I contend there are no more proprietary software deals above $5M in revenue with brokers and lower middle market banks willing to dip down to $250k-$500k sellside M&A success fees. There are 1-off searchers to Analysts/Associates at $1B+ VCPE funds calling on the same fixed pool of founders, CEOs, owners.  So I'm thinking starting an industry vertical specific software company is just about as viable as a dedicated software search unless you want to buy into a dying industry.  

Give me some feedback people.