Wall Street thinks these 5 public software companies could get acquired in mega-deals amid the market downturn

SPS Commerce, a cloud-based supply chain management company, has a market cap of $1.5 billion. That's down slightly from a high of $1.7 billion in September.

"We believe this ability to connect the past with the future of within its targeted end market is what would make SPS Commerce a valuable asset to either a strategic or financial acquirer. The SPS Commerce platform is also unique with how it can scale from the very small customers to the large and complex," says Needham in its note.

Medidata, a clinical trial software company, has a market cap of $4.3 billion. That's down from its high of $5.3 billion in July.

Neeham actually has a "hold" rating on the company, because the firm is concerned that the company won't meet its growth targets.

"However," wrote Berg, "we believe Medidata’s dominant market position in EDC (Electronic Data Capture) working with 18 of the top 25 pharmaceutical companies combined with their increasingly competitive platform product set could prove attractive to a financial or strategic buyer."

Everbridge, a critical communication and enterprise safety software company, has a $1.3 billion market cap. It's not too far off from its all time high of $1.8 billion, but still remains down amid the market correction.

"Everbridge’s early success with mass notification of emergency events has led to development of platform products that strengthens its competitive position," wrote Berg. "With Everbridge’s recent strong Q3/18 results, the stock has been less volatile than other coverage companies and continues to trade near recent all-time highs, which we believe reflects accelerating end-market demand."

Tyler Technologies, which sells software to the public sector, has a market cap of $7 billion, which is down from its high of $9.6 billion in September.

"Tyler Technologies’ singular focus on public sector markets has resulted in significant barriers to entry for competitors," wrote Berg.

"We acknowledge Tyler Technologies is less likely an acquisition target versus other companies discussed above, but we believe current share prices represent an attractive entry point for investors," he wrote.