Software Equity Group 3Q22 SaaS Public Market Update

The Software Equity Group (SEG) regularly publishes quantitative research on the software and SaaS market M&A activity. The SEG SaaS Index contains 110 publicly traded SaaS companies. They recently published their SEG Snapshot: 3Q22 SaaS Public Market Update -you can download it for free here. It provides a ton of data on SaaS valuations and financial operating metrics. The Median SaaS company Enterprise Value/Revenue multiple declined another 10% since Q2 and a whopping 62% since September 2021. I have extracted a few key data points including:

  • Median EV/Revenue Multiple, by Quarter, 3Q17 to 3Q22
  • % M&A Deals Driven by Private Equity
  • SEG SaaS Index, Median Metrics 3Q21 to 3Q22
  • 2022 Monthly Median SaaS EV/Revenue Multiples
  • 3Q22 Median SaaS Category TTM Revenue Growth
  • 3Q22 Median SaaS Category EV/Revenue Multiples
  • SEG SaaS Index Q322 Top 25% by EV/Revenue
  • SEG SaaS Index Q322 Bottom 25% by EV/Revenue

Median EV/Revenue Multiple, by Quarter, 3Q17 to 3Q22

SEG Snapshot: 3Q22 SaaS Public Market Update

% M&A Deals Driven by Private Equity

SEG Snapshot: 3Q22 SaaS Public Market Update

SEG SaaS Index, Median Metrics 3Q21 to 3Q22

SEG Snapshot: 3Q22 SaaS Public Market Update

2022 Monthly Median SaaS EV/Revenue Multiples

SEG Snapshot: 3Q22 SaaS Public Market Update

3Q22 Median SaaS Category TTM Revenue Growth

SEG Snapshot: 3Q22 SaaS Public Market Update

3Q22 Median SaaS Category EV/Revenue Multiples

SEG Snapshot: 3Q22 SaaS Public Market Update

SEG SaaS Index Q322 Top 25% by EV/Revenue

SEG Snapshot: 3Q22 SaaS Public Market Update

SEG SaaS Index Q322 Bottom 25% by EV/Revenue

SEG Snapshot: 3Q22 SaaS Public Market Update


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By John Mecke

John is a 25 year veteran of the enterprise technology market. He has led six global product management organizations for three public companies and three private equity-backed firms. He played a key role in delivering a $115 million dividend for his private equity backers – a 2.8x return in less than three years. He has led five acquisitions for a total consideration of over $175 million. He has led eight divestitures for a total consideration of $24.5 million in cash. John regularly blogs about product management and mergers/acquisitions.