2023年3月10日,

SaaS资本指数从SaaS资本有一个很好的总结本周的3点我们见过在SaaS倍数低,和这个图表让事情在大背景下:正如上面你可以看到的,在早期的SaaS…这是很难成为一个公共SaaS公司。公众往往是倍数约x-5x 2008年,然后全球危机来了,公共倍数下降到小于2 x的收入。然后,之后我们出售EchoSign Adobe早在2011年,捡起,在公共场合与材料和稳定增长缓慢倍数从2012年到2015年。在8倍或更多ARR在公共市场,SaaS突然对许多人来说,第一次变得有趣。这只是在4 x ARR很难赚钱。然后是2016年的“闪电崩盘”来了,我们第一轮的大打击。似乎真的黯淡当企业SaaS花首次停止增长——尽管这只是暂时的。市场恐慌,LinkedIn本身卖给微软现在似乎是一个划算。但买家回来,闪电崩盘的16没有持续。基本上kepy倍数增长直到2021年August-November 17 x的峰值。 And then, the markets began to crater once again, the biggest fall of our SaaS lifetimes, and hit a local low in November 2022. That’s when SaaS revenue multiples fell back to 6x, the lowest rate since 2013. Since then, as you can see above, the markets have recovered a bit. We’re at about 7x ARR on average now, which is below the average for the past decade but still materially up from the lows of November 2022. Where will it go from here? We can talk about inflation, and interest rates, and more. What we do know is that many top SaaS companies are growing at still epic rates even at $1B in ARR. And that while the scale of the upturn and downturn in ARR multiples was unprecedented the past 3 years, fueled by Covid impacts, overall there’s a clear set of trends, and that this is really IMHO just the third SaaS correction over the past 11+ years of a strong run. My bet is that multiples will at least go back to the prior averages, and have room to grow 20%-30%. But we’ll see. I did a deeper dive on SaaS multiples, and what that means for founders and SaaS execs, below at SaaStr APAC: Published on March 10, 2023