In Illustrator, convert the text to outlines, ungroup it, then do Object > Compound Path > Make
When you save the SVG, the text will all be one compound path.
For example
<path d="M49,46.4c-1.7,0.8-5,1.7-9.3,1.7c-9.9,0-17.3-6.2-17.3-17.8c0-11,7.4-18.4,18.3-18.4c4.4,0,7.1,0.9,8.3,1.6L48,17.1
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c0-2.6-0.1-4.7-0.2-6.8h4l0.2,4.1h0.2c1.4-2.4,3.7-4.6,7.9-4.6c3.4,0,6,2.1,7.1,5h0.1c0.8-1.4,1.8-2.5,2.8-3.3
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c-0.2,0.6-0.4,1.5-0.4,2.3v15.6h-4.5V32.4c0-4-1.8-6.9-5.3-6.9c-2.9,0-4.9,2.3-5.7,4.6c-0.3,0.7-0.4,1.5-0.4,2.2v15.2h-4.5V29.2z
M126,30.6c0-3.2-0.1-5.8-0.2-8.2h4.1l0.2,4.3h0.1c1.9-3.1,4.8-4.9,9-4.9c6.1,0,10.7,5.2,10.7,12.8c0,9.1-5.5,13.5-11.5,13.5
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c0-5-2.7-9.4-7.5-9.4c-3.1,0-6,2.2-6.9,5.7c-0.2,0.6-0.3,1.3-0.3,1.9V37.3z M178.4,34.7c0,9.3-6.5,13.4-12.5,13.4
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c4.4,0,7.7-4.1,7.7-9.8c0-4.3-2.1-9.7-7.5-9.7C160.8,25.2,158.5,30.2,158.5,35z M205.3,40.7c0,2.6,0.1,4.9,0.2,6.9h-4.1l-0.3-4.1
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V22.3h4.6V40.7z M212.9,29.2c0-2.6-0.1-4.7-0.2-6.8h4.1l0.3,4.2h0.1c1.2-2.4,4.2-4.7,8.3-4.7c3.5,0,8.9,2.1,8.9,10.7v15h-4.6V33
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c-3,0-5.3,2.1-6.1,4.6c-0.3,0.6-0.3,1.3-0.3,2.2v15.2h-4.6V10.6z"/>