Welcome to the Aventis SaaS Index, the premier benchmark for monitoring the pulse of the global SaaS market. Each of the 201 companies included in our SaaS index has been meticulously vetted to ensure they are true SaaS firms, providing unparalleled insight into industry performance and trends.

This index is an extension of our widely followed piece on SaaS Valuation multiples. We have significantly expanded the scope of index constituents so that they fit better and are more representative of the needs of small, medium, and large SaaS founders, industry professionals such as VC/PE investors, corporate development teams scouting for SaaS valuation trends, SaaS enthusiasts, and more!

Let’s dive in to uncover the insights, key value drivers, and the fun of our ultimate Aventis SaaS index!

Aventis SaaS Index description

Aventis SaaS index is designed to track the performance of software companies providing the services in SaaS model.

We define SaaS businesses as the firms that:

  • Derive the revenue from selling access to software
  • Deliver software to clients via a cloud-based distribution method, such as being hosted on distant servers catering to multiple users, accessible through web browsers or mobile devices, or utilized as an API
  • Deliver software to clients using a cloud-based pricing model, for instance, through subscriptions, volume-based plans, or transaction-based arrangements.


Countries included: USA, UK, Canada, Australia, New Zealand, India, Sweden, Norway, Finland, Switzerland, Spain, Brazil, Israel, Italy, Denmark, Netherlands, Ireland, Belgium, Greece, Poland, and France

Revenue size: at least $10 million as of 15 May 2024

The index started with 42 public SaaS companies on January 1, 2015, and had 201 companies as constituents on May 15, 2024.

Aventis SaaS Index

Over the past 9 years, the Aventis SaaS Index grew by 290% in absolute terms. The index value stood at 390 as of May 15, 2024.

The growth was not uniform throughout the years, with a fast increase and then a rapid decline in 2020-2022. But in the end, the trendline is rather straight and corresponds to a compounded annual growth rate of around 16%.

We believe the rapid ascent of SaaS companies has been driven by a number of factors, both internal and external:

  1. Firstly, the 2015-2022 period was marked by low and declining interest rates, significantly boosting valuations. Since the SaaS business model depends heavily on future cash flows, the valuations of SaaS companies are particularly sensitive to changes in interest rates.
  2. Second, the widespread adoption of cloud computing has played a significant role. As businesses across industries transitioned from traditional on-premise solutions to cloud-based platforms, SaaS companies were well-positioned to meet this demand. The flexibility, scalability, and cost-effectiveness of SaaS solutions have made them increasingly attractive to enterprises looking to modernize their IT infrastructure and reduce capital expenditures.
  3. Third, the rise of remote work, accelerated by the COVID-19 pandemic, has underscored the need for robust, accessible, and collaborative software solutions. SaaS applications, accessible from anywhere with an internet connection, have become essential for businesses navigating the challenges of a distributed workforce. Tools for communication, project management, and CRMs have seen especially high adoption rates.
  4. Finally, related to the earlier point on interest rates, venture capital and private equity have heavily invested in the SaaS sector, attracted by the recurring revenue model and high growth potential. This influx of capital has allowed SaaS companies to scale rapidly, innovate, and capture market share.

Revenue growth and multiple expansion

The SaaS index’s growth over the analyzed period was supported by both revenue growth of the underlying firms, as well as by multiple expansions.

Revenue multiples have increased as investors have shown a willingness to pay a premium for high-growth, recurring revenue streams characteristic of SaaS businesses. Decreasing interest rates contributed to the lower cost of capital, while 2020-2021 period has also had an element of irrational exuberance, when SaaS companies has been the darlings of stock market investors.

But at the same time, the revenue of SaaS companies also increased. For example:

  1. Salesforce: Salesforce, a pioneer in the SaaS space, saw its annual revenue grow from approximately $5 billion in 2015 to over $26 billion in 2022. This impressive growth was driven by the company’s continuous innovation, expansion of its product offerings, and strategic acquisitions.
  2. Adobe: Transitioning from a traditional software licensing model to a SaaS subscription model, Adobe’s revenue soared from around $4.8 billion in 2015 to nearly $16 billion in 2022. Adobe’s success highlights the effectiveness of the SaaS model in driving consistent revenue growth.
  3. Shopify: Shopify’s revenue increased from $205 million in 2015 to approximately $4.6 billion in 2022, reflecting the growing demand for e-commerce solutions. Shopify’s platform enabled businesses of all sizes to create and manage online stores, driving substantial revenue growth.

Index composition

By revenue size

The companies in the index are split rather uniformly across different revenu brackets. There are 20-40 firms in each of the bracket. The large companies, such as Adobe and Salesforce account for roughly 10% of the total number of companies. With the index being equal-weighted, they do not have an overwhelming effect on the index performance, suggesting SaaS companies have been growing over the past years quite uniformly.

By market capitalization

Larger companies with a market capitalization of $1B+ constitute almost 40% of the sample. With many companies valued at a high revenue multiple, those figures are much larger than the revenu sizes.

By country

Out of the total 201 companies in the SaaS index, more than 40% are headquartered in the USA. Europe is the second-largest composition of our index by the headquarters of the SaaS companies, with 59 firms originating from countries such as the United Kingdom, Sweden, Germany and other European nations.

Companies included

The 201 companies included in the Aventis SaaS index are:

Enfusion, SpringBig Holdings, WalkMe, SeaChange International, AMTD Digital, OrderYOYO, Xero, Atlassian Corporation, Skolon, Microlise Group, The Descartes Systems Group, dotdigital Group, Jamf Holding, Red Violet, XPON Technologies Group, EverCommerce, Cerillion, Roper Technologies, Pexip Holding, RateGain Travel Technologies, LifeSpeak, Serko, Idomoo, Lightspeed Commerce, Samsara, Text, Tribe Property Technologies, LeadDesk, Sprout Social, Lime Technologies, Semantix, Cint Group, Aurum PropTech, Nutanix, Intellicheck, Guidewire Software, Fadel Partners, Rubicon Technologies, Unifiedpost Group, Penneo, Formpipe Software, Datadog, SoundThinking, IDOX, E2open Parent Holdings, SiteMinder, Volue, KLDiscovery, Domo, Gentrack Group, Braze, Model N, Bango, Smartsheet, Sprinklr, PROS Holdings, Janison Education Group, Voxtur Analytics, WiseTech Global, Tanla Platforms, RingCentral, AppFolio, Efecte, Alfa Financial Software Holdings, Temenos, Fabasoft, Cellebrite DI, Dynatrace, Adobe, ActiveOps, Reckon, FD Technologies, Vercom, Envirosuite, accesso Technology Group, Thinkific Labs, Dye & Durham, Dropsuite, CCC Intelligent Solutions Holdings, Sapiens International Corporation, Zenvia, Xref, Zoomd Technologies, Nuix, Serviceware, Sleep Cycle, Enghouse Systems, Blackbaud, Rekor Systems, Kinaxis, TeamViewer, Fortnox, Weave Communications, PowerSchool Holdings, Verint Systems, FINEOS Corporation Holdings, Blend Labs, Zaggle Prepaid Ocean Services, Clear Secure, SPS Commerce, Issuer Direct Corporation, Adcore, Iress, Solution Dynamics, Growens, Life360, AvePoint, Facephi Biometria, Alkami Technology, Digimarc Corporation, Manhattan Associates, Itim Group, Beonic, Kaltura, Sinch, Intapp, Intuit, Aptitude Software Group, PAID, iLearningEngines, Tyler Technologies, Truecaller, Porch Group, Pomvom, Bigtincan Holdings, Workday, Five9, Inuvo, Esker, Mitek Systems, Veritone, IRIS Business Services, Byggfakta Group Nordic HoldCo, Doxee, DiGiSPICE Technologies, Oneflow, Riot Platforms, OnMobile Global, HubSpot, Asana, Vitec Software Group, ATOSS Software, Upsales Technology, Clearwater Analytics Holdings, Profile Systems & Software, Q2 Holdings, Intouch Insight, Marin Software Incorporated, Nemetschek, CS Disco, BILL Holdings, Energy One, TomTom, Technology One, Zoom Video Communications, Windward, Catapult Group International, LINK Mobility Group Holding, Dropbox, Cognyte Software, Route Mobile, Pagaya Technologies, Expensify, Sidetrade, Coveo Solutions, Aware, Similarweb, Credit Clear, Wedia, Autodesk, Gresham Technologies, Salesforce, Yext, Intellect Design Arena, Olo, Freshworks, C3.ai, Gix Internet, LivePerson, Procore Technologies, DocuSign, Agile Content, Wishpond Technologies, GB Group, Shoper, Neogrid Participações, Planisware, ON24, 8×8, Streamwide, Docebo, LiveTiles, Crealogix Holding, Netcall, Photomyne, Ansarada Group, USU Software, Bridgeline Digital, Everbridge, Qt Group, Objective Corporation.

About Aventis Advisors

Aventis Advisors is an M&A advisor focusing on technology and growth companies. We believe the world would be better off with fewer (but better quality) M&A deals done at the right moment for the company and its owners. Our goal is to provide honest, insight-driven advice, clearly laying out all the options for our clients – including the one to keep the status quo.

Get in touch with us to discuss how much your business could be worth and how the process looks.