Goldman Sachs Hires Qatalyst Co-Founder As It Restructures Around AI

On paper, Goldman Sachs already won the technology M&A game in 2025. The firm ranked number one globally, advising on $337.8 billion in tech transactions, a 42.5% market share. It closed the $55 billion leveraged buyout of Electronic Arts and Alphabet's $32 billion acquisition of cloud security firm Wiz. By every traditional metric, Goldman dominated.

Yet on December 17, the bank made a hire that tells something different. Goldman Sachs recruited Brian Cayne, co-founder of Qatalyst Partners, to serve as global co-head of its software investment banking group, first reported by Reuters.

Cayne spent 15 years building Qatalyst into the premier advisory firm for technology deals under the mentorship of legendary tech banker Frank Quattrone. Now, starting in January, he'll run Goldman's software practice from San Francisco alongside existing co-heads Joe Porter (London) and Jason Rowe (New York).

Software deals have become the most valuable and competitive segment in tech M&A. Unlike hardware or infrastructure, software companies trade at multiples that reward scale, market position, and recurring revenue models. A $1 billion software acquisition is fundamentally different from a $1 billion hardware deal. The buyer is purchasing subscription revenue streams, customer relationships, and technical talent, assets that require deep sector expertise to properly value.