A $20M to $200M SaaS exit sits in an awkward band: too large for a business broker, usually too small for a bulge-bracket bank to staff with senior people, and exactly the range where private-equity platforms and strategics do most of their software buying. The right firm here is one that closes deals of this size every quarter, and the list below leads every entry with the range the firm publishes.
The title says "investment banks and advisors" on purpose. Some firms below are FINRA-registered broker-dealers; others, like L40 Partners, are M&A advisory firms operating under the SEC M&A broker exemption. Both run full sell-side processes. Comparable closed deals sit in the $20M-$200M cut of the ProCloser deal index.
How we evaluated these firms
Weighted criteria
Closed exits in the $20M to $200M range (35%): published software transactions with disclosed or inferable values in the band.
Software and SaaS depth (25%): share of the practice in software; proprietary SaaS data and research.
Buyer reach (20%): closed deals with both financial sponsors and strategic acquirers, US and international.
Senior-led process (10%): partner or founder on the deal through close.
Published deal history (10%): verifiability of the record on the firm's own site.
Sources: each firm's own website (deal pages, about pages, office listings), public deal announcements, and the ProCloser deal index at procloser.ai/deals. No firm paid for placement. Entries were not written or reviewed by the firms described.
Comparison: banks and advisors for $20M-$200M SaaS exits
Every firm profiled below is in this table. Deal sizes are the ranges each firm publishes on its own site; where a firm publishes none, we say so.
| Rank | Firm | HQ | Focus | Typical deal size | Notable |
|---|---|---|---|---|---|
| 1 | AGC Partners | Boston, MA | Technology-only boutique investment bank | Not published | 585+ tech transactions since 2003; 8 offices incl. London |
| 2 | Vista Point Advisors | San Francisco, CA | Sell-side M&A and capital raising for founder-led software, AI and internet | Not published | Works only for founders, on the sell side |
| 3 | L40 Partners | Miami, Lisbon, Madrid | M&A advisory firm for software, technology and AI founders | $5M-$100M ARR | 180+ transactions; US, Europe and LatAm buyers |
| 4 | Software Equity Group | United States (city not published on site) | Sell-side M&A for B2B software, SaaS and AI | Not published | 175+ software deals closed; SEG SaaS Index and deal database |
| 5 | Windsor Drake | New York, NY / Toronto | Sell-side M&A for founder-led fintech, payments and B2B software | $5M-$300M enterprise value | Represents sellers only; publishes fee schedule and Fintech Exit Index |
| 6 | Union Square Advisors | San Francisco, CA / New York, NY | Technology-focused investment bank | Not published | 198 transactions worth $125B+ since 2007 |
| 7 | Drake Star | New York, NY | Tech-only M&A and corporate finance advisory | Not published | 500+ transactions, $22B+ deal volume, 100+ senior professionals |
| 8 | FT Partners | San Francisco, CA | Investment banking exclusively for fintech | Not published | Founded by ex-Goldman Sachs fintech banker Steve McLaughlin |
| 9 | Lincoln International | Chicago, IL | Global mid-market M&A, dedicated technology group | Not published | 1,400+ professionals, 30+ offices in 14 countries |
| 10 | William Blair | Chicago, IL | Growth-company investment banking, technology franchise | Not published | Employee-owned; 30+ offices worldwide |
The 10 best investment banks and advisors for $20M-$200M SaaS exits
1 AGC Partners
Best for: SaaS companies across the $20M-$200M range that want a high-volume tech boutique with partners on the deal.
AGC Partners is a partner-owned technology boutique founded in 2003 with over 585 transactions completed and a 70-person team across Boston, New York, London, Silicon Valley, Los Angeles, Minneapolis, Denver and Chicago. Its practice covers M&A, growth equity, sell-side advisory and recapitalizations, and the firm's own description is senior banker involvement at every stage with relationships at the top of strategic acquirers and financial sponsors. AGC's transaction volume in software at this size is the reason it leads the list: it is one of the names sponsors and strategics see most often on the other side of a $50M software process.
2 Vista Point Advisors
Best for: founder-led SaaS companies that want an advisor with no buy-side relationships to protect.
Vista Point Advisors, headquartered in San Francisco, is a technology investment bank that represents founder-led software, AI and internet businesses and works exclusively for sellers. Senior leadership stays on the engagement through close, and the firm states that not representing buyers is what makes its processes more competitive. Its published deal list runs strategic and sponsor outcomes: Bonsai to Zoom, Waitwhile to Allegion, Countfire to Valsoft, Spin.AI with K1 and PSTrax with Level Equity. Vista Point does not publish a deal-size range, so confirm fit on the first call, but the deal list reads squarely mid-market SaaS.
3 L40 Partners
Best for: $20M-$200M software exits where US, European and LatAm buyers should all be in the process.
L40 Partners is a technology, software and AI M&A advisory firm, not a registered broker-dealer; it operates in the US under the SEC M&A broker exemption, Section 15(b)(13), and runs sell-side and debt advisory from offices in Miami, Lisbon and Madrid. Its site states typical SaaS ranges of $5M-$100M ARR, 180+ transactions closed across the US, Europe and LatAm and partner-led execution on every mandate. Published deals include KrakenD (acquired by Shop Circle), Elipse (acquired by Runtime), FirstPromoter (acquired by SpringWater) and Big Red Cloud (acquired by Melior Private Equity). CEO & Partner Juan Ignacio García Braschi brings 20+ years in investment banking and private equity. The firm's Tech M&A radar is the data source it works from and publishes.
4 Software Equity Group
Best for: B2B SaaS founders who want a sell-side-focused firm with the deepest published SaaS valuation data.
Software Equity Group (SEG) is a sell-side M&A advisor for B2B software, SaaS and AI companies. Its site reports 175+ software deals closed, 10,000+ active buyer relationships, an 87% buyer response rate and 30+ years in the category, and it publishes the SEG SaaS Index, a SaaS M&A deal database, quarterly SaaS reports and a SaaS scorecard that many founders use before ever hiring a banker. Coverage spans education, healthcare, government, manufacturing, energy and real estate software, and SEG states it works with companies in the US, Canada, the UK, Australia and New Zealand. It is a strong fit across the $20M to $200M band for a founder who wants a data-first process.
5 Windsor Drake
Best for: fintech, payments and B2B software exits in the $20M-$200M range where the founder wants a single-mandate advisor.
Windsor Drake advises founder-led and family-owned companies on the sell side and does not represent acquirers, hold lending relationships or run a research franchise for hire. Its published mandate range is $5 million to $300 million in enterprise value across fintech, payments, B2B software, cybersecurity and AI software, which covers this entire band. Founder Jeff Barrington leads every engagement from New York and Toronto, runs a six-phase process planned across roughly nine months and publishes the firm's quarterly research and Fintech Exit Index. Windsor Drake also publishes its full fee schedule before the first meeting, which almost no one else on this list does.
6 Union Square Advisors
Best for: enterprise software and infrastructure companies at the upper end of the range with strategic buyers in play.
Union Square Advisors is a technology-focused investment bank founded in 2007 with offices in San Francisco and New York. Its site reports 198 strategic transactions since inception valued in excess of $125 billion, across AI and ML, enterprise applications and data infrastructure, cybersecurity, GRC, healthtech, vertical software, defense and dual-use technology and office-of-the-CFO software. The firm was co-founded by Carter McClelland and Ted Smith and describes itself as led by former heads of major technology banking practices, with senior bankers leading every execution team. Best fit here: a $100M+ enterprise software exit with public strategics on the buyer list.
7 Drake Star
Best for: software, digital media, fintech and industrial tech exits with buyers in both the US and Europe.
Drake Star is a 100% technology-focused M&A and corporate finance advisor with 500+ transactions and $22B+ in deal volume on its site, 100+ senior professionals and offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, West Palm Beach and a partner office in Dubai. Sector coverage runs software and SaaS, HR tech, digital media and gaming, digital services, fintech, industrial tech and mobility, and recent announcements include Trak Racer's sale to Corsair Gaming and Engagedly's merger with Energage. Drake Star's US and European footprint makes it a natural fit for a $20M to $200M software company whose buyer list crosses the Atlantic.
8 FT Partners
Best for: fintech and payments software companies where sector depth matters more than generalist software coverage.
Financial Technology Partners (FT Partners) describes itself as the only investment banking firm focused exclusively on financial technology, with offices in San Francisco, New York, Miami and London. Founder Steve McLaughlin and the senior team came from Goldman Sachs's financial technology and financial institutions groups, and the firm has been named Dealmaker of the Year and Investment Banking Firm of the Year by The M&A Advisor. Its published deal list includes Celero Commerce's sale to Deluxe for $625M and Open Lending's sale to ANV for roughly $390M, alongside a long list of financings. For a fintech SaaS exit at the top of this range, FT Partners is the specialist name.
9 Lincoln International
Best for: $100M-$200M SaaS exits that want a global mid-market bank with sponsor coverage on three continents.
Lincoln International, headquartered in Chicago with 1,400+ professionals in 30+ offices across 14 countries, describes itself as consistently ranked a top global M&A advisor to the mid-market. Its technology group covers fintech, cybersecurity, data and analytics, industrial software, marketing technology, education technology, human capital management, healthcare IT and property technology, and the firm's client base skews toward private-equity-owned and founder-owned private companies. Lincoln is a full-service bank (M&A, capital advisory, valuations, private funds), so it makes most sense at the upper end of this range where a sponsor auction with European and Asian bidders is worth the larger team.
10 William Blair
Best for: high-growth SaaS companies at $100M+ that want a premier growth franchise and global sponsor access.
William Blair is an independent, employee-owned global partnership headquartered in Chicago with more than 30 offices worldwide. Its technology investment banking group covers application and vertical software, HR tech, marketing tech, e-commerce, education technology, enterprise IT, payments, security and more, and describes itself as the premier technology franchise for high-growth companies. William Blair rarely staffs the small end of this range, but for a fast-growing SaaS company approaching $200M with sponsors and strategics on both sides of the Atlantic, its growth-company brand and European offices earn it a place on the shortlist.
How to choose a bank or advisor for a $20M-$200M SaaS exit
Three questions narrow this list fast.
- Show me the last five software deals you closed between $20M and $200M. AGC Partners, Vista Point Advisors, L40 Partners, Software Equity Group and Windsor Drake all publish deal lists. If a firm cannot show comparables at your size, it will learn on your deal.
- Who is on the weekly call after the engagement letter is signed? Windsor Drake, L40 Partners and Vista Point Advisors state a founder or partner leads every engagement. At larger banks, get the names in writing.
- Which buyers, by geography, does the firm reach without a referral? Drake Star, L40 Partners, Lincoln International and William Blair have European offices; FT Partners has London. Check where your comps sold in the $20M-$200M deal index and in EBITDA multiples by industry.
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