Why strategic buyers are paying less than PE — M&A in the age of AI uncertainty

In parts of the market, strategic acquirers are paying less than private equity for software businesses, which is unusual. Richard Angus and Doug Lawson discuss why deal processes are getting longer, what buyers actually do when they cannot model the AI impact on a target's revenue and what this uncertainty means for anyone trying to agree a price right now. Part 3 of 4. Watch the full series: https://www.youtube.com/playlist?list=PLuaVVfQg5eE8htrXgxEz3OTaj-lUyL4pt Doug Lawson, CEO and Co-founder of MarktoMarket, with Richard Angus, Head of Business Development at Hardman & Co Important notice: This content has been prepared purely for information purposes, and should not be construed as an offer, or the solicitation of an offer, to buy or sell any security, product, service or investment. The companies or legal entities covered in this content may or may not pay us a fixed fee for this content to be made available. Investments in small and mid-cap corporations and foreign entities are speculative and involve a high degree of risk. An investor could lose all or a substantial amount of his or her investment, and the securities or legal entities mentioned in this content may not be suitable or appropriate for all investors. Each investor’s particular needs, investment objectives and financial situation were not taken into account in the preparation of this content. Each investor must make his or her own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein. The fact that Hardman & Co has made available through this content various information constitutes neither a recommendation to enter into a particular transaction nor a representation that any financial instrument is suitable or appropriate for you. Each investor should consider whether an investment strategy of the purchase or sale of any product or security is appropriate for them in the light of their investment needs, objectives and financial circumstances. For more information, please read our full disclaimers: www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer M&A due diligence strategic buyers vs PE software M&A 2026 AI due diligence private equity dealmaking deal uncertainty UK M&A technology acquisitions