signals operational quality and investor confidence, and companies with strong posture give buyers leverage while helping sellers command premium valuations at exit.¹² Public markets have assigned AI firms up to four times the valuation premium over non-AI software peers, with a significant portion of that premium attributable to the governance and security frameworks that allow AI assets to be deployed in regulated environments.¹³

The Valuation Multiple Framework for Technology Assets

For operating partners and deal teams, the practical challenge is translating these categories into a coherent valuation framework. The most useful construct is to think of technology assets as contributing to enterprise value through three distinct mechanisms: EBITDA enhancement through margin improvement, multiple expansion through reduced risk and strategic optionality, and exit premium through buyer competition for differentiated assets.

EBITDA enhancement from technology is the most straightforward to quantify. Automation investments that reduce labor costs, cloud migrations that convert capital expenditure to predictable operating expenditure, and data platforms that improve pricing accuracy all generate measurable EBITDA improvements. The methodology is to build a technology-specific EBITDA bridge: start with baseline EBITDA, apply the margin improvement attributable to specific technology initiatives, and then apply the exit multiple to the resulting EBITDA. For a company trading at 8x EBITDA where technology investments have improved EBITDA by 200 basis points on a $50 million revenue base, the incremental enterprise value from that technology initiative is $8 million. This is a straightforward calculation that most PE firms are not doing systematically.

Multiple expansion is harder to quantify but equally important. Software companies in M&A transactions trade at a median of 3.0x EV/Revenue and 15.2x EV/EBITDA, compared with 1.3x EV/Revenue and 10.2x EV/EBITDA for IT services firms.¹⁴ Specialization in high-growth technology segments such as cloud, cybersecurity, and AI can increase EBITDA multiples by 1 to 2x.¹⁵ Long-term contracts of more than 36 months increase valuation by 10 to 20 percent.¹⁶ High automation and standardized processes increase multiples by 0.5 to 1.5x.¹⁷ These are not abstract premiums. They are grounded in observable market transactions and represent the return on technology investment that operating partners should be underwriting when they build value creation plans.

Exit premium from buyer competition depends on how clearly the technology asset narrative is constructed. According to FTI Consulting's AI Radar for Private Equity survey, 59 percent of PE funds now view AI as one of the key drivers of value creation, outstripping traditional factors including historical growth, customer retention, and cyclicality.¹⁸ Buyers will pay a premium for businesses that demonstrate sustainable cost reductions from AI integration. EisnerAmper has documented deals where a regional distribution company that implemented AI demand forecasting improved inventory turnover by 15 percent, and the EBITDA increase translated into a valuation multiple that moved from 7x to 9x EBITDA.¹⁹ The technology investment did not just improve the business. It re-priced the business.

Why Most PE Firms Are Leaving Technology Value Behind

If technology assets are this consequential, why are so many firms failing to capture their full value? The answer lies in three structural gaps in how technology is managed and measured across most portfolios.

The first gap is the absence of a technology value creation roadmap at entry. A 2024 Accenture Research survey found that 83 percent of PE leaders admit their due diligence practices are outdated and fall short of their own expectations.²⁰ Without a pre-close assessment that maps technology assets to the investment thesis, operating partners arrive on Day One without a baseline for measuring technology's contribution to value. They spend the first six months diagnosing what diligence should have identified, and the technology roadmap gets built reactively rather than strategically.

The second gap is the failure to track technology investments with the same rigor as other capital expenditures. According to FTI Consulting, 36 percent of PE firms with an AI strategy have no specific milestones or KPIs for measuring and managing AI's impact on value creation.²¹ CLA notes that technology investments should be tracked with the same rigor as any capital expenditure, with KPIs linking directly to EBITDA drivers such as cost reduction, revenue growth, and margin improvement, monitored quarterly.²² When this discipline is absent, technology spending appears on the P&L as overhead rather than as a return-generating investment, and the valuation story at exit becomes difficult to tell.

The third gap is the misalignment between the technology narrative and the exit document. According to a 2024 Harvard Business School working paper, PE-backed companies that significantly increase digital investments post-acquisition achieve stronger sales growth, higher employee productivity, and improved innovation output.²³ Yet many exit processes present technology as a risk factor to be managed rather than a value driver to be priced. Buyers are more likely to increase their offering after experiencing a well-organized narrative supported by data.²⁴ The technology story, documented from Day One, becomes the instrument through which exit premium is captured.

Building the Technology Value Creation Plan

The most effective approach is to treat technology value creation as a distinct workstream within the investment thesis, with its own roadmap, KPIs, and governance structure. For mid-market companies in regulated industries, this workstream has four components that operating partners should own from the first day of the hold period.

Technology asset inventory and baseline valuation establishes what the company actually owns and what it is worth. This includes proprietary data assets, software licenses, infrastructure, automation tools, and the cybersecurity and compliance architecture that underlies them all. The baseline should be expressed in EBITDA-equivalent terms where possible, allowing the team to track technology's contribution to the exit multiple over the hold period. For companies in financial services, healthcare, and manufacturing, this inventory should specifically capture the regulatory compliance infrastructure, which carries material value to buyers who would otherwise have to build it themselves.

Technology expense management and FinOps discipline converts technology spending from a cost center into a visible, optimizable budget. Research from Flexera and others consistently shows that organizations waste 30 percent or more of cloud and technology spending through overprovisioning, unused licenses, and unmanaged subscriptions.²⁵ Recovering that waste improves EBITDA directly. For a portfolio company spending $5 million annually on technology, a 30 percent efficiency gain generates $1.5 million in annualized EBITDA improvement. At an 8x exit multiple, that is $12 million in enterprise value created by rationalizing the technology spend alone, without a single new system investment.

Digital transformation prioritization determines which technology investments will generate the highest return on the investment thesis. PwC notes that leading PE portfolio companies are pushing hard on digital transformation to unlock value, increase profits, and speed up exit time.²⁶ The key discipline is sequence: not every transformation initiative has equal return, and capital deployed in the wrong order delays value realization. Modernizing core ERP systems, building data platforms, and deploying AI for high-impact use cases in the right sequence compresses the timeline from investment to measurable EBITDA improvement.

Exit readiness documentation ensures that technology's contribution to enterprise value is captured in the exit narrative. This means maintaining a technology-specific value creation log from Day One, documenting the EBITDA impact of each major technology initiative, and preparing the buyer narrative in advance of the process. FTI Consulting notes that building AI transformation into the sell-side narrative is one of the three critical plays for PE value creation in 2025, alongside core business transformation and firm-level AI orchestration.²⁷

The Regulated Industry Premium

For PE firms whose portfolios include companies in financial services, healthcare, manufacturing, or legal, technology assets carry an additional dimension of value that is often underpriced: regulatory infrastructure. A company that has built a compliant, auditable, and well-governed technology environment is not just less risky than one that has not. It is worth more to a broader pool of buyers.

Buyers in regulated industries face the same compliance obligations that portfolio companies do. When they acquire a company with mature compliance architecture already in place, they are not just buying the revenue. They are buying the avoidance of the cost and time of building that infrastructure from scratch. For a healthcare company where the average data breach costs $9.77 million,²⁸ and for a financial services firm where the average breach costs $6.08 million,²⁹ the value of a well-designed security and compliance architecture is material and quantifiable. Operating partners who document and communicate this value as part of the exit narrative are systematically capturing premium that their competitors are leaving behind.

The Dialectica 2025 market intelligence snapshot confirms this directly: in regulated industries, cybersecurity maturity is increasingly evaluated not only on IT readiness but also on governance maturity, response protocols, and supply chain cyber posture.³⁰ Companies that can demonstrate this level of technology governance are priced differently than those that cannot. The premium is not speculative. It is grounded in the reduced diligence risk and integration cost that buyers are underwriting on the other side of the transaction.

The Accelerate Partners Perspective

At Accelerate Partners, we work with operating partners and deal teams to treat technology as a quantifiable, manageable value driver across the full investment lifecycle, from pre-close assessment through exit readiness. Our approach is grounded in the belief that technology's contribution to enterprise value is not a narrative. It is a number. And like any number that matters, it should be measured, tracked, and actively managed from the first day of the hold period.

For mid-market companies in regulated industries, the technology value creation opportunity is particularly compelling. These companies often carry significant untapped value in their compliance infrastructure, proprietary data assets, and operational systems that have not been formally inventoried or expressed in financial terms. Our assessments surface that value, translate it into EBITDA-equivalent terms, and build the roadmap for capturing it during the hold period.

The firms that will generate superior returns in today's market are not necessarily those that find better companies at entry. They are the ones that extract more of the value that already exists in the companies they own. Technology is the clearest path to that extraction. The question is whether your firm is treating it with the discipline it deserves.

Works Cited

1. Visual Capitalist. The Soaring Value of Intangible Assets in the S&P 500. (Citing Ocean Tomo Intellectual Capital Equity.) https://www.visualcapitalist.com/the-soaring-value-of-intangible-assets-in-the-sp-500/

2. Ocean Tomo. Intangible Asset Market Value Study 2025. https://oceantomo.com/intangible-asset-market-value-study/

3. National Law Review. Why Intangible Assets Now Drive Corporate Value and Risk. (Citing Brand Finance 2025 Data.) https://natlawreview.com/article/cant-touch-managing-risk-intangible-assets

4. National Law Review. Why Intangible Assets Now Drive Corporate Value and Risk. (Citing Brand Finance and Aon-Ponemon Data.) https://natlawreview.com/article/cant-touch-managing-risk-intangible-assets

5. E78 Partners. Technology Assets: Private Equity's Next Frontier for Value Creation. https://e78partners.com/blog/technology-assets-private-equitys-next-frontier-for-value-creation/

6. McKinsey & Company. Five Considerations for Software Private Equity in 2024. https://www.mckinsey.com/industries/private-capital/our-insights/five-considerations-for-software-private-equity-in-2024

7. EisnerAmper. How AI Is Shaping the Valuation of Private Companies. https://www.eisneramper.com/insights/artificial-intelligence-insights/artificial-intelligence-and-private-company-valuations-0925/

8. Ocean Tomo / J.S. Held. AI as IP: A Framework for Boards, Executives, and Investors. https://oceantomo.com/insights/ai-as-ip-a-framework-for-boards-executives-and-investors/

9. FTI Consulting. Three Plays for Driving Value Creation in 2025: AI Radar for Private Equity. https://www.fticonsulting.com/insights/articles/ai-private-equity-three-plays-driving-value-creation-2025

10. E78 Partners. Private Equity Value Creation in 2025: 5 Key Strategies for Growth. (Citing Boston Consulting Group Data.) https://e78partners.com/blog/private-equity-in-2025-five-key-levers-driving-value-creation/

11. E78 Partners. Private Equity Value Creation in 2025: 5 Key Strategies for Growth. (Citing McKinsey & Company Data.) https://e78partners.com/blog/private-equity-in-2025-five-key-levers-driving-value-creation/

12. Dialectica. Cybersecurity in Private Equity Transactions: 2025 Market Intelligence Snapshot. https://www.dialectica.io/community-hub/cybersecurity-in-private-equity-transactions-2025-market-intelligence-snapshot

13. Ocean Tomo / J.S. Held. AI as IP: A Framework for Boards, Executives, and Investors. https://www.jsheld.com/insights/articles/ai-as-ip-a-framework-for-boards-executives-and-investors

14. Aventis Advisors. Tech Company Valuation Multiples: 2015 to Mid-2025. https://aventis-advisors.com/tech-company-valuation-multiples/

15. Viaductus. Valuation Multiples in the IT Industry: Current Market Overview 2025. https://www.viaductus.de/en-US/knowledge/topics/it-services/multiples

16. Viaductus. Valuation Multiples in the IT Industry: Current Market Overview 2025. https://www.viaductus.de/en-US/knowledge/topics/it-services/multiples

17. Viaductus. Valuation Multiples in the IT Industry: Current Market Overview 2025. https://www.viaductus.de/en-US/knowledge/topics/it-services/multiples

18. EisnerAmper. How AI Is Shaping the Valuation of Private Companies. (Citing FTI Consulting AI Radar for Private Equity Survey.) https://www.eisneramper.com/insights/artificial-intelligence-insights/artificial-intelligence-and-private-company-valuations-0925/

19. EisnerAmper. How AI Is Shaping the Valuation of Private Companies. https://www.eisneramper.com/insights/artificial-intelligence-insights/artificial-intelligence-and-private-company-valuations-0925/

20. Keye. The Hidden Costs of Manual Due Diligence in Private Equity. (Citing Accenture Research Survey 2024.) https://www.keye.co/post/the-hidden-costs-of-manual-due-diligence-in-private-equity

21. FTI Consulting. Three Plays for Driving Value Creation in 2025. https://www.fticonsulting.com/insights/articles/ai-private-equity-three-plays-driving-value-creation-2025

22. CLA (CliftonLarsonAllen). Turn Tech Investments into EBITDA Growth in Private Equity. https://www.claconnect.com/en/resources/blogs/private-equity/turn-tech-investments-into-ebitda-growth-in-private-equity

23. Harvard Business School / Harvard Kennedy School. Private Equity and the Adoption of Digital Technologies. Working Paper 24-070, 2024. https://www.hks.harvard.edu/centers/mrcbg/programs/growthpolicy/private-equity-and-digital-transformation

24. Dynamiq. AI-Driven Due Diligence Through To Exit: How Private Equity Firms Are Using GenAI in 2025. https://www.getdynamiq.ai/post/ai-driven-due-diligence-through-to-exit-how-private-equity-firms-are-using-genai-in-2025

25. Making Sense. PE Technology Value Creation: From Due Diligence to Exit. https://makingsense.com/blog/post/pe-technology-value-creation-due-diligence-to-exit

26. PwC. Private Equity Value Creation Through Digital Transformation. https://www.pwc.com/us/en/industries/financial-services/library/private-equity-value-creation-through-digital-transformation.html

27. FTI Consulting. Three Plays for Driving Value Creation in 2025. https://www.fticonsulting.com/insights/articles/ai-private-equity-three-plays-driving-value-creation-2025

28. IBM. Cost of a Data Breach 2024: Healthcare Industry. https://www.ibm.com/think/insights/cost-of-a-data-breach-healthcare-industry

29. IBM. Cost of a Data Breach 2024: Financial Industry. https://www.ibm.com/think/insights/cost-of-a-data-breach-2024-financial-industry

30. Dialectica. Cybersecurity in Private Equity Transactions: 2025 Market Intelligence Snapshot. https://www.dialectica.io/community-hub/cybersecurity-in-private-equity-transactions-2025-market-intelligence-snapshot

31. McKinsey & Company. Global Private Markets Report 2026: Private Equity. https://www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report

32. Aventis Advisors. Software Valuation Multiples: 2015 to 2025. https://aventis-advisors.com/software-valuation-multiples/

33. Aventis Advisors. IT Services Valuation Multiples: 2015 to 2024. https://aventis-advisors.com/it-services-valuation-multiples/

34. PwC. How AI Is Reshaping Software Valuations in M&A. https://www.pwc.com/us/en/services/consulting/deals/library/ai-software-valuations-ma-private-equity.html

35. Akin Gump. 2025 Perspectives in Private Equity: AI and Technology. https://www.akingump.com/en/insights/articles/2025-perspectives-in-private-equity-ai-and-technology

36. E78 Partners. Why Margin Expansion Is the New Growth Strategy for Private Equity Firms in 2025. https://e78partners.com/blog/why-margin-expansion-is-the-new-growth-strategy-for-private-equity-firms-in-2025/

37. EY. Five Key Trends for Private Equity Firms in 2024. https://www.ey.com/en_us/insights/private-equity/five-key-trends-for-private-equity-firms-in-2024

38. Coller Capital. How PE Drives Digital Transformation and Value Creation. (Citing McKinsey Analysis.) https://www.collercapital.com/private-capital-findings-issue-21/pc-findings-21-fit-for-future/

39. PwC. Private Equity Industry Issues 2025. https://www.pwc.com/us/en/industries/financial-services/library/private-equity-trends.html

40. McKinsey & Company. Five Considerations for Software Private Equity in 2024. https://www.mckinsey.com/industries/private-capital/our-insights/five-considerations-for-software-private-equity-in-2024

41. Bain & Company. Private Equity Outlook 2025: Is a Recovery Starting to Take Shape? https://www.bain.com/insights/outlook-is-a-recovery-starting-to-take-shape-global-private-equity-report-2025/

42. Cherry Bekaert. Private Equity Mid-Year Trends in 2025. (Citing PitchBook Data.) https://www.cbh.com/insights/reports/private-equity-mid-year-trends-in-2025/

43. Qubit Capital. Private Equity Due Diligence Checklist: Essential Steps for Investors. https://qubit.capital/blog/private-equity-due-diligence-checklist

44. Ocean Tomo / J.S. Held. Increasing Exit Multiples: IP and AI Asset Management in M&A Transactions. https://oceantomo.com/insights/increasing-exit-multiples-ip-and-ai-asset-management-in-ma-transactions/

45. FE International. AI Business Valuation Model 2026: Methods, Metrics and Trends for Founders. https://www.feinternational.com/blog/ai-business-valuation-model-2026

46. EisnerAmper. How AI Is Shaping the Valuation of Private Companies. https://www.eisneramper.com/insights/artificial-intelligence-insights/artificial-intelligence-and-private-company-valuations-0925/

47. Qubit Capital. AI Startup Valuation Multiples: 10x to 50x Range, 2026. https://qubit.capital/blog/ai-startup-valuation-multiples

48. WIPO. The Value of Intangible Assets of Corporations Worldwide Rebounds to All-Time High of USD 80 Trillion in 2024. https://www.wipo.int/en/web/global-innovation-index/w/blogs/2025/the-value-of-intangible-assets-of-corporations

49. Harvard Business School. Working Paper 24-070: Private Equity and the Adoption of Digital Technologies. https://www.hbs.edu/ris/Publication%20Files/24-070_72f6bfef-d542-437d-9747-bbf708fc11a5.pdf

50. Statista / NYU Stern School of Business. Average EV/EBITDA Multiples in the Technology and Telecommunications Sector Worldwide from 2019 to 2024. https://www.statista.com/statistics/1030065/enterprise-value-to-ebitda-in-the-technology-and-telecommunications-sector-worldwide/

51. Zuora. Private Equity SaaS: Future Trends and Value Creation Strategies. https://www.zuora.com/resource/the-future-of-private-equity-backed-saas/

52. EY. How Private Equity Cybersecurity Can Improve Deal Value Creation. https://www.ey.com/en_us/insights/strategy/how-private-equity-cybersecurity-can-improve-deal-value-creation

53. AlixPartners. Riding the Cyber Wave: How Cybersecurity Resilience Can Drive Investor Returns. https://www.alixpartners.com/insights/102lr9m/riding-the-cyber-wave-how-cybersecuritys-resilience-can-drive-investor-returns/

54. WTW. Cyber Risks in Private Equity. https://www.wtwco.com/en-gb/insights/2024/12/cyber-risks-in-private-equity

55. Kroll. Safeguarding Portfolio Value in Private Equity: Global Cybersecurity Report 2025. https://www.kroll.com/en/newsroom/private-equity-cybersecurity-significant-risk-financial-impact

56. IBM. Cost of a Data Breach Report 2024. https://newsroom.ibm.com/2024-07-30-ibm-report-escalating-data-breach-disruption-pushes-costs-to-new-highs

57. Making Sense. PE Technology Value Creation: From Due Diligence to Exit. (Citing KPMG 2024 Technology M&A Survey.) https://makingsense.com/blog/post/pe-technology-value-creation-due-diligence-to-exit

58. RSM US LLP. The Critical Role of Technology Due Diligence in Private Equity. https://rsmus.com/insights/industries/private-equity/the-critical-role-of-technology-due-diligence-in-private-equity.html

59. TechCXO. Tech Due Diligence for Private Equity: What Investors Must Know Before Closing. https://www.techcxo.com/insights-tech-due-diligence-for-private-equity/

60. CohnReznick. The Strategic Imperative of Software Due Diligence in Technology Investments. https://www.cohnreznick.com/insights/the-strategic-imperative-of-software-due-diligence-in-tech-investments

61. Plante Moran. Due Diligence Checklist: 7 Critical Steps. https://www.plantemoran.com/explore-our-thinking/insight/2025/10/due-diligence-checklist

62. Cherry Bekaert. Private Equity Report: 2024 Trends and 2025 Outlook. (Citing PitchBook Data.) https://www.cbh.com/insights/reports/private-equity-report-2024-trends-and-2025-outlook/

63. McKinsey & Company. Global M&A Trends: Navigating a Rapidly Rebounding Market. https://www.mckinsey.com/capabilities/m-and-a/our-insights/top-m-and-a-trends

64. Bain & Company. Looking Back at M&A in 2025: Behind the Great Rebound. https://www.bain.com/insights/looking-back-m-and-a-report-2026/

65. Dealroom. Private Equity Statistics: Deal Flow, Exits and Fundraising Trends. https://dealroom.net/blog/private-equity-statistics

66. EY. Private Equity Pulse: Key Takeaways from Q4 2025. https://www.ey.com/en_us/insights/private-equity/pulse

67. E78 Partners. Why Margin Expansion Is the New Growth Strategy for Private Equity Firms in 2025. https://e78partners.com/blog/why-margin-expansion-is-the-new-growth-strategy-for-private-equity-firms-in-2025/

68. byteiota. Technical Debt Costs 40% of IT Budgets in 2025: The $3M Crisis. (Citing McKinsey Research.) https://byteiota.com/technical-debt-costs-40-of-it-budgets-in-2025-the-3m-crisis/

69. IT Convergence. Managing Technical Debt in 2025. (Citing IDC 2025 Research.) https://www.itconvergence.com/blog/strategies-for-managing-technical-debt-in-legacy-software-systems/

70. CIO Dive. Legacy Tech Upgrades Cost the Average Business Nearly $3M Last Year. https://www.ciodive.com/news/legacy-technology-technical-debt-costs-enterprise-data-AI/721885/

71. FTI Consulting. Cybersecurity for Private Equity Firms: Adding Value, Reducing Risk. https://www.fticonsulting.com/insights/articles/cybersecurity-private-equity-adding-value-reducing-risk

72. Moss Adams. 2025 Cybersecurity Investment Landscape: Key Insights and Emerging Trends. https://www.mossadams.com/articles/2025/09/2025-cybersecurity-investment-trends-summary

73. S&P Global Market Intelligence. Private Equity Inflows to Cybersecurity Soar. https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/3/private-equity-inflows-to-cybersecurity-soar-as-googles-32b-deal-adds-tailwind-88055244

74. Quiss. The Complete Guide to Cybersecurity Risks for Private Equity Firms: 10 Critical Threats in 2025. https://www.quiss.co.uk/the-complete-guide-to-cybersecurity-risks-for-private-equity-firms-10-critical-threats-in-2025/

75. Thomas Murray. How Private Equity Leaders Turn Cyber Security Investment into Competitive Advantage. https://thomasmurray.com/insights/how-private-equity-leaders-turn-cyber-security-investment-competitive-advantage

76. Harvard Law School Forum on Corporate Governance. Private Equity 2024 Review and 2025 Outlook. https://corpgov.law.harvard.edu/2025/01/24/private-equity-2024-review-and-2025-outlook/

77. PwC. Private Equity Industry Issues 2025. https://www.pwc.com/us/en/industries/financial-services/library/private-equity-trends.html

78. Wellington Management. Private Equity Cybersecurity and Data Transparency. https://www.wellington.com/en/insights/private-equity-cybersecurity-data-transparency

79. Alter Domus. 2025 Private Markets Year-End Review. https://alterdomus.com/insight/2025-private-markets-year-end-review/

80. Cleary Gottlieb. M&A: 2025 in Review and a Look Ahead to 2026. https://www.clearygottlieb.com/news-and-insights/publication-listing/ma-2025-in-review-and-a-look-ahead-to-2026