E-Spring B2B SaaS Index (2023Q2)

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Our B2B SaaS index has stabilized over the last few quarters.

Our B2B SaaS index has stabilized in the first half year of 2023 with a median at EV/Sales of 7,1x. The current level seems the be the new normal after a buoyant period in 2021, mainly driven by interest rates and monetary policy.


Index background

At E-Spring, we like to keep an eye on the public SaaS companies. The market data gives us good insights when we are valuing a private SaaS company. In a way, it’s always connected to the market. It shows the trends and the confidence in the sector. Who are the champions of the league. So, we decided to create our own SaaS index of 40 companies that we selected as being as much as possible representative of the SaaS B2B market, keeping a right balance between US and Europe (European-founded public SaaS companies).

Our basket is, of course, partial and has no intention of perfectly reflecting the entire SaaS public landscape. Our aim is to give an outlook of the market with a more balanced index than what is available with the US Nasdaq SaaS index. More than 100 Public SaaS companies are available.

NameCountryMarket Cap (EUR)EV/SALES 2023EV/EBITDA 2023P/E 2023
Adobe Inc.US200 Bln11.27x22.50x30.50x
Alteryx, Inc.US2.84 Bln3.69x30.40x59.10x
AppFolio, Inc.US5.42 Bln10.01x
Atlassian Corporation PlcAU39.8 Bln12.35x59.10x95.20x
ATOSS Software AGDE1.72 Bln12.08x39.00x65.80x
BlackLine, Inc.US3.02 Bln6.19x38.40x35.00x
Braze, Inc.US3.64 Bln10.04x
Ceridian HCM Holding Inc.US9.4 Bln7.28x29.00x53.10x
Clearwater Analytics Holdings, Inc.US2.8 Bln8.15x30.30x41.80x
Confluent, Inc.US9.31 Bln12.31x
Datadog, Inc.US27.8 Bln14.05x74.50x74.10x
DocuSign, Inc.US9.39 Bln3.95x
Dynatrace, Inc.US13.5 Bln12.40x137.50x
Elastic N.V.US5.63 Bln5.47x
Everbridge, Inc.US985 Mio3.06x16.50x16.30x
Freshworks Inc.US4.39 Bln6.32x
GitLab Inc.US6.92 Bln15.78x
GK Software SEDE438 Mio2.36x14.80x32.00x
HubSpot, Inc.US23.5 Bln11.98x72.20x101.80x
Matterport, Inc.US802 Mio2.48x
monday.com Ltd.IL7.7 Bln10.83x
Nemetschek SEDE8.01 Bln9.50x32.40x50.90x
New Relic, Inc.US4.32 Bln4.78x
PagerDuty, Inc.US1.83 Bln4.95x
Paycom Software, Inc.US16.2 Bln10.16x24.30x39.70x
Salesforce inc.US190 Bln6.55x37.80x
ServiceNow, Inc.US102 Bln12.18x37.80x56.90x
Sidetrade SAFR183 Mio4.33x33.70x56.90x
Smartsheet Inc.US4.63 Bln6.11x
Splunk Inc.US15.8 Bln5.30x
TeamViewer AGDE2.48 Bln4.64x11.70x19.30x
The Sage Group plcUK10.3 Bln4.44x17.60x27.90x
UiPath Inc.US8.23 Bln6.92x
Unity Software Inc.US13.1 Bln7.39x58.00x73.60x
Veeva Systems Inc.US29.2 Bln13.45x59.40x65.70x
Wix.com Ltd.Il4.09 Bln2.84x27.50x33.10x
Workday, Inc.US52.5 Bln8.75x
Workiva Inc.US4.88 Bln8.44x
Yext, Inc.US1.32 Bln3.44x
Zuora, Inc.US1.41 Bln3.58x
Median  7.10x32.40x50.90x
Source: S&P Capital IQ, Valutico (30/06/2023)

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