Data from public companies is a key element when valuing a private SaaS company. We believe that every entrepreneur should be able to compare his business to industry benchmarks, so we created the E-Spring B2B SaaS Index.
At E-Spring, we like to keep an eye on the SaaS Public companies. The market data gives good insights when we do a private SaaS business valuation. In some ways, 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 construct 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 to reflect perfectly the entire SaaS Public landscape. Our goal is to give an outlook of the market with a more balanced index of what is available with US Nasdaq SaaS index. More than 100 Public SaaS companies are available. Here, we focus on European-born leaders like Avast, Datadog, Elastic, Talend, TeamViewer, Zendesk, …
| Name | Country | Market Cap (EUR) | EV/SALES 2021 | EV/EBITDA 2021 | P/E 2021 | Sales CAGR (2018 – 2020) |
| Adobe Inc. | US | 189 Bln | 15,05x | 30,20x | 42,40x | 19,40% |
| Alteryx, Inc. | US | 6.19 Bln | 13,01x | – | – | 39,80% |
| Anaplan, Inc. | US | 9.82 Bln | 26,24x | – | – | 43,80% |
| AppFolio, Inc. | US | 4.93 Bln | 17,17x | 94,70x | – | 27,90% |
| Atlassian Corporation Plc | AU | 53.3 Bln | 32,68x | – | – | 35,40% |
| ATOSS Software AG | DE | 1.46 Bln | 14,74x | 46,20x | 77,80x | 17,20% |
| ATTRAQT Group plc | UK | 105 Mio | 3,61x | 52,20x | – | 10,70% |
| Avalara, Inc. | US | 12.2 Bln | 22,57x | – | – | 35,60% |
| Avast Plc | CZ | 5.77 Bln | 8,27x | 14,90x | 18,80x | 5,00% |
| AVEVA Group plc | UK | 12.5 Bln | 13,48x | 45,60x | 65,00x | 30,90% |
| BlackLine, Inc. | US | 6.23 Bln | 18,06x | – | – | 24,30% |
| Blue Prism Group plc | UK | 1.72 Bln | 7,74x | – | – | 60,00% |
| Datadog, Inc. | US | 26.4 Bln | 37,36x | – | – | 74,50% |
| DocuSign, Inc. | US | 41.8 Bln | 35,29x | – | – | 37,10% |
| Dynatrace, Inc. | US | 12.3 Bln | 21,82x | 71,40x | 84,60x | 17,10% |
| Elastic N.V. | US | 11.7 Bln | 24,40x | – | – | 63,50% |
| Everbridge, Inc. | US | 4.64 Bln | 16,36x | – | – | 35,80% |
| HubSpot, Inc. | UK | 20.8 Bln | 21,14x | – | – | 31,20% |
| Medallia, Inc. | US | 5.58 Bln | 13,58x | – | – | 24,10% |
| Mimecast Limited | UK | 2.44 Bln | 6,04x | 24,60x | 41,10x | 27,70% |
| Nemetschek SE | DE | 6.41 Bln | 10,00x | 34,30x | 55,30x | 13,60% |
| New Relic, Inc. | US | 3.29 Bln | 5,56x | 71,80x | – | 29,90% |
| PagerDuty, Inc. | US | 3.51 Bln | 18,47x | – | – | 44,50% |
| Paycom Software, Inc. | US | 19 Bln | 22,78x | 57,90x | 94,70x | 21,90% |
| RIB Software SE | DE | 1.38 Bln | 3,90x | 14,70x | 42,10x | 41,30% |
| salesforce.com, inc. | US | 186 Bln | 10,52x | 34,90x | 52,40x | 27,40% |
| ServiceNow, Inc. | US | 92.2 Bln | 19,03x | 62,30x | 101,70x | 31,60% |
| Sidetrade SA | FR | 196 Mio | 5,47x | 71,10x | – | 10,10% |
| Smartsheet Inc. | US | 8.34 Bln | 25,43x | – | – | 56,00% |
| Splunk Inc. | US | 22.6 Bln | 12,80x | – | – | 34,20% |
| Talend S.A. | FR | 1.47 Bln | 5,50x | – | – | 18,20% |
| TeamViewer AG | DE | 9.83 Bln | 19,03x | 30,80x | 47,90x | 32,80% |
| Unity Software Inc. | US | 27.4 Bln | 32,62x | – | – | 42,40% |
| Veeva Systems Inc. | US | 39.2 Bln | 32,11x | 77,80x | 103,70x | 26,40% |
| Wix.com Ltd. | IL | 16.2 Bln | 14,79x | – | – | 28,00% |
| Workday, Inc. | US | 54.8 Bln | 15,37x | 59,00x | 98,10x | 30,10% |
| Workiva Inc. | US | 4.69 Bln | 13,38x | – | – | 20,00% |
| Yext, Inc. | US | 2.01 Bln | 6,57x | – | – | 32,50% |
| Zendesk, Inc. | US | 15.3 Bln | 14,14x | – | – | 31,10% |
| Zuora, Inc. | US | 1.65 Bln | 6,33x | – | – | 27,00% |
| Median | 14,92x | 49,20x | 60,15x | 30,50% |
Source: Valutico, S&P Capital IQ (22/02/2021)
For this outlook, we choose a quarterly report to keep a mid-term view of the market. As much as possible we will keep the same basket but feel free to interact with us to enrich this exercise. We hope it will be helpful in these particular times.
Do you have questions regarding SaaS business valuation? Contact us.
