News Summary

• Kroll published its Summer 2026 Global Software Sector Update covering software M&A and public comps through June 30, 2026.
• Deal volume is on track for the second-highest year on record.
• Valuations now vary enormously between categories that look nearly identical on growth and margin, which means buyers are pricing something the standard framework doesn’t capture.
• In Q2 alone, Cursor accounted for about 64% of all software deal value.
• The more interesting one is that the market is pricing which categories agents make more valuable and which they make less necessary.