2026年第二季度全球DevOps与DataOps市场报告 GLOBAL DEVOPS AND DATAOPS REPORT

.dralkestar,con

染DRAKESTAR

GLOBALDEVOPSANDDATAOPS

REPORT

Q22026

NEWYORKILONDONIPARISIMUNICHISANFRANCISCOLOSANGELESIBERLINIWESTPALMBEACHIDUBAl

#DRAKESTAR

2

#DRAKESTAR

GLOBALREACHCOMBINEDWITHLOCALPRESENCE

ONEOFTHELARGESTTECHTEAMSACROSSNORTHAMERICA,EUROPEANDASIA

5

countries

9

offices

500+

Transactions

50

DealoftheyearAwards

30+

partners&

seniorAdvisors

70%+

cross-BorderTransactions

3

#DRAKESTARSTRICTLYCONFIDENTIAL

STRONGTRANSACTIONTRACKRECORDACROSSTHEGLOBALTECHLANDSCAPE

OVER500+TRANSACTIONSCOMPLETED

DRAKESTARPROVENTRACKRECORDINDEVOPS

SELECTDEALS

SALETO

SHARES

SALETO

aportfoliocom,panyof

meo

⃞VREquitypartner

aportfoliocom,panyof

ACQUISITION

OF

aportfoliocom,panyof

&MERGERWITH

INVESTMENTIN

⃞blue-infnity

SALETO

aportfoliocom,panyof

abry些

nexusekk,

TRANSACTS

SALETO

aportfoliocompanyof

RUNBOOK

SALETO

MAJORITY

SALETO

SALETO

yseeven

SALETO

SALETO

MAJORITYSALETO

RECEIVED

INVESTMENT

FROM

]init[

SALEOF

SALETO

FEDER染S

SALETO

aportfoliocom,panyof

Lefshift

GROWTHCAPITAL

cgrente

SALETO

SALETO

司-amdocs

⃞coreteligent

aportfoliocom,panyof

HAS

ACQUIRED

STAKEIN

oodrive

SALEOF25%

学Aagon

SALETO

GENul

DRAKESTARMUNICH

RalfPhilippHofmann

ManagingPartner&Co-FounderMUNICH

+4989149026510

ralf.hofmann@

DRAKESTARNEWYORK

JamesTurino

ManagingPartnerNEWYORK

+19177570212

james.turino@

PLACEMENT

PLACEMENT

PRIVATE

SALETO

Atlantic

SALETO

PRIVATE

PLACEMENT

PRIVATE

SALETO

SALETO

Realops

SALETO

bmcsoftware

DRAKESTARNEWYORK

ErikHansen

Partner

NEWYORK

+

16505213480

e

rik.hansen@

.dralkestar,con

4

#DRAKESTARSTRICTLYCONFIDENTIAL

5

Sources:CapitalIQ,DrakeStar,GrandViewResearch,IDC,MarketsandMarkets,andResearchAndMarkets

DEVOPSATTHECENTEROFAITRANSFORMATION

$1OOB$32B23%

Top3EmergingTrendsShapingDevOps

MARKETDEFINITIONS

AUTOMATINGSOFTWAREDELIVERY,ITOPERATIONSANDDATAANALYTICS

DevOps

Softwareenablingautomation,efficiencyandintelligencein

development(Dev)andIToperations(Ops),designedtoshortendevelopmentlifecycles,continuouslydeliverhigh-qualitysoftwareandstreamlineIToperations.

Coreelementsinclude

•ContinuousIntegration/ContinuousDelivery(CI/CD)—integratingbuild,testanddeploymentpipelines

•InfrastructureasCode(IaC)—managinginfrastructurethroughversioned,automatedconfiguration

•Collaboration—breakingdownsilosbetweenDevandOpsviasharedtoolingandmetrics

•Monitoring&observability—trackingapplicationandinfrastructureusage,governance,deliveryandperformanceinproduction

•Automation—applyingAItoreducemanual,repetitiveworkacrossthedeliverylifecycle

DataOps

Softwareandrelatedtechnologiesfocusedonthemanagementofenterprisedata,analyticsandreporting,andextractionofactionableintelligenceandmanagementdecisionsupport.

Coreelementsinclude

•Datapipelineautomation—orchestratingingestion,transformationanddelivery(ETL/ELT)

•Dataquality&testing—automatedvalidationchecksthroughoutthepipeline

•Collaboration—aligningdataengineers,analysts,scientistsandbusinessstakeholders

•Versioncontrol—trackingchangestoschemas,transformationsandmodels

•Dataobservability—usingAItomonitordataintegrity,lineageandpipelinehealth

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#DRAKESTARSTRICTLYCONFIDENTIAL

7

#DRAKESTARSources:GlobalNewswire,Deloitte,Gartner,ReportLinker,D,DSresearch

DataOpsEvolvesintotheFoundation

forEnterpriseAI

High-quality,governedenterprisedatahas

becomeessentialforGenAI,RAGapplicationsandAIagents.

OrganizationsareinvestinginDataOpstoautomatedataintegration,governance,

observabilityandcontinuousdeliveryoftrusteddata.

GitOps&Infrastructure-as-CodeBecomeEnterpriseStandards

GitOpsandInfrastructure-as-Codecontinuetostandardizeinfrastructureprovisioningand

applicationdeploymentacrosshybridandmulti-cloudenvironments.

Policy-as-Codeandautomatedcomplianceareincreasinglyintegratedintodeploymentpipelines.

PlatformEngineeringBecomesMainstream

InternalDeveloperPlatforms(IDPs)providestandardizedself-serviceinfrastructure,

reusableworkflowsanddeveloperportals.

Platformengineeringimprovesdeveloperproductivitywhilereducingoperational

complexityandenablingconsistentgovernance.

FinOpsExpandstoAIInfrastructure

Optimization

FinOpspracticesnowextendbeyondcloudinfrastructuretooptimizeGPUutilization,AIworkloadsandmodelinferencecosts.

EngineeringteamsareintegratingcostvisibilityintosoftwaredeliverytoimproveefficiencyandmaximizeROI.

EMERGINGTRENDSARERESHAPINGTHEDEVOPSLANDSCAPE

AIAgents&AIOpsTransform

Operations

AIcopilotsandautonomousagentsare

automatingcodegeneration,incident

response,root-causeanalysisandoperationalworkflows.

EnterprisesareembeddingAIacrossthe

SDLCtoimprovedeveloperproductivity,

systemreliabilityandoperationalefficiency.

SoftwareSupplyChainSecurityTakes

CenterStage

Organizationsarestrengtheningsoftware

supplychainsecuritythroughSBOMs,artifactsigning,codeprovenanceandruntime

protection.

AI-generatedcodeisincreasingdemandforgovernance,secureCI/CDandcontinuoussecurityvalidation.

AI&DATA-DRIVENAPPLICATIONSARECONVERGINGDEVOPS&DATAOPS

AI-nativeapplicationsaredrivingtighterintegrationbetweensoftwareengineering,dataengineeringandAIteams.AsenterprisesoperationalizeGenAI,real-timedatapipelines,modeldeploymentandapplicationdeliverymustbemanagedthroughunified,automatedworkflows.

OrganizationsareextendingDevOpsprinciples—CI/CD,automation,observability,governanceandinfrastructure-as-code—todataandAIpipelines,enablingfasterdeploymentandconsistent

governanceacrosssoftware,dataandMLassets.

Platformvendorsareunifyingdevelopment,dataandAIcapabilitieswithinintegratedecosystems—Databricks,Snowflake,MicrosoftFabric,GitLab,AWSandAzurenowcombinedataengineering,analytics,MLlifecycleandDevOpsinoneoperatingmodel.

EnterpriseinvestmentcontinuestoaccelerateasAIadoptiondrivesdemandforscalable

infrastructure.ThecombinedDevOps,DataOpsandMLOpsmarketisestimatedat$24–26Bin2026,growingat23%CAGRto$65–70Bby2031.

M&Aactivityconfirmstheconvergence:dataplatforms(Snowflake,Databricks)areacquiringobservabilityandcatalogassets,whilesecurityandITOpsplatforms(PaloAlto,Cisco)are

acquiringdata-adjacenttelemetryandidentityassets,withlittlepure-playCI/CDconsolidation.

8

Source:DrakeStar

*DrAkesTAR

9

Sources:GrandViewResearch,FortuneBusinessInsights

SIGNIFICANTINVESTMENTCONTINUESTODRIVEROBUSTGROWTHTHROUGH2031

COMBINEDDEVOPSANDDATAOPSMARKETTOREACH$85BBY2031

CAGR:23%

CAGR:18%

2026E2031E

DevOpsDataOps

KeyDrivers

AI-NativeSoftwareDevelopment:Zero-touchdeliveryisdisplacingmanual

build,testandreleasework,shiftingspendtowardintegratedDevOps,DataOpsandMLOpsplatforms.

PlatformEngineering&UnifiedDeveloperExperience:Internaldeveloperplatformsunifyprovisioning,CI/CD,observabilityandsecurity.Self-service

automationremovesmanualhand-offsandtightensgovernance.

Cloud-NativeInfrastructure&IntelligentAutomation:Kubernetesand

Infrastructure-as-Coderemainthefoundation;zero-touchoperations—auto-

remediation,policy-drivenscaling,self-healingpipelines—absorbincidentresponseandtoil.ThisiswhereAIiscommercializingfastest.

SoftwareSupplyChainSecurity&Governance:Automatedin-pipelinevalidation—SBOMs,codeprovenance,policy-as-code,runtimeenforcement—hasreplacedperiodicreviewandmadesecuredeliveryaboard-levelbudget

line.

DEVOPSDEALACTIVITYREMAINSROBUSTATALLSTAGES

197

Totaltransactions

+35%vsprioryear

78%

Shareofvaluefromplacements

51%ayearago

6

Placementsabove$1bn

inthelasttwelvemonths

Transactionvalue($B)

nM&A(disclosed)privateplacements

LTMJun-25LTMJun-26

$99.8BOFTOTALTRANSACTIONVALUEOVERTHELASTTWELVEMONTHS

$100.0B

Totaltransactionvalue

+2.1xvsprioryear

CapitalisrotatingfromM&Aintogrowthfinancing:privateplacementsnowrepresent78%oftotaltransactionvalue,upfrom51%ayearago,whileM&Adealcountcontinuestoclimbevenasdiscloseddollarvolumeeases.

M&Adealcount

+15%

M&Adollarvolume(disclosed)

$21.7B

$23.8B

(9%)

privateplacementsdealcount

+61%

privateplacementsdollarvolume

$78.1B

$24.4B

+3.2x

#DRAKESTAR

Note:12monthsendedJune30,2026.M&Adollarvolumereflectsdiscloseddealvaluesonly;totaltransactionvaluecombinesdisclosedM&Aandprivateplacementvolumes.

Source:CapIQ,PitchBook

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11

#DRAKESTARSource:DrakeStar

STRATEGICSANDSPONSORSCONSOLIDATETHESECTOR

1

M&Avolumereached97transactionsinofdisclosedvalue

LTMJun-2026,up15%from84ayearago,with$21.7B

物paloQ'

$LogicMonitor⃞catchpoint

M&AACTIVITY

2

IBM's$11BacquisitionofConfluentsetanewbenchmarkforscale—thelargestM&Adealinthesectorinthelasttwoyears

3

Strategicbuyersmoveddecisivelyintoobservability—PaloAltoNetworksacquiredChronospherefor$3.35BandSnowflakeacquiredObserve(reportedc.$1B)

4

Sponsor-backedplatformsareconsolidatingthemid-market—Vista-backedLogicMonitoracquiredCatchpoint(reported$250m+)

5

DataOpsplayersarebuyingintoDevOps—observabilityinparticular—whileDevOpsplatformsacquiredataandpipelinecapabilities

12

#DRAKESTARSource:DrakeStar

PRIVATEPLACEMENTSDRIVERECORDCAPITALINTOTHESECTOR

$78BILLIONRAISEDLTMENDINGJUNE2026-UP3.2XYOY

$databricks存GrafanaLabs

.coralogix$harness

易Braintrust农cognition

Δvercel3VAsr

Anysphere

1Privateplacementvolumereached100dealsinLTMJun-2026,up61%from62ayearago

2

$78.1Braised,3.2xtheprioryearand78%oftotalsectortransactionvalueversus51%ayearago

3

DatabricksraisedacrossthreeroundsfromSep-2025toJul-2026,reachinga$188Bvaluationonrevenueofover$5.4B,up65%

4

6placementsabove$1bnclosedinthelasttwelvemonthsascapitalconcentratedincategoryleaders

5

PrivateequitycontinuestobeamajorforceatallstagesfromVCtobuyout—AdventandCPPInvestmentsco-ledCoralogix's$200mSeriesF,whileVista-backedLogicMonitoracquired

Catchpoint

DEVOPSSECTORTAXONOMY

AIApplications

•AIusedtocreateapplications

•IntegrationofAI-generateddata

APIManagement

•APIdevelopment,managementandintegration

•APItesting

Testing/QA

•Qualityassurance

•Functionaltesting

•Performanceandloadtesting

•Testdatamanagement

•APItesting

Monitoring&Observability

•Networkandinfrastructuremonitoring

•Rootcauseanalysis

•ITassetmanagement

DataOps

•DataObservability/Integration

•DataQualityandGovernance

•MetadataManagement

•PrivacyOps

BlockchainApps

•Transactionorrules-basedapps

•Provideshighlevelsofsecurityandauditability

ServiceManagement

•Changemanagement

•Troubleticketing

•Incidentresponse

PerformanceManagement

•Logmanagement

•Loadmanagement

•Performanceanalytics

FRAGMENTEDMARKETRIPEFORCONSOLIDATION

Platform/Workflow

•Agiledevelopment

•PaaSandIaaS

•ContinuousIntegration/ContinuousDelivery(CI/CD)platforms

•Collaborationandworkfloworchestration

•Containermanagement

LowandNo-Code

•ApplicationandGUIdevelopmentplatforms

•Automatedtestingandintegration

•Focusonworkflow-based

applicationsandweb/mobileapps

DevSecOps

•StaticApplicationSecurityTesting(SAST)

•SoftwareCompositionAnalysis(SCA)

•Codegovernance

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Platform/Workflow

Testing/QA

DEVOPSMARKETMAP-SELECTPRIVATECOMPANIES

AAambassadoryappboxoihppinstirure黑色bitriseBuilder.ai"

⃞bunnyshell

ccrcue》devtrondigital.aliengagelively*ienva

$fleekFfrgade章GearsetC-Genesiseintroken$harness

igenoppssupervityG1rrrai今JitterbiteJoget会koyebLaunchDarkly> .Linear<MIRANTISModeme⃞reptunesoftwareANorthflankLANuxt具octopusDeploycnymosOPSVERSEOorkes⃞outsystemsPERF○RCESElDOU品softr常sourcegraphspacei念乡stackBlitzsvim自tines血vercel收weaveworks

Oo2son

AApica.APIcontextAPPLAUSE'品appvance⃞BrowserstackAbugpilotscircleciGicodeinteligence⃞BLACKDUCK'

DRAKESTAR.dralkestar,con

14

DEVOPSMARKETMAP-SELECTPRIVATECOMPANIES

15

#DRAKESTAR

Monitoring&Observability

Fivetran

Gitential'

boomichronosphereDensifydoikflexera.]rever⃞ra.crix您influxdb

ninjaone

sci⃞hcelogic

⃞bproductiv-XMPRO⃞prosperops

wirtana

BlockchainApps

DevSecOps

BC<s\SHCheckmarx

电cycodeootatheoremENgoaLABS(deepfactor}ANucleus图privadoosonatypesnyksumologic

Code

unqork

Memberstack化NCAMEO.optimajet

voiceflowwebflowworkato

Low-andNo-

appsmith_

obase人Abstra

oubole

BettyBlocks马blink

FlutterFlow

DWKT总Flatlogic

IGenus

《flycode》

回Ninoxpillir

umso

-zapier

APT冬SA※ELAR

DEVOPSMARKETMAP-SELECTPRIVATECOMPANIES

16

#DRAKESTAR

DataOps

acceldataAnomaloatlgn母Bigeye

乡databricks卫Fivetran

ServiceManagement

APIManagement

PerformanceManagement

CAPoLLOgravitee.i○

'openlsgocy

Aappfire药Bigpanda

ivanti

TeamDynamix

wmserviceaide'

xurrent.

AIApplications

$coiedve

griptape

SNTuesizeo

replit

—7Lightrun

headspin

$LogicMonitor

心Magic

MUXPrimoryio

30.0%

20.0%

10.0%

0.0%

(10.0)%

(20.0)%

(30.0)%

(40.0)%

8.7%

(0.5%)

Jul25

Aug25

Sep25

Okt25

Nov25

Dez25

Jan26

Feb26

Mrz26

Apr26

Mai26

Jun26

(17.7%)

S&P500OpsDev

Dev

AATLASSIAN影Figma

AKEYSIGHTS.monday.om

progress'GroupSYNOPSS"

CAPITALMARKETSPERFORMANCE

S&P500outperformedboth

softwarecohortsoverthelast4quarters

S&P500up8.7%;Opsroughlyflatat(0.5%);Devdown17.7%

OpsoutperformedDevby

roughly17points—areversalfromtheprioryear

DevledintheyearendedJune2025buthassincelaggedOpsandtheS&P500

DevweaknessreflectsabroadSaaSde-rating—AIfearsonseat-basedsoftwarefavor

infrastructure(Ops);BothDevandOpshasreboundedoffitsMarch2026trough

Ops

MongoDB.

出出"

coreweave

wfreshworksljamf

pagerDuty

servicenaw

DRAKESTARSource:CapitalIQ.dralkestar,con

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PUBLICCOMPANYVALUATIONTRENDS

INVESTORSPLACINGPREMIUMSONHIGHGROWTHANDCATEGORYLEADERSHIP

25

EV/LTMRevenue

5

0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%LTMRevenueGrowth

1

Fastergrowthgenerally

commandsahighermultiple

Highest-growthnames—

Figma(+41%),Synopsys

(+40%)—tradeattherichestmultiples

Developmentcohortstill

outgrowsOperationsona

trailingbasis,thoughthegapisnarrowing

26%meanLTMrevenuegrowthforDevelopmentvs16%for

Operations

2026Egrowthconvergesto16%forbothcohorts

8of12Developmentnamestogrow>10%in2026E

Categoryleaderscommandpremiumvaluations

Datadog(24.6x),JFrog(18.2x),ServiceNowandSynopsys

tradeataclearpremiumtopeers

#DRAKESTAR

Source:CapitalIQasofJuly2026

Notes:

SynopsysshownproformafortheAnsysacquisitionandBlackDuckseparation,Outliersexcludedfromchart:CoreWeave(129.9%LTMgrowth,11.7x)and74Software(53.1%growth,1.8x),Jamfexcluded—takenprivate

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PUBLICCOMPANYANALYSIS:DEVCOMPANIES

VALUATIONMULTIPLESCORRELATEMORETOGROWTHTHANPROFITABILITY

Company

HQ

MarketCap

($m)

EnterpriseValue

($m)

RevenueCAGR

LTM-26e

EBITDAMargin(%)

LTM

EV/Revenue

LTM

EV/EBITDA

LTM

SYNOPSYS"

$72,467.3

$80,823.7

12.7%

19.5%

9.3x

47.6x

AKEYSIGHT

$53,683.4

$54,034.4

14.2%

23.5%

8.9x

37.8x

$24,470.8

$24,577.5

12.8%

2.8%

4.0x

140.3x

$14,418.6

$15,360.5

(1.6)%

44.0%

5.1x

11.6x

$12,691.6

$11,109.3

23.2%

(124.7)%

9.6x

NM

$10,952.9

$10,228.1

14.9%

(9.2)%

18.2x

NM

$5,754.4

$4,443.1

13.3%

(4.5)%

4.4x

NM

$3,293.1

$2,258.4

14.6%

1.4%

1.7x

120.3x

apian

$1,910.9

$2,000.1

9.5%

3.3%

2.6x

79.0x

progress'

$1,620.0

$2,843.8

0.2%

33.3%

2.8x

8.5x

Group

$616.0

$702.1

6.1%

23.8%

3.2x

13.3x

Mean

Median

10.9%

12.7%

1.2%

3.1%

6.3x

4.8x

57.3x

47.6x

Source:CapitalIQasofJuly2026

#DRAKESTAR

Notes:

-NM=notmeaningful(negativeornegligibleEBITDA)

-FigmaLTMEBITDAmarginreflectsIPO-relatedstock-basedcompensation

MeanrevenueCAGR(LTM–26E)of10.9%fortheDev

group

Median12.7%;Figmaleadsat

23.2%

Growthcompressionversus

prioryearsisreflectedinstockperformance(seep.17)

Growthismorea

determinantofvaluationthanprofitability

3ofthe11namesgeneratenegativeLTMEBITDA

MeanEBITDAmarginjust

1.2%(median3.1%)

MeanEV/Revenuemultipleof6.3x(median4.8x)

JFrogrichestat18.2x;

SynopsysandFigmafollownear9x

MeanEV/EBITDA57.3x,

inflatedbythin-marginnames

.dralkestar,con

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PUBLICCOMPANYANALYSIS:OPSCOMPANIES

HQ

Company

STRONGERCORRELATIONBETWEENPROFITABILITYANDVALUATION

MarketCap

EnterpriseValue

RevenueCAGR

EBITDAMargin(%)

EV/Revenue

EV/EBITDA

($m)

($m)

LTM-26e

LTM

LTM

LTM

$436,316.8

$452,677.8

8.2%

28.0%

7.5x

26.6x

$107,977.9

$102,502.9

17.3%

20.7%

7.3x

35.5x

$93,688.7

$90,215.2

19.9%

0.9%

24.6x

NM

$39,859.4

$72,740.4

100.9%

48.6%

11.7x

24.1x

$26,008.5

$23,639.9

15.7%

(3.1)%

9.1x

NM

$14,897.4

$14,411.7

11.1%

11.5%

5.2x

45.6x

$12,976.1

$11,968.4

13.2%

14.0%

5.9x

42.4x

$6,521.9$5,743.2

12.6%

(1.6)%

3.3x

NM

Mean

24.5%

14.7%

8.9x

34.4x

Median

13.8%

12.7%

7.4x

35.9x

MeanrevenueCAGR(LTM–26E)of24.5%,skewedby

CoreWeave

Median13.8%;7of8namesgrowabove10%

CoreWeaveleadsongrowth(100.9%);Datadogrichestat24.6x

Marketvaluesprofitabilityalongsidegrowth

5ofthe6highestrevenue

multiplesarepositive-EBITDAnames

MeanEBITDAmargin14.7%vs1.2%fortheDevgroup(p.18)

#DRAKESTAR

Source:CapitalIQasofJuly2026

CoreWeaveshownproformafortheWeights&BiasesandCoreScientificacquisitions;NM=notmeaningful

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PUBLICCOMPANYANALYSIS:OPSCOMPANIES

GOODGROWTHOPPORTUNITIESAMONGSMALLERPLAYERS

Company

HQ

MarketCap

($m)

EnterpriseValue

($m)

RevenueCAGR

LTM-26e

EBITDAMargin(%)

LTM

EV/Revenue

LTM

EV/EBITDA

LTM

$6,300.3

$4,967.6

7.3%

7.4%

3.0x

40.2x

$3,203.6

$3,270.8

10.7%

(8.5)%

5.0x

NM

$3,054.6

$2,314.2

12.3%

4.0%

2.7x

66.8x

$1,751.9

$1,575.5

7.2%

(15.1)%

1.9x

NM

$1,030.0

$1,275.1

3.8%

14.8%

1.8x

12.2x

$797.4

$778.2

1.0%

8.0%

1.6x

19.7x

$151.2$127.0

10.2%

2.4%

1.1x

45.6x

Mean

6.9%

2.2%

2.3x

32.8x

Median

7.3%

4.0%

1.7x

34.7x

#DRAKESTAR

Source:CapitalIQasofJuly2026

NM=notmeaningful(negativeornegligibleEBITDA)

MajorityofthesesmallerOpsnamesnowgeneratepositiveEBITDA

12ofthe15Opsnames(pp.19-20)areEBITDA-positive—areversalfromprior

years

Growthismodest(meanCAGR6.9%)butmultiplesareundemandingat2.3xmeanEV/Revenue

SmallerOpsnamestradeatacleardiscountto

largerpeers

2.3xmeanEV/Revenuevs

8.9xforthelargerOps

cohort(p.19),reflecting

slowergrowthandsmaller

scale

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M&AANDPRIVATEPLACEMENTACTIVITY

PRIVATEEQUITYANDSTRATEGICBUYERSBOTHSTEPPINGUP

M&A

Dealcountupto97from84ayearago

Quarterlyvolumesteadywithbetween22-

26dealsperquarter

Discloseddollarvolumeof$21.7b

Q42025alonecarried$14.7bofthetotal,onIBM-Confluent($11b)andQualcomm

-Modular($4b)

Only1dealover$10bintheperiod

PrivatePlacements

Dealcountupnearly1.6xoverthelast

4quarters

Between21-27dealsin3ofthelast4quarters

Dealcountincreasedto29in2Q2026

Dollarvolumeupmorethan3xfromayearago

2Q2026volumedrivenalmostentirelybyAnthropic,whose$65bfinancingaccountsfornearlyallofthe$66.4braisedinthe

quarter

Averagedealsizeincreased2.4x,from$392mto$946m

M&A(in$m)

$14,675

26

26

$5,484

23

22

$606$938

Q32025Q42025Q12026Q22026

DisclosedDealVolumeTotalDealCount

$21.7bn

discloseddollarvolunne

D

M&ADealslast4quarters

(in$m)

$66,437

27

23

21

$5,913

$4,171$1,527

Q32025Q42025Q12026Q22026

DisclosedDealVolumeTotalDealCount

$78.1bn

private

placemnents

private

placements

last4quarters

D

29

#DRAKESTAR

Source:Pitchbook

Note:(1)Includesdealvolumesforannouncedtransactions,(2)Accountsforalltransactions,

includingundiscloseddealvolume

22

MASSIVEFUNDINGFORLEADERSHIGHLIGHTSEXCITEMENTINDEVOPS

UNDERPINNEDBYROBUSTGROUPOFACTIVEFINANCIALANDSTRATEGICINVESTORSATALLSTAGESWORLDWIDE

Top10BestFundedPrivateDevOpsandDataOpsCompanies(inUS$m)(1)ActiveInvestorsinDevOpsandDataOps

65,000

70000

60000

50000

40000

30000

20000

6,000

10000

1,000

1,000

2,300

300

250

240

200

330

0

Thetop10fundedprivatecompanieshaveraisedatotalover$76.6bntodate.

StrategicInvestors

出出

乡databricks

DLLTechnologies

HHITACHl

MongoDB.

servicenaw

涨snowflake

elstra

yerizon

Late-StageBuyout

Bridgepoint

cortencapital

Triton

cortencapital

Battery

I)NI

ip

ARedpoint.

配mrowrootcapitalCOATUEE到eauityPEAKSPAN

Growth

Seed&Venture

Angelpad

T(了ERGLOBAL

⃞l.ightspeed

、、DRAKESTAR1)TotalfundingasofJuly2026.dralkestar,con

23

SELECTM&ADEALS

PRIVATEEQUITYANDSTRATEGICBUYERSBOTHSTEPPINGUP

StrategicBuyer

December2025

EV:$11.ob

IBMacquiresconfluent

ConfluentprovidesaKafka-baseddata-streaming

platform—real-timedatapipelinesthatactastheplumbinglayerfor

enterpriseAI

DealintegratesConfluent'sstreamingdirectlyintoIBM'swatsonx.dataandIBMZ

portfolio—apureDataOpsplay

AnnouncedDecember2025at$31.00pershare,an

enterprisevalueof$11

billion—thelargestdealinthegroup

DealclosedMarch2026

StrategicBuyer

November2025

物palog'

EV:$3.35b

paloAltoNetworks

acquireschronosphere

Chronosphereisanext-

generation,Prometheus-

basedobservabilityplatform—metricsandlogsat

scale,builtfortheAIera

AddsAI-eraobservabilitytoPaloAlto'sCortexplatform—directDevOps-

observabilityinfrastructure

AnnouncedNovember19,2025fortotalconsiderationof$3.35billionincashandreplacementequity

DealclosedJanuary29,2026

#DRAKESTARSources:Pitchbook,Mergermarket,CapitalIQ

StrategicBuyer

January2026

涨snowflake

EV:n.a.

snowflakeacquires

observe

Observeisacloud-nativeobservabilityplatformfor

logs,metricsandtraces,

builtnativelyonSnowflakesinceinception

PushesSnowflakedirectlyintoobservabilityandIT

operations—adata

platformbuyinginto

telemetryratherthana

DevOpsvendorbuyingintodata

AnnouncedJanuary8,2026;termsundisclosed(reported~$1billion)

PrivateEquityPlatformBuyer

December2025

VLogicMonitor⃞catchpoint

EV:n.a.

LogicMonitoracquirescatchpoint

Catchpoint(founded2008)isaleaderininternet

performanceanddigitalexperiencemonitoring

Partofthesame

observabilit