Adobe's proposed $20 billion Figma acquisition became a landmark example of strategic urgency, peak software valuation, regulatory risk, and the cost of a transaction that never reached closing.
The $16.5 billion Citrix take-private combined a durable virtual-workspace franchise with TIBCO, creating Cloud Software Group and a private-equity platform for mature enterprise software.
Zendesk's $10.2 billion take-private became a platform bet on customer-service workflows just before generative AI shifted the category from ticket management toward autonomous resolution.
Thoma Bravo's $8 billion Coupa take-private turned the 2022 SaaS valuation reset into a long-term bet on enterprise spend data, recurring revenue, and AI-driven procurement automation.