The E-Spring B2B SaaS Index (2023 Q1)

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Our B2B SaaS index has stabilized in this first quarter.

After a significant decline in 2022, our B2B SaaS index stabilized in the first quarter of 2023 with an EV/Sales of 7,7x. In 2022, the financial markets were driven by central bank interest rate hikes and record inflation. The year 2023 will continue to be tied to inflation, the macroeconomic context, and the US Federal Reserve rate.

EV / Sales evolution

Index 2022 removals and additions

Private equity firms have been active in buying public SaaS in 2022.  We have seen the delisting of 6 of our peer companies: Anaplan, Attraqt group, Avalara, Avast, Aveva group and Zendesk. To keep an index of 40 companies, we decided to replace them with the following companies: Clearwater analytics, Freshwork,, Braze, Confluent and Ceridiant.   

NameCountryMarket Cap (EUR)EV/SALES 2023EV/EBITDA 2023P/E 2023
Adobe Inc.US163 Bln9.10x18.50x25.10x
Alteryx, Inc.US3.77 Bln4.68x53.40x130.40x
AppFolio, Inc.US4.06 Bln7.45x
Atlassian Corporation PlcAU40.4 Bln12.45x67.00x111.70x
ATOSS Software AGDE1.32 Bln9.45x30.60x52.90x
BlackLine, Inc.US3.73 Bln7.45x61.40x59.40x
Braze, Inc.US3.06 Bln8.16x
Ceridian HCM Holding Inc.US10.4 Bln8.16x33.10x55.50x
Clearwater Analytics Holdings, Inc.US2.83 Bln8.17x30.40x43.30x
Confluent, Inc.US6.45 Bln8.12x
Datadog, Inc.US21.4 Bln10.67x62.80x62.90x
DocuSign, Inc.US10.8 Bln4.54x
Dynatrace, Inc.US11.3 Bln10.53x40.50x47.90x
Elastic N.V.US5.14 Bln4.99x
Everbridge, Inc.US1.28 Bln3.75x20.20x20.90x
Freshworks Inc.US4.1 Bln5.76x
GitLab Inc.US4.79 Bln10.16x
GK Software SEDE430 Mio2.48x12.50x25.30x
HubSpot, Inc.US19.5 Bln9.94x64.00x94.70x
Matterport, Inc.US731 Mio2.00x Ltd.IL6.27 Bln8.70x
Nemetschek SEDE7.31 Bln8.74x29.90x47.00x
New Relic, Inc.US4.77 Bln5.34x58.00x
PagerDuty, Inc.US2.94 Bln8.15x
Paycom Software, Inc.US16.2 Bln10.15x24.60x40.20x
Salesforce inc.US184 Bln6.30x36.30x
ServiceNow, Inc.US86.8 Bln10.15x31.30x50.00x
Sidetrade SAFR183 Mio4.10x30.50x43.60x
Smartsheet Inc.US5.83 Bln7.75x
Splunk Inc.US14.6 Bln4.91x
TeamViewer AGDE2.77 Bln5.16x10.40x20.10x
The Sage Group plcUK9 Bln4.01x17.30x26.10x
UiPath Inc.US9.01 Bln7.64x
Unity Software Inc.US11.2 Bln6.48x54.50x80.10x
Veeva Systems Inc.US27 Bln12.22x53.90x60.20x Ltd.Other4.86 Bln3.38x41.20x54.20x
Workday, Inc.US49.2 Bln8.10x
Workiva Inc.US5 Bln8.60x
Yext, Inc.US1.08 Bln2.75x
Zuora, Inc.US1.21 Bln3.01x
Median  7.70x33.10x50.00x
Source: S&P Capital IQ, Valutico (31/03/2023)

Here, we focus on European-born leaders like: Datadog, Elastic, Talend, TeamViewer, The Sage Group,…

For this index, we choose to report quarterly in order to take a medium-term view of the market. Feel free to interact with us to enrich this exercise. We hope you find it useful in these special times.

If you have any questions regarding a SaaS business valuation, do not hesitate to Contact us.

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