M&A Propensity is 0.93x and CapRaise Propensity 0.88x against a 1.00 peer baseline, down 2.4 and 7.9 points respectively over 30 days, with M&A momentum at -3.3pp. 0.63 M&A Propensity (-37% vs peers), pressured by June 2026 Section 232 tariff changes and softening ISM data. 192 mid-market software companies scored M&A intent of 50 or higher in the past month— the near-term pipeline, visible before any announcement. M&A Propensity blends Fintent’s Deal-Maker (M&A) and M&A scores — the behaviors that precede a change of control. That risk-off turn compressed multiples and narrowed funding windows, dampening near-term sell-side posture across mid-market software names.