This question was raised during the Webinar for UK and Ireland, held on 19 January.
It is the case that the US is home to the largest number of major software businesses. Even if a business starts in Europe, often it will move its head offices to the US. North America is, by far, the biggest single market for software. So, relevant deals will often be North American deals.
These American buyers will look to acquire companies from across the world geography is no barrier to the movement of software technology. At Corum, we broadly have as many clients in Europe as we do in North America, and the same buyers will be relevant to both. Nearly two-thirds of Corums deals have buyers and sellers in different countries and many in different continents. Buyers for a European company can and do come from North America, Europe, India, Australia, Middle East, Asia, and so on, and so on.
So, valuations taken from completed transactions of buying companies in your sector are just as relevant no matter where they happen. If you think local you will miss out on possible buyers and most probably a better deal. Think global.