{"id":2197,"date":"2026-08-31T12:12:00","date_gmt":"2026-08-31T12:12:00","guid":{"rendered":"https:\/\/aventis.local\/?p=2197"},"modified":"2026-11-10T22:39:48","modified_gmt":"2026-11-10T22:39:48","slug":"multiplos-valoracion-saas","status":"publish","type":"post","link":"https:\/\/aventis-advisors.com\/es\/multiplos-valoracion-saas\/","title":{"rendered":"M\u00faltiplos de valoraci\u00f3n de SaaS: 2015-2026"},"content":{"rendered":"\r\n

Getting the valuation of your SaaS business right can make or break once-in-a-lifetime decisions like a company sale<\/a> or a significant capital raise<\/a>. Across 543 SaaS acquisitions since 2015 with a disclosed multiple, the median multiple was 4.5x revenue. Leave out the top quarter and the bottom quarter of those deals, and the middle half ran from 2.4x to 8.1x, so a dollar of revenue at the top of that range fetched more than three times what it fetched at the bottom. That figure covers deals of every size, and the size bands further down are closer to yours.<\/p>\r\n\r\n\r\n\r\n

Private SaaS Valuations in M&A Transactions<\/h2>\r\n\r\n\r\n\r\n

Buyers price a company as a multiple of a year’s revenue or EBITDA. A SaaS company with $10M of revenue that sells at 4x revenue has an enterprise value (EV) of $40M, the value of the whole business. Any debt is repaid out of that figure and the owner keeps the rest. EBITDA multiples work the same way. EBITDA is operating profit before depreciation and amortization, adjusted for one-off costs and for any gap between an owner’s pay and a market salary. If your revenue is almost all subscription, revenue and annual recurring revenue (ARR) are nearly the same number, and so are a revenue multiple and an ARR multiple.<\/p>\r\n\r\n\r\n\r\n

Because many SaaS companies still reinvest heavily in growth, their profits say little about their value, so buyers and investors start from revenue.<\/p>\r\n\r\n\r\n\r\n

EV\/Revenue and EV\/EBITDA Multiples for SaaS Companies<\/h3>\r\n\r\n\r\n\r\n
Multiple<\/th>Sample (n)<\/th>1st Quartile<\/th>Median<\/th>3rd Quartile<\/th>Median Deal Size<\/th><\/tr><\/thead>
EV\/Revenue<\/td>543<\/td>2.4x<\/td>4.5x<\/td>8.1x<\/td>$80M<\/td><\/tr>
EV\/EBITDA<\/td>232<\/td>12.8x<\/td>23.0x<\/td>47.1x<\/td>$181M<\/td><\/tr><\/tbody><\/table>
The 1st and 3rd quartile columns mark the bottom and top of the middle half of deals. Source: Aventis Advisors deal database (Mergermarket, press releases, news, annual reports).<\/figcaption><\/figure>\r\n\r\n\r\n\r\n

The median deal in the revenue sample is $80M, and in the EBITDA sample $181M. If your company would sell for under $50M, 23.0x EBITDA is the wrong yardstick, and so is 4.5x revenue. The next section splits the revenue multiple by deal size. Our SaaS data gives the EBITDA multiple across all sizes only, so where a buyer does look at EBITDA, the closer guide is software deals of your size, SaaS and other software counted together, from our own deal database. Across private software deals since 2015 with a disclosed EBITDA multiple, those of $5M to $20M sold at a median 9.5x (126 deals) and those of $20M to $50M at 12.7x (65 deals). Our software valuation multiples<\/a> research has them for every size band.<\/p>\r\n\r\n\r\n\r\n

SaaS Valuation Multiples by Company Size<\/h2>\r\n\r\n\r\n\r\n

Up to $50M, SaaS deals were priced at about 3x revenue in every size band. Over $50M the median rose to between 5.1x and 6.2x.<\/p>\r\n\r\n\r\n\r\n

Deal size<\/th>1st Quartile<\/th>Median<\/th>3rd Quartile<\/th><\/tr><\/thead>
Under $5M<\/td>1.8x<\/td>3.3x<\/td>5.7x<\/td><\/tr>
$5M to $20M<\/td>1.7x<\/td>3.2x<\/td>5.8x<\/td><\/tr>
$20M to $50M<\/td>2.0x<\/td>3.0x<\/td>4.8x<\/td><\/tr>
$50M to $100M<\/td>2.8x<\/td>6.1x<\/td>9.7x<\/td><\/tr>
$100M to $500M<\/td>2.8x<\/td>5.1x<\/td>9.5x<\/td><\/tr>
$500M and over<\/td>4.0x<\/td>6.2x<\/td>9.6x<\/td><\/tr><\/tbody><\/table>
EV\/Revenue by deal size, from the 543 deals with a disclosed revenue multiple. Source: Aventis Advisors deal database (Mergermarket, press releases, news, annual reports).<\/figcaption><\/figure>\r\n\r\n\r\n\r\n

Several things can explain the step up at $50M. Some bigger deals are listed companies taken private, at a premium over the share price. Others are strategic purchases, where a large software company pays for what the target adds to its own products. Bigger companies also sell into bigger markets, while a smaller one may serve a single country, like cloud accounting software built for one European market. And many of the largest private equity funds set a minimum investment, so only bigger companies draw them.<\/p>\r\n\r\n\r\n\r\n

So where do you sit? At about 3x revenue, a company with $2M to $15M of revenue would sell for roughly $5M to $50M. Most of the companies we work with would sell in that range. The two bands inside it, $5M to $20M and $20M to $50M, sold at about 3x revenue, half the 6.1x of the $50M to $100M band. Inside each band the range is wide. In the $5M to $20M band the middle half of deals ran from 1.7x to 5.8x. Where you land in that range depends on the company and on the buyers it reaches.<\/p>\r\n\r\n\r\n\r\n

\r\n

Where would your company land in this range?<\/p>\r\n\r\n\r\n\r\n

Send us four facts about your company: MRR, growth, churn and EBITDA margin. Within two working days we send you a confidential read of where it stands among SaaS deals of its size, and which buyers in our database have a reason to want it. If you would rather talk first, we can start with a confidential call.<\/p>\r\n\r\n\r\n\r\n

Request your valuation assessment<\/a> or email filip.drazdou@aventis-advisors.com<\/a><\/p>\r\n<\/div><\/div>\r\n\r\n\r\n\r\n

Public and Private SaaS Valuations Over Time<\/h2>\r\n\r\n\r\n\r\n

The stock market sets the mood around a sale, but the price comes from the company itself and from the buyers competing for it. Multiples in SaaS acquisitions move far less than those of listed companies. The median listed SaaS company traded at 4.6x revenue in August 2026. In June it had touched 3.2x, the low point of a sell-off driven by fear that AI tools will replace parts of what SaaS companies sell.<\/p>\r\n\r\n\r\n\n

Public market SaaS valuations: EV\/Revenue multiple<\/p><\/clipPath><\/clipPath><\/clipPath><\/clipPath><\/defs>Source:<\/text>S&P Capital IQ as of 31 Aug 2026<\/text><\/g>4.6x<\/text>0.0x<\/text>5.0x<\/text>10.0x<\/text>15.0x<\/text>20.0x<\/text>25.0x<\/text>30.0x<\/text>35.0x<\/text>2015<\/text>2016<\/text>2017<\/text>2018<\/text>2019<\/text>2020<\/text>2021<\/text>2022<\/text>2023<\/text>2024<\/text>2025<\/text>2026<\/text>1st to 3rd quartile<\/text>Median<\/text><\/g><\/g><\/g><\/g><\/svg><\/figure>\n\r\n\r\n\r\n

The last boom and bust show how far apart the two move. In the 2020 to 2021 boom the listed median doubled, from 9.6x at the bottom of the COVID sell-off in March 2020 to 19.3x in December 2020, while the yearly median for SaaS acquisitions was 5.8x in 2020 and 6.3x in 2021. When interest rates rose in 2022, listed SaaS fell hard. Most of these companies were still losing money, and higher rates cut the value of profits expected years ahead. By spring 2023 the listed median was down to 6.9x.<\/p>\r\n\r\n\r\n\n

SaaS M&A transactions: EV\/Revenue multiple<\/p><\/clipPath><\/clipPath><\/clipPath><\/defs><\/g><\/g><\/g>Source: Aventis Advisors deal database (Mergermarket, press releases, news, annual reports)<\/text><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g>3.9x<\/text><\/g>4.8x<\/text><\/g>3.9x<\/text><\/g>5.8x<\/text><\/g>5.6x<\/text><\/g>5.8x<\/text><\/g>6.3x<\/text><\/g>5.4x<\/text><\/g>3.7x<\/text><\/g>2.9x<\/text><\/g>3.8x<\/text><\/g>3.1x<\/text><\/g>0.0x<\/text><\/g>2.0x<\/text><\/g>4.0x<\/text><\/g>6.0x<\/text><\/g>8.0x<\/text><\/g>10.0x<\/text><\/g>12.0x<\/text><\/g>14.0x<\/text><\/g>16.0x<\/text><\/g>2015<\/text><\/g>2016<\/text><\/g>2017<\/text><\/g>2018<\/text><\/g>2019<\/text><\/g>2020<\/text><\/g>2021<\/text><\/g>2022<\/text><\/g>2023<\/text><\/g>2024<\/text><\/g>2025<\/text><\/g>2026<\/text><\/g><\/g>1st and 3rd Quartile<\/text><\/g><\/g><\/g>Median<\/text><\/g><\/g><\/svg><\/figure>\n\r\n\r\n\r\n

Acquisition multiples fell more slowly and by less. The yearly median was 5.4x in 2022, 3.7x in 2023 and 2.9x in 2024, then 3.8x in 2025 and 3.1x in the first quarter of 2026. Every year since 2023 has come in under the long-run 4.5x. For any one company, the size bands above are the closer guide. They pool every year since 2015, so read them with the recent years in mind. The yearly figures show the direction of the market.<\/p>\r\n\r\n\r\n\r\n

For a wider view, the Aventis SaaS Index<\/a> follows about 200 listed SaaS companies in 21 countries.<\/p>\r\n\r\n\r\n\r\n

SaaS vs On-Premise Software Company Valuations<\/h3>\r\n\r\n\r\n\n

SaaS vs non-SaaS software valuation multiples: EV\/Revenue<\/p><\/clipPath><\/defs><\/g><\/g><\/g>Source: Aventis Advisors deal database (Mergermarket, press releases, news, annual reports)<\/text><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g><\/g>56%<\/text><\/g>45%<\/text><\/g>34%<\/text><\/g>57%<\/text><\/g>81%<\/text><\/g>76%<\/text><\/g>19%<\/text><\/g>4%<\/text><\/g>61%<\/text><\/g>26%<\/text><\/g>52%<\/text><\/g>19%<\/text><\/g>3.9x<\/text><\/g>4.8x<\/text><\/g>3.9x<\/text><\/g>5.8x<\/text><\/g>5.6x<\/text><\/g>5.8x<\/text><\/g>6.3x<\/text><\/g>5.4x<\/text><\/g>3.7x<\/text><\/g>2.9x<\/text><\/g>3.8x<\/text><\/g>3.1x<\/text><\/g>2.5x<\/text><\/g>3.3x<\/text><\/g>2.9x<\/text><\/g>3.7x<\/text><\/g>3.1x<\/text><\/g>3.3x<\/text><\/g>5.3x<\/text><\/g>5.2x<\/text><\/g>2.3x<\/text><\/g>2.3x<\/text><\/g>2.5x<\/text><\/g>2.6x<\/text><\/g>0.0x<\/text><\/g>1.0x<\/text><\/g>2.0x<\/text><\/g>3.0x<\/text><\/g>4.0x<\/text><\/g>5.0x<\/text><\/g>6.0x<\/text><\/g>7.0x<\/text><\/g>2015<\/text><\/g>2016<\/text><\/g>2017<\/text><\/g>2018<\/text><\/g>2019<\/text><\/g>2020<\/text><\/g>2021<\/text><\/g>2022<\/text><\/g>2023<\/text><\/g>2024<\/text><\/g>2025<\/text><\/g>2026<\/text><\/g><\/g>Premium<\/text><\/g><\/g><\/g>SaaS<\/text><\/g><\/g><\/g>Non-SaaS software<\/text><\/g><\/g><\/svg><\/figure>\n\r\n\r\n\r\n

Your subscription model itself carries a premium. In every year since 2015, SaaS companies sold for more than other software (on-premise products, API and SDK platforms, software components). The premium averaged close to 60% from 2015 to 2020 and narrowed in 2021, when other software caught up. Since 2022 it has swung between 4% and 61% a year, so how much a subscription model adds depends on the numbers behind it, which the next section covers.<\/p>\r\n\r\n\r\n\r\n

What Drives SaaS Valuation Multiples<\/h2>\r\n\r\n\r\n\r\n

Size aside, buyers pay more for growth that comes with profit, for revenue that stays and for a customer base spread over many accounts, and the market your software serves moves the price too. The charts use listed companies, which publish their figures.<\/p>\r\n\r\n\r\n\r\n

Valuation Drivers: Growth<\/h3>\r\n\r\n\r\n\n

Public market SaaS valuations: SaaS growth rates<\/p><\/clipPath><\/clipPath><\/clipPath><\/clipPath><\/defs>Source: S&P Capital IQ<\/text>Forecast<\/text><\/g><\/g>27.8%<\/text>34.8%<\/text>29.7%<\/text>26.6%<\/text>31.5%<\/text>28.2%<\/text>31.7%<\/text>30.0%<\/text>19.6%<\/text>16.6%<\/text>14.1%<\/text>13.3%<\/text>11.8%<\/text>9.8%<\/text>0%<\/text>5%<\/text>10%<\/text>15%<\/text>20%<\/text>25%<\/text>30%<\/text>35%<\/text>40%<\/text>Q1<\/text>2015<\/text>Q1<\/text>2016<\/text>Q1<\/text>2017<\/text>Q1<\/text>2018<\/text>Q1<\/text>2019<\/text>Q1<\/text>2020<\/text>Q1<\/text>2021<\/text>Q1<\/text>2022<\/text>Q1<\/text>2023<\/text>Q1<\/text>2024<\/text>Q1<\/text>2025<\/text>Q1<\/text>2026<\/text>Q1<\/text>2027<\/text>Growth rate<\/text>Forecast<\/text><\/g><\/g><\/g><\/g><\/svg><\/figure>\n\r\n\r\n\r\n

Through the years of cheap money, growth was what investors paid for. Growth among listed SaaS companies peaked at a median 33% in Q2 2021, when the pandemic pushed customers online. By Q2 2026 it was 11.8%, and analysts expect under 10% in 2027. That slowdown is one of the main reasons revenue multiples have fallen.<\/p>\r\n\r\n\r\n\r\n

If your own growth has slowed, the question is who can restart it. A company that lacks the capital or the sales reach can be worth more to a larger group that has both, because that buyer can pay for the growth it expects to add.<\/p>\r\n\r\n\r\n\r\n

Valuation Drivers: Profitability<\/h3>\r\n\r\n\r\n\n

Public market SaaS valuations: SaaS profitability<\/p><\/clipPath><\/clipPath><\/clipPath><\/clipPath><\/defs>Source:<\/text>S&P Capital IQ<\/text><\/g><\/g>-6.1%<\/text>-2.8%<\/text>-2.3%<\/text>-2.5%<\/text>-2.6%<\/text>-1.3%<\/text>-1.8%<\/text>-1.5%<\/text>4.4%<\/text>8.0%<\/text>9.5%<\/text>11.1%<\/text>-11.4%<\/text>-9.1%<\/text>-7.8%<\/text>-4.7%<\/text>-9.9%<\/text>-8.6%<\/text>-12.4%<\/text>-10.9%<\/text>-1.1%<\/text>1.5%<\/text>5.2%<\/text>-15.0%<\/text>-13.0%<\/text>-11.0%<\/text>-9.0%<\/text>-7.0%<\/text>-5.0%<\/text>-3.0%<\/text>-1.0%<\/text>1.0%<\/text>3.0%<\/text>5.0%<\/text>7.0%<\/text>9.0%<\/text>11.0%<\/text>Q1<\/text>2016<\/text>Q1<\/text>2017<\/text>Q1<\/text>2018<\/text>Q1<\/text>2019<\/text>Q1<\/text>2020<\/text>Q1<\/text>2021<\/text>Q1<\/text>2022<\/text>Q1<\/text>2023<\/text>Q1<\/text>2024<\/text>Q1<\/text>2025<\/text>Q1<\/text>2026<\/text>EBITDA margin<\/text>Net income margin<\/text><\/g><\/g><\/g><\/g><\/svg><\/figure>\n\r\n\r\n\r\n

When rates rose and the market for new listings closed, fresh money was harder to raise, and listed SaaS companies cut staff and costs to reach break-even. As early as Q1 2023 the median profitable listed SaaS company was valued at 7.8x revenue, against 6.7x for loss-makers, and in early 2023 Descartes, a logistics software company with an EBITDA margin of about 40%, traded at 13.7x revenue. By Q2 2026 the median EBITDA margin, averaged over the previous four quarters, had reached 11.1%, with a net margin of 5.2%. A private company at break-even sits below the margins buyers now see in the listed market. Growth can make up for it, which is what the Rule of 40 weighs.<\/p>\r\n\r\n\r\n\r\n

Valuation Drivers: Rule of 40<\/h3>\r\n\r\n\r\n\n

Public market SaaS valuations: Rule of 40<\/p><\/clipPath><\/clipPath><\/clipPath><\/clipPath><\/defs><\/g><\/g><\/g><\/g><\/g>-5%<\/text><\/g>0%<\/text><\/g>5%<\/text><\/g>10%<\/text><\/g>15%<\/text><\/g>20%<\/text><\/g>25%<\/text><\/g>30%<\/text><\/g>35%<\/text><\/g>40%<\/text><\/g>-20%<\/text><\/g>-10%<\/text><\/g>0%<\/text><\/g>10%<\/text><\/g>20%<\/text><\/g>30%<\/text><\/g>40%<\/text><\/g>50%<\/text><\/g>60%<\/text><\/g>70%<\/text><\/g>Revenue growth<\/text><\/g>(%)<\/text><\/g>Profit margin<\/text><\/g>(%)<\/text><\/g><\/g>Rule of 40 line<\/text>Source: S&P Capital IQ<\/text><\/g><\/g><\/g><\/g><\/svg><\/figure>\n\r\n\r\n\r\n

The Rule of 40<\/a> adds a company’s revenue growth rate to its EBITDA margin. Fast growth can make up for low profit, and the reverse. A healthy company scores over 40%. Growth has fallen faster than margins have risen since 2023, and in Q2 2026 the median listed SaaS company scored 26%. Investors pay a premium for companies over 40%, and only 7 of the 46 companies in our listed sample that report both figures clear it. A private company that does will stand out.<\/p>\r\n\r\n\r\n\r\n

Valuation Drivers: Retention and Customer Concentration<\/h3>\r\n\r\n\r\n\r\n

Revenue you can count on next year is worth more, which is why low churn and net revenue retention over 100% raise the price. Retention over 100% means the customers who stay add more revenue each year than the ones who leave take away.<\/p>\r\n\r\n\r\n\r\n

Relying on a handful of large customers works against the price. When one of them leaves, a large share of revenue goes with it, so buyers allow for the risk with a lower price, an earn-out<\/a>, or part of the price held back until the risk has passed.<\/p>\r\n\r\n\r\n\r\n

Valuation Drivers: Vertical and Horizontal SaaS<\/h3>\r\n\r\n\r\n\r\n

The market your software serves moves the multiple as well. Across private software deals since 2015, SaaS and other software counted together, the median revenue multiple runs from 2.16x for collaboration and productivity software (43 deals) to 5.00x for legal, compliance and GRC software (40 deals).<\/p>\r\n\r\n\r\n\r\n

Vertical software is built for one industry, such as healthcare or construction. Horizontal software does one job, like accounting or HR, for companies in any industry. Across the same private software deals from 2015 to 2025, vertical software sold at a median 3.29x revenue (591 deals with a disclosed multiple) and horizontal software at 3.56x (422). The gap between the two is small next to the spread across segments, so the deals in your own segment are the closer guide.<\/p>\r\n\r\n\r\n\r\n

Our software valuation multiples by segment<\/a> table has every segment, each with its own page.<\/p>\r\n\r\n\r\n\r\n

Who Is Buying SaaS Companies<\/h2>\r\n\r\n\r\n\r\n

Companies like yours are bought by software groups and by private equity funds, either directly or through a company the fund already owns, which the funds call a platform. Some software groups buy and keep many companies, such as Constellation Software<\/a>, Visma<\/a> and The Access Group<\/a>. Others, such as Salesforce<\/a> and ServiceNow<\/a>, buy products to sell to their own customers. The funds and their platforms made about a third of all private software acquisitions since 2015.<\/p>\r\n\r\n\r\n\r\n

The groups that buy and keep companies lean toward vertical software. Thirteen such groups we follow bought 1,650 companies from 2015 to 2025, and 72% of them made vertical software. Across all 25,870 private software companies sold in those years, 58% did. If your software serves one industry, these groups belong on the list of possible buyers.<\/p>\r\n\r\n\r\n\r\n

For more on each kind of buyer, see the top strategic buyers of software<\/a>, the top software private equity investors<\/a> and selling to a software roll-up<\/a>.<\/p>\r\n\r\n\r\n\r\n

Since 2015 more than 12,000 different buyers, counting each corporate group once, have bought a private software company, and more than two thirds of them bought only once. With so many buyers, most of them occasional, the one with the best reason to pay for your company can be one that has never been in touch.<\/p>\r\n\r\n\r\n\r\n

How One Approach Becomes Several Offers<\/h2>\r\n\r\n\r\n\r\n

Most founders sell to whoever shows up. A buyer that writes to you has done this dozens of times, and you may do it once. With one buyer at the table, the price is whatever that buyer offers. With the spread inside your size band, that price can sit a long way from what the company is worth to the buyer who wants it most.<\/p>\r\n\r\n\r\n\r\n

We run a competitive sale process among the buyers with a real reason to want your company, so you choose between the best offers and get the best price. From a database of 300,000 investors we filter down to the 30 or so with a current reason to buy a company like yours. One might be a software group missing your product, another a private equity platform building in your market. Each gets the same information and one deadline for its offer.<\/p>\r\n\r\n\r\n\r\n

Before any buyer hears your name, we go through your figures with you, from MRR and churn by customer group to margin and the contracts behind the revenue, so the numbers hold up when buyers dig in. We run the process ourselves from the first conversation to closing, and our guide to selling a SaaS business<\/a> walks through each step. Where keeping the company is the better choice, we say so.<\/p>\r\n\r\n\r\n\r\n

Talk to Us<\/h2>\r\n\r\n\r\n\r\n

We work with owners of technology and IT companies, typically with enterprise values of $5M to $100M, and take on a limited number of mandates a year.<\/p>\r\n\r\n\r\n\r\n

\r\n

Start with a confidential conversation<\/p>\r\n\r\n\r\n\r\n

We talk through your company with you. We tell you which buyers have a reason to want it, and how a competitive process among them lets you choose between the best offers. If you prefer to start with numbers, send us MRR, growth, churn and EBITDA margin, and within two working days we send you a confidential read of where the company stands.<\/p>\r\n\r\n\r\n\r\n

Request your valuation assessment<\/a> or write to filip.drazdou@aventis-advisors.com<\/a><\/p>\r\n<\/div><\/div>\r\n\r\n\r\n\r\n

About Aventis Advisors<\/h2>\r\n\r\n\r\n\r\n

Aventis Advisors is an M&A advisor for SaaS companies<\/a>. 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.<\/p>\r\n\r\n\r\n\r\n

Methodology<\/h2>\r\n\r\n\r\n\r\n

SaaS Definition<\/h3>\r\n\r\n\r\n\r\n

The term SaaS is often misapplied, so we set clear criteria. A true SaaS company meets all three conditions:<\/p>\r\n\r\n\r\n\r\n

    \r\n
  1. Software is the core offering, and licensing that software drives revenue. Marketplace<\/a>, fintech, or commission-led models are excluded from this research.<\/li>\r\n\r\n\r\n\r\n
  2. Delivery is cloud-based and centrally hosted by the vendor, not customer-managed infrastructure. Firms deriving most revenue from on-premise deployments are excluded from our sample.<\/li>\r\n\r\n\r\n\r\n
  3. Access is provided as a service (subscription, pay-per-use, or per-transaction). Customers continuously receive updates and use the current supported version.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

    Public Market Sample<\/h3>\r\n\r\n\r\n\r\n

    We look at the most liquid listed SaaS companies, with market data from S&P Capital IQ:<\/p>\r\n\r\n\r\n\r\n