I run a small B2B SaaS company and am starting to think about an exit in the next 18-24 months. A lot of the buyers I'd want are technical founders or PE-backed teams that understand software. I keep hearing about marketplaces, brokers, and direct outreach, but I'm not sure where serious tech buyers actually spend their time. For those who have sold tech businesses or bought them, where did the real buyers come from? Was it inbound, brokers, online marketplaces, conferences, or something else?
Buyer Search
Where do tech-savvy buyers look for businesses?
If you're targeting technical buyers, marketplaces like Acquire.com or Flippa can work, but the serious ones usually have a thesis. I'd put more effort into direct outreach to PE firms that already own adjacent SaaS products. Warm intros through your investors or board are worth more than a listing.
What size are you in terms of ARR and growth? That changes the answer a lot.
From the buy side, I look at three main channels: proprietary deal flow through my network, niche brokers who actually understand software, and occasionally conferences like SaaStr or MicroConf where I can meet founders informally. Generic business brokers are usually a waste of time for tech.
I'd second the direct PE outreach. A lot of PE firms have platform companies that are hungry for bolt-ons. The key is getting in front of the deal team, not just submitting a generic teaser. Also, your current investors may already have relationships with those firms.
Acquire.com seems to be where a lot of the smaller SaaS deals get done now, especially under $5M enterprise value. But the quality of buyers varies. You'll get a lot of tire kickers before someone serious shows up.
I've bought two small software companies. Both came through direct outreach from the seller. One was a cold email that was actually well-researched, the other through a mutual contact. I've never bought anything from a marketplace.
If you're in the US, there are regional tech councils and angel groups that sometimes facilitate deals. Not as formal as brokers, but worth exploring if you want to stay local.
The best buyers i've seen come from a well-written anonymous teaser sent to a curated list of strategic buyers and PE firms. Brokers can help with that, but make sure they have tech experience. Many don't.
Don't overlook your own customers or partners. Sometimes the best buyer is a larger company that already uses your product and sees the strategic value. That's how we sold our last company.