SEG SNAPSHOT
SaaS Public Market
June 2017 Update
SEG’s Recent SaaS TransactionsSEG’s Broad Network of
SaaS Buyers
Software Equity Group (SEG) provides unparalleled M&A advisory
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established software companies.
focused private equity investors that look to provide
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large private software companies.
owners preparing for a future liquidity event, whether that be
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Services
Please contact Kris Beible at
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more informationUnparalleled M&A Software Advisory Services
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SUMMARY
Q2 2017 SaaS Public Market Trends
69 The number of companies comprising the SEG SaaS
Index. Four new companies have entered the Index in 2017
due to IPO.
6.0xThe median EV/Revenue multiple for SaaS
companies in 2Q17. This represents an 11% increase from
1Q17’s 5.4x multiple, and a 20% year-over-year (YOY)
increase from 2Q16’s 5.0x multiple.
26.4% The median TTM revenue growth rate for
SaaS companies in 2Q17. This representsaslight decrease
from last quarter’s 28.3% median revenue growth rate, but
rather substantialdecrease from 2Q16’s 32% mark.
ERP & Supply Chain The product
category posting the highest EV/Revenue multiple (9.2x) in
2Q17, representing a 53% premium over the Index median
of 6.0x.
21% The percentage of companies trading at 9.0x
EV/Revenue or greater in 2Q17, compared to 2Q16’s 13.2%
of companies posting 9.0x EV/Revenue or greater.
68.4% The median gross profit margin for SaaS
companies in 2Q17, an impressive increase compared to
2Q16 (65.4%).*All 2Q17 data measured April 1 to June 16, 2017
Copyright2017 by SEG Capital Advisors, LLC. All Rights Reserved
Q2 2017 SEG SaaS Index
primarily offer their solutions via the cloud and
through a subscription or transaction based pricing
model.
companies.
SEG SaaS Index Companies
SEG -SaaS: Median Metrics
Measure2Q163Q164Q161Q172Q17*
EV/TTM Revenue5.0x5.6x5.5x5.4x6.0x
EV/NTM Revenue4.1x5.0x4.3x4.5x5.3x
EV/EBITDA38.2x44.0x32.6x36.7x42.5x
EV/TTM CFO35.4x38.4x36.6x39.4x40.7x
Gross Profit Margin65.4%65.8%66.8%66.8%68.4%
EBITDA Margin-11.7%-7.5%-6.9%-7.4%-6.9%
Net Income Margin-19.3%-16.9%-15.7%-14.8%-12.9%
TTM Revenue Growth32.0%31.2%28.0%28.3%26.4%
TTM Total Revenue ($M)$177.2$185.7$199.4$205.0$217.4
TTM EBITDA Growth26.2%24.2%20.2%21.1%18.8%
TTM Total EBITDA ($M)-$14.7-$10.8-$9.6-$10.3-$10.9
Cash & Eq($M)$95.5$94.7$106.7$106.3$114.5
*All 2Q17 data measured April 1 to June 16, 2017Copyright2017 by SEG Capital Advisors, LLC. All Rights Reserved
Operating Metrics: RevenueTTM Revenue Growth Rate Distribution
companies in 2Q17 was 26.4%, down slightly from
1Q17’s 28.3% rate, but still impressive given median
company size ($217.4 million TTM revenue in 2Q17)
grew 22.7% YOY.
growth of 40% or more in 2Q17, versus 36.5% of
companies achieving this high watermark in 2Q16.
Many of these companies have found it difficult to
maintain 40%+ growth as they scale revenue.
1.6%
12.7%
7.9%
23.8%
17.5%
14.3%
22.2%
4.8%
8.1%
19.4%
21.0%
25.8%
11.3%9.7%
<= 0% 0%
<= 10%
10%
<= 20%
20%
<= 30%
30%
<= 40%
40%
<= 50%
50%
%
of
C
om
pa
nie
s
TTM Revenue Growth
2Q162Q17
$177.2$185.7
$199.4$205.0
$217.4
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
$0
$50
$100
$150
$200
$250
2Q163Q164Q161Q172Q17
TT
M
Re
ve
nu
e G
row
thTTM
To
tal
Re
ve
nu
e
Median Revenue Performance -Quarterly
TTM Total Revenue ($M)TTM Revenue Growth
*All 2Q17 data measured April 1 to June 16, 2017
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