Union Square Advisors President and Co-Founder Ted Smith’s detailed published outlook is a January 2025 forecast for technology M&A—not a verified prediction of what will happen in 2026. The firm’s 2025 report anticipated improving deal momentum as liquidity options expanded, buyers returned and valuation gaps narrowed. Its official insights page lists a January 7, 2026 Bloomberg appearance under the headline “Cautious, but Needful” M&A to Define 2026, but does not provide a transcript or enough detail to attribute a specific 2026 forecast to Smith.
Who is Ted Smith?
Union Square Advisors identifies Edward (Ted) R. Smith as a Partner, Co-Founder and President. According to the firm’s team biography, he has more than 30 years of transaction experience. He began in Morgan Stanley’s technology investment-banking group, later headed Credit Suisse’s global software investment-banking practice, and also served as a corporate executive at Novell. The firm lists major technology companies among his past clients and counterparties.
As an Amazon Associate I earn from qualifying purchases.
What does Union Square Advisors do?
Union Square Advisors describes itself as a technology-focused investment bank. Its services include advising on and executing strategic M&A, private-capital financing and board matters. The firm’s coverage includes AI and machine learning, enterprise applications and data infrastructure, cybersecurity, health technology, governance, risk and compliance (GRC), and vertical software. Its services and firm overview provide the company’s own description of its work.
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteWhat did the firm forecast for technology M&A in 2025?
In its Return to Momentum outlook, published January 30, 2025, Union Square Advisors forecast increasing strategic and financing activity as capital markets strengthened. The firm pointed to improving liquidity options, returning strategic and private-equity buyers, and narrowing valuation gaps as factors supporting a more favorable technology M&A environment. These were the firm’s expectations for 2025, not proof that all those changes occurred or a statement of current 2026 conditions. The 2025 Outlook Report and its January 2025 announcement set out that outlook.
#1 Best Overall
Areas the 2025 outlook highlighted
- AI and data infrastructure: The report identified both as areas of interest while warning that rising AI valuations were accompanied by rising expectations.
- Health technology: The firm included this sector among areas attracting interest.
- Governance, risk and compliance: GRC was another area the firm highlighted.
- Vertical software: The report included specialized, industry-focused software among its areas of interest.
The firm also described technology M&A as challenging to navigate even as conditions improved. Its AI analysis argued that as generative AI moved from experimentation toward production and deployment, company valuations would become more closely tied to core business metrics. Smith cautioned in the January 2025 announcement: “However, AI will not be a never-ending gold mine for all investors or acquirors. As with every technology sector ever charted, new development and delivery approaches will replace their predecessors at a rapid pace.”
What did the report say about private-market secondaries?
The outlook discussed secondaries as part of the financing and liquidity landscape. The figures below are reported in Union Square Advisors’ 2025 outlook, which attributes them to Lazard’s January 2025 Secondary Market Report; they describe 2024 activity, not 2026 results.
| Measure | Figure reported in the 2025 outlook |
|---|---|
| Secondary transaction volume | Approximately $150 billion in 2024, up from $110 billion in 2023. |
| GP-led share of the secondary market | Approximately 50% in 2024. |
| Continuation funds’ share of GP-led transaction volume | 79% in 2024. |
These numbers give context to the report’s discussion of liquidity options and private-capital activity. They should not be read as transaction forecasts or as independently verified figures for a later year.
What is Ted Smith’s outlook for M&A in 2026?
The firm’s insights and media listings show that Smith appeared on Bloomberg’s The Close on January 7, 2026, under the headline “Cautious, but Needful” M&A to Define 2026. The listing does not include the segment’s detailed remarks or a transcript. The headline therefore signals how the appearance was framed, but it is not a verbatim quote and does not establish Smith’s specific 2026 predictions.
The latest detailed outlook described here is the firm’s 2025 report. Its projections and sector themes should remain attributed to that year rather than carried forward as a current forecast.
Quick Recap
Best Value
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
