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SaaS Public Market
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Select SEG 2017 TransactionsSEG’s Broad Network of
SaaS Buyers
established software companies.
focused private equity investors that look to provide
shareholder liquidity and growth capital to established software
companies.
large private software companies.
owners preparing for a future liquidity event, whether that be
months or years down the road.
Services:
Please contact Kris Beible at
kbeible@softwareequity or visit our websitefor
more informationSelect SEG 2017 Transactions
Software Equity Group (SEG) provides
unparalleled M&A advisory services for emerging
and established software companies.
Copyright2017 by SEG Capital Advisors, LLC. All Rights Reserved“The SEG team's integrity, experience, knowledge, judgement, and dedication was exemplary
during the sale of our business. We achieved an outcome that exceeded my objectives, both
in financial terms and in the long term success of our employees and customers. I know
without a doubt that retaining SEG was the highest ROI investment we ever made as a
company.”
Buyer: Agilent Technologies Inc. (NYSE:A)
Seller: iLabSolutions LLC
What Our Clients Say…
“SEG provided valuable mentoring for 10 years before selecting them
as my advisor. They demonstrated a strong expertise in my industry
and clearly outlined what the process would be like. Overall, I was
impressed with SEG’s performance as they drove an optimal
outcome.”
Buyer: True Commerce
Seller: Datalliance
Tad Fallows, Founder & CEO
iLab Solutions LLC
Carl Hall, President & CEO
Datalliance
See More Info
See More Info
Copyright2017 by SEG Capital Advisors, LLC. All Rights Reserved64 The number of companies comprising the SEG SaaS
Index. Four companies in the Index announced an intent to
be acquired. Additionally, while we have not added any new
companies to our index in 3Q17, there are a number of
companies that have filed and are expected to IPO in Q4.
6.6xThe median EV/Revenue multiple for SaaS
companies in 3Q17, one of the highest multiples since
2Q14’s 6.8x median multiple. The quarter’s EV/Revenue
multiple of 6.6x also represents a 10% year-over-year (YOY)
increase from 3Q16’s 6.0x multiple.
27.8% The median TTM revenue growth rate for
SaaS companies in 3Q17. While consistent with last
quarter’s 27.6% mark, the TTM revenue growth rate
decreased 5.1% from 3Q16’s 32.9% median revenue growth
rate. Read more on page 6.
ERP & Supply Chain The product
category posting the highest EV/Revenue multiple (8.7x) in
3Q17, representing a 32% premium over the Index median
of 6.6x. For more product category valuations, see page 12.
8.2x The valuation of companies posting 30%-40%
TTM Revenue Growth, a 3.8% premium over companies with
50% or higher TTM Revenue Growth (trading at 7.9x).
Companies in the 30%-40% growth range posted higher
valuations due to a healthier EBITDA margin. See more on
page 10.
-5.4% The median EBITDA margin for SaaS
companies in 3Q17, the highest margin SaaS companies
have posted in 13 quarters. Since 4Q14, the median EBITDA
margin has been steadily trending toward breaking even.
Read more on page 7.
SUMMARY
Q3 2017 SaaS Public Market Trends
*All 3Q17 data is measured July 1 to September 30, 2017
Copyright2017 by SEG Capital Advisors, LLC. All Rights ReservedQ3 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
Measure3Q164Q161Q172Q173Q17*
EV/TTM Revenue6.0x5.7x5.7x6.6x6.6x
EV/NTM Revenue5.1x4.3x4.6x5.4x5.5x
EV/EBITDA43.3x32.7x36.7x42.4x45.2x
EV/TTM CFO37.7x35.8x38.0x40.2x44.8x
Gross Profit Margin66.8%67.2%67.9%68.6%68.5%
EBITDA Margin-7.4%-6.4%-6.8%-6.7%-5.4%
Net Income Margin-16.1%-15.0%-14.7%-12.6%-11.2%
TTM Revenue Growth32.9%28.2%30.9%27.6%27.8%
TTM Total Revenue ($M)$189.9$201.5$206.7$223.2$238.5
TTM EBITDA Growth25.0%22.3%21.1%18.0%22.2%
TTM Total EBITDA ($M)-$10.7-$9.5-$10.6-$11.4-$11.0
Cash & Eq($M)$95.3$111.1$107.7$115.3$124.1
*All 3Q17 data is measured July 1 to September 30, 2017
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