Berkery Noyes on Friday released its "2009 Software Industry Merger & Acquisition Trends" report.

According to the report, Software Industry M&A activity experienced a significant half-to-half gain as exhibited by the 83% increase in the median EV/revenue multiple from 1.2 in 1st Half 2009 to 2.2 in 2nd Half 2009.

This rise brings the median EV/revenue multiple back to its 2007 level.

2nd Half 2009 exhibited a moderate increase in both aggregate volume and aggregate value, versus 1st Half 2009. Half-to-half, aggregate value increased by 17% from approximately $18 billion to $21 billion, and aggregate volume increased by 5% from 341 deals to 358.

Year-to-year 2009 exhibited negative growth in both aggregate value and aggregate volume of transactions.

Total transaction volume declined by 16% from 837 deals in 2008 to 699 in 2009.

Aggregate value declined by 16% as well, from $45.43 billion in 2008 to $38.30 in 2009.

Financially sponsored acquisitions took a decreased market share of deal activity, as measured by aggregate value, having had 23% in 2008 and 14% in 2009, a decrease of 37%.

The largest transaction in the Software Industry was Oracle's proposed acquisition of Sun Microsystems, announced April 19, for $7.1 billion.

The aforementioned transaction is more than 2.4x the next largest transaction, Fidelity National Information Services' acquisition of Metavante for $2.9 billion, which closed on October 1.