While big internet companies like Facebook in addition to also Google have been fairly quiet of late on the deal-creating front, business software vendors have kept bankers quite busy.

“In some ways, consumer internet is actually a relatively sporadic M&A market,” said Colin Ryan, co-lead for Americas mergers in addition to also acquisitions at Goldman Sachs, at the bank’s Technology in addition to also Internet Conference in San Francisco This specific week.

the item’s been all 5 years since Facebook purchased WhatsApp in addition to also Oculus, in addition to also about the same amount of time since Google bought Nest. To the average consumer, MuleSoft in addition to also Red Hat may not be household names, although they’ve been huge deals for Salesforce in addition to also IBM, respectively, in addition to also have created fat paydays for M&A bankers. Private equity firms, meanwhile, have been actively buying up smaller cloud players.

“I think the real heart of the M&A market is actually actually much more enterprise-focused,” Ryan said.

Last year was huge in software. IBM spent $34 billion on Red Hat, Broadcom bought CA for $18.9 billion in addition to also SAP purchased Qualtrics for $8 billion. Additionally, Microsoft spent $7.5 billion on GitHub in addition to also Salesforce shelled out $6.5 billion on MuleSoft.

Newly public companies are also creating big purchases. For instance, Twilio recently acquired SendGrid for $2 billion in stock.

Ryan said in which with stock prices surging for emerging software companies, their valuations are a “not bad currency to go in addition to also pursue M&A to grow their business.”

in addition to also inside the future, the biggest cloud providers could get more active in deals.

“I think there’s a real opportunity to capture some of – I’ll call the item economic opportunity in which exists up the stack beyond the infrastructure layer, whether in applications or somewhere between the two,” Ryan said.

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