2025年软件和SaaS行业研究报告 Software and SaaS Sector Update

TableofTableofContents4AppendixPSource:S&PCapitalIQ,FactSetasof12/31/24.WallStrPenvironment,increacurrentof44.9%Source:S&PCapitalIQ,FactSetasof12/31/24.WallStrMedianApplicationSoftwareMedianApplicationSoftwareEV/RevenueMultiples2021A2022A2023A2024E15.0x13.8x12.3x11.3x10.5x10.5x10.5x9.7x7.6x6.5x6.0x5.6x8.1x7.1x6.8x6.9x6.1x7.2x7.0x6.2x7.6x6.5x6.0x5.6x8.1x7.1x6.8x6.9x6.1x4.7x5.4x5.3x4.8x2.9x3.1x3.0x2.4x2.6x2.5x2.3x 4.2x3.5x2.9x3.1x3.0x2.4x2.6x2.5x2.3xCRM,ContactCenter,andMarketingAutomationERPandFinancialApplicationsSupplyChainContent,ManagementandB2BCollaboration&ProcurementProjectManagementHumanCapitalManagementDigitalManufacturing,Engineering&PLMHCITFinancialTechnologyVerticalApplicationseCommerce/PaymentsMedianMedianInfrastructure&DiversifiedSoftwareEV/RevenueMultiples2021A2022A2023A2024E13.1x11.1x10.1x9.1x8.8x9.2x8.2x7.6x8.1x8.0x9.1x8.8x9.2x8.2x7.6x8.1x8.0x8.5x7.4x7.4x6.8x6.6x6.5x6.8x6.6x5.0x5.6x5.0x4.5x3.7x4.3x4.5x3.7x4.3x2.2x2.0x2.2x2.0x1.8xInfrastructureandOperationsManagementDevelopmentToolsandAppInfrastructureNetworkingandContentDeliverySecurityAnalytics,BusinessIntelligence,CloudCommunicationsDiversifiedandDataManagementSource:S&PCapitalIQ,FactSetasof12/31/24.PP5-YearHighMultipleDateof5-YearHigh5-YearMedianCurrentMultiple11/9/213.9x8/27/204.1x9/2/206.7x11/2/215.9x11/8/216.5xSegmentContent,Collaboration,andProjectManagement16.3x11/9/214.5x4.0xCRM,ContactCenter,andMarketingAutomation14.4x5.0xDigitalManufacturing,Engineering,5-YearHighMultipleDateof5-YearHigh5-YearMedianCurrentMultiple11/9/213.9x8/27/204.1x9/2/206.7x11/2/215.9x11/8/216.5xSegmentContent,Collaboration,andProjectManagement16.3x11/9/214.5x4.0xCRM,ContactCenter,andMarketingAutomation14.4x5.0xDigitalManufacturing,Engineering,andPLM14.1x11/9/2110.3x10.7xeCommerce/Payments37.3x4.1xERPandFinancialApplications15.8x2/10/216.3x6.1xFinancialTechnology12.0x6.4xHCIT10.3x11/15/215.6x5.3xHumanCapitalManagement14.3x7.4xSupplyChainManagementandB2BProcurement13.0x11/18/219.6x10.5xVerticalApplications12.1x5.9x35x25xJan-20Apr-20Jul-20oct-20Jan-21Apr-21Jul-21oct-21Jan-22Apr-22Jul-22oct-22Jan-23Apr-23Jul-23oct-23Jan-24Apr-24Jul-24oct-24Jan-25Source:FactSetasof12/31/24.35x5-YearHighMultipleDateof5-YearHigh5-YearMedianCurrentMultiple11/4/219.4x10/29/216.1x9/3/217.4xSegmentAnalytics,BusinessIntelligence,andDataManagement29.6x12/8/209.1x11.4xCloudCommunications23.0x10/19/202.4x2.3xDevelopmentToolsandAppInfrastructure27.6x2/9/217.1x35x5-YearHighMultipleDateof5-YearHigh5-YearMedianCurrentMultiple11/4/219.4x10/29/216.1x9/3/217.4xSegmentAnalytics,BusinessIntelligence,andDataManagement29.6x12/8/209.1x11.4xCloudCommunications23.0x10/19/202.4x2.3xDevelopmentToolsandAppInfrastructure27.6x2/9/217.1x5.8xDiversified12.0x8.9xInfrastructureandOperationsManagement13.4x6.0xNetworkingandContentDelivery15.8x11/4/215.9x6.6xSecurity17.7x7.6x25xJan-20Apr-20Jul-20oct-20Jan-21Apr-21Jul-21oct-21Jan-22Apr-22Jul-22oct-22Jan-23Apr-23Jul-23oct-23Jan-24Apr-24Jul-24oct-24Jan-25Source:FactSetasof12/31/24.NETSC。UT":"radwareInfrastructureSoftware&SaaSInfrastructureandOperationsManagementRAPD门secureorkslsentNETSC。UT":"radwareInfrastructureSoftware&SaaSInfrastructureandOperationsManagementRAPD门secureorkslsentnelonerDevelopmentToolsandAppInfrastructureAnalytics,BusinapianMATLASSIANDOOFICONetworkingandContentDeliveryN24Ringcentral色twiliocoweavezoomoApplicationSoftware&SaaSVerticalApplicationseppfoloblackbaud': bzecintOSEMRUSH⃞similarwebszbreSAPIENS口toastszbreSAPIENS口toastERPandFinancialApplicationsS8AHumanCapitalManagementATOSS影dayforcedoceboSCMandB2BProcurementCboxDocuboxDocusignDESCARTESKInaxIS'。logilityHCITarriopovoneerveevapaysafesrskified可nex DiversifiedSoftware&SaaSInfrastructureSoftware&SaaSApplicationSoftware&SaaS&OperationsTools&AppInfrastructureSoftware&SaaSApplicationSoftware&SaaS Tools&App&OperationsTools&App&OperationsQpalantirDOOATOSS影ATOSS影cintCloudCRM,ContacCommunicationsCenter&FinancialProcureMarketingApplicationsSource:S&PCapIQ,FactSetasof12/31/24.Note:SmartsheetwasacquiredbyBlackstManagement;PLM=ProjectLifecycleManagement;HCIRuleRuleof40vs.EV/Revenue(1)20242024EEV/Revenue0.0%10.0%2024ERuleof40Source:S&PCapIQ,FactSetasof12/31/24.Note:Allfiguresrepresentcalendaryear.Valuesarebaseduponfullydilutedsharesoutsta1)Includes76companiesin2)CurrentforwardEV/revenueshowsEV/2025Erevenueasof12/31/24.1-YearpriorforwardEV/revenueshowsEV/2024Erevenueasof12/31/24.49.7%331,031temenosBenifley"sscwyopentext"QpalantirinsysAAdobeservicenow.53.9%63,85◆zscalerSource:S&PCapIQ,Factsetasof12/31/24.ApplicationSoftwareSaaSApplicationSoftwareSaaSKPIsAutomationVerticaleCommerce/$0.37Source:S&PCapIQ,FactSetasof12/31/24.AllinformationispubliclyNote:RetentionKPIsarebasedonthelatestfiscalquarter.Operatingmetricsbasedon2024EInfrastructure&Infrastructure&DiversifiedSoftwareSaaSKPIsVendors95.0%N.A.N.A.90.0%$0.37Source:S&PCapIQ,FactSetasof12/31/24.AllinformationispubliclydNote:RetentionKPIsarebasedonthelatestfiscalquarter.Operatingmetricsbasedon2024E.Refertopage35fordetailsonthediversifiedsoftwarecompaSelectSelectRecentEnterpriseSoftware&SaaSIPOs(2)Software&SaaSIPOsbyVolumeandAmountRaised(1)51151120252025Software&SaaSIPOPipelineboomjFivetrano"yenetslkopeLattice多databricksunqork咖wasabiworkatoIPODetailsOperatingDataatIPOIPOOfferingLTMMarginCompanyDateAmountRevenueMarginPricePerformanceMarketCap.1-WeekOffertoCurrent%ServiceTitanN.A.49.6%44.9%OneStreamIncN.A.40.3%42.6%WaystarHoldingCorp42.4%RubrikInc4/24/2024N.A.IbottaInc4/17/2024(26.0%)KlaviyoInc8.3%SamsaraIncN.A.UserTestingIncN.A.N.A.(21.5%)N.A.BackblazeInc(62.4%)ExpensifyIncN.A.(87.6%)InformaticaInc(10.6%)AvidXchangeHoldingsIncN.A.(5.6%)(58.6%)ClearwaterAnalyticsHoldingsInc9/23/2021621.00225.88N.A.6,490.0342.3%(21.7%)EngageSmartEngageSmartLLC9/22/2021435.00183.1917.7%N.A.31.9%N.A.PowerSchoolHoldingsInc7/28/2021817.00495.23N.A.N.A.14.7%N.A.RiskifiedRiskifiedLtd7/28/2021423.00205.524.7%802.6133.9%(77.5%)KalturaInc7/20/2021173.00145.10N.A.329.3312.7%EverCommerceEverCommerceInc6/30/2021372.00407.1121.0%2,033.231.4%(35.2%)IntAppIntAppIncZetaGlobalHoldingsCorp4,304.248.0%(16.2%)N.A.N.A.N.A.MLtd6/9/2021631.00188.17N.A.12,162.1238.1%DoubleVerifyDoubleVerifyHoldingsInc4/20/2021414.00260.2821.8%3,267.0328.1%(28.9%)UiPathInc4/20/20211,539.00607.64N.A.7,085.3434.6%(77.3%)On24Inc2/3/2021492.00156.9417.0%269.12On24Inc2/3/2021492.00156.9417.0%269.12OverallMedian$592.5$260.319.3%$5,220.017.1%(21.7%)Source:FactSet,S&PCapitalIQ,RenaissanceCapitalandDeal1)ReflectsSoftware&SaaSIPOswithafinaldealsizeofatleast$50Masof12/31/24.Notinclusive2)SelectedIPOsasof12/31/24.CompanyIPODateIPODetailsDescriptionDOnestreamSource:S&PCapitalIQ,Dealogic,451ResearchandFactSetasoGlobalSoftwareM&AASource:451Research,CantorAnalysis,PitchBookasof12/31/24.Note:AverageDealValueisnormKeyObservationsKeyObservations•Q42024witnessedasignificantdeclineinsoftwareM&Aactivityintermsofdealvolume,decreasing51%quarter-over-quarterand3%year-over-year,whichrepresentsthelowestlevelofactivityin2024•Dealvolumeexperienceda31%decreasequarter-over-quarter,anda20%declineyear-over-year•M&Aactivitywassubduedthroughtheendof2024,butasubstantialreboundisanticipatedfollowingthepresidentialinauguration,drivenby1)increasedmarketcertaintyand2)expectedinterestratereductionsSource:451Research,CantorAnalysis,PitchBookasof12/31/24.PP$140$125$103$93$98$74$81$78$32$72$12$69$57$32$72$12$69$59$61$59$56$39$56$11$39$40$11$16$14$40$11$40$11$16$14$40$11$32$38$12$54$36$16$11$36$16$11$36$37$27$27$21$27$27$27$21$27$11$40$36$29$21$12$36$29$21$12$19$19$10$18$13$30$19$19$10$18$13$30$21$24$19$19$14$14$12$11$9$11$19$14$14$12$11$9$11$9$9$8Source:451Research,CantorAnalysis,PitchBookasof12/31/24.SoftwareSoftware&SaaSPrivateCapitalActivity:2019–2024NumberNumberofNewSoftwareUnicornsCreated:2019–2024Software&SaaSSoftware&SaaSPrivateCapitalActivity:Last2YearsbyQuarterNumberofNumberofNewSoftwareUnicornsCreated:Last2YearsbyQuarter8886Source:451Research,CantorAnalysis,PitchBookasof12/31/24fordealsabove$10million.Note:AunicornisaprivatelyhSoftware&SaaSM&AAc>$1BSoftware&SaaSM&ADeals2024>$1BSoftware&SaaSM&ADeals2024Date $2.65BMastercardwillacquireRecordedFuture,aglobalthreatintelligencecompany,for$2.65billionfromInsightPartnersTheacquisitionbolsterstheinsightsandintelligenceusedtosecuretoday’sdigitaleconomyacrossthepaymentsecosystemLTMRevenueMultipleAcquirerTarget⃞smartsheet $7.68BBlackstoneBuyerswillacquireworkmanagementplatform,Smartsheetsharesfor$56.50each,a41%premiumtothe90-dayaverageAimedatacceleratingitsgrowthandenhancingitsessentialworkmanagement solutionsforglobalteamsbyleveragingcombinedresourcesofBlackstone&Vista $1.90BSalesforcewillacquireOwnCo.,astartupspecializingintoolsforbackingupdataincloud-basedapps,for$1.90billionincashOwn’sproductswillenhanceSalesforce’sabilitytoofferrobustdataprotectionandmanagementsolutionstocustomers $1.02B5utbrainOutbrainwillacquireTeads,aglobalomnichannelvideoplatform,inanapproximately$1billiontransactionThemergerwillformaleadingopeninternetadplatform,distinguishedbyitsabilitytodriveawareness,consideration,andperformanceoutcomes $4.29B⃞BaincapitalBainCapitalwillacquiredataandwealthsolutionsplatform,Envestnet,for$63.15pershareTheacquisitionwillsupportEnvestnet'sgrowthstrategy,bothorganicallyandthroughacquisitions,andinvestinginitsuniqueproducts $7.20BPermiraacquiredwebsitebuilder,Squarespacefor$46.50pershareanddelistedOct.17SquarespaceoffersSMBsabroadecosystem—fromdemandgenerationtopaymentsolutions—seamlesslyintegratedwithintuitiveGenAINotableSoftware&SaaSM&ATransactions202412/10/24GenDigitalMoneyLion$1,1362.4x10/30/24FranciscoPartnersAdvancedMD1,125N.M.10/30/24SiemensAltair9,91315.8x10/17/24SilverLake/GICZuora1,5893.6x9/24/24Blackstone/VistaEquitySmartsheet7,6827.4x9/12/24MastercardRecordedFuture2,6507.8x9/5/24SalesforceOwnCompany1,900(1)7.6x8/6/24VeritasCapitalNCRVoyix2,4504.2x8/1/24TowerBrookCapital/CD&RR1RCM8,6433.6x8/1/24OutbrainTeads1,022N.M.7/25/24KKRInstructure4,7277.9x7/11/24BainCapitalEnvestnet4,2863.3x6/24/24TPGAareon4,167N.M.6/7/24BainCapitalPowerSchool5,6007.7x6/5/24SAPWalkMe1,0323.8x5/23/24HgCapitalAuditBoard3,000N.M.5/20/24CyberArkVenafi1,54010.3x5/13/24PermiraSquarespace7,2006.8x5/6/24Clearlake/FranciscoPartnersSynopsys(SoftwareIntegrityBusiness)1,625N.M.5/2/24PermiraBioCatch1,300N.M.4/26/24ThomaBravoDarktrace4,9928.1x4/25/24GTCRAssetMark2,529N.A.4/24/24IBMHashiCorp6,40011.0x4/22/24CoStarGroupMatterport1,60010.1x4/8/24VistaEquityPartnersModelN1,1834.6x4/2/24EQTAvetta3,000N.M.4/1/24AdventInternationalNuvei6,3004.9x3/20/24H.I.G.CapitalAlight(PayrollandProfessionalServices)1,050N.M.3/18/24FranciscoPartnersJamaSoftware1,20013.3x3/5/24CadenceDesignSystemsBETACAE1,24013.8x2/27/24CoxEnterprisesOpenGov1,800N.M.2/26/24KKRBroadcom(End-UserComputingDivision)4,000N.M.2/5/24ThomaBravoEverbridge1,7293.8x1/31/24CardinalHealthSpecialtyNetworks1,200N.M.1/25/24RoperTechnologiesProcareSoftware1,860N.M.1/16/24SynopsysAnsys32,00016.2xMedian(n=36)$2,2817.7xSource:451Research,CantorCantorCantorFitzgeraldisaprivately-ownedglobalfinancialservicesfirmprovidinginvestmentbanking,inter-dealerbrokerage,andassetTechnologyTechnologyLondonSeattleSanFranciscoLondonSeattleSanFranciscoTorontoSeoulTokyoSeoulTokyoAtlantaAtlantaHoustonSingaporeSingaporeJohannesburgJohannesburgSydney*OtherofficelocationsmaybelongtoCaDedicatedsectorDedicatedsectorfocusacrosstechnologyLeveragingCantor’sFullSuiteofProductCapabilitieslndustriaITech,SemiKaranKapoorMarkBaiIIieParasJainMikeRintouIJasonHarknessStephenButkowBryanDowCoIeBaderBenjaminMayManagingDirectorManagingDirectorManagingDirectorManagingDirectorManagingDirectorManagingDirectorManagingDirectorGlobalHeadofTechIBHeadofEMEASanFranciscoNewYorkNewYorkNewYorkSanFranciscoNewYorkSanFranciscoNewYorkLondon,EnglandJaceKowaIzykMihirJobaIiaEdKeIIerJamieRudeAustinSwankPeterKarIShaIinPateIBeauBohmMikeRossoManagingDirectorManagingDirectorDirectorDirectorDirectorManagingDirectorDirectorHeadofECMHeadofPCMSanFranciscoSanFranciscoSanFranciscoNewYorkSanFranciscoNewYorkNewYorkNewYorkSanFrancisco•Private&Sponsor-backedM&A•PublicM&A•IPOs,Follow-ons,andATMs•Equity-linked&Convertibles•EquityPrivatePlacements•PrivateDebtAdvisoryg%cronNO纠anvoinQualcornTERADYNEWesemnogAairbnbAlphabetebayEtsy团Expedia3GODaddylymartiSecurity&InfrastructureSoftware–YiFuLeecourseranerdyopayoneerporchrezolve'idemyConsumerInternet&Software–BrettKAAvepointiCs名evolvAuroraEvgopolestor己PURecvcLEsoundHoundIndustrialTechnology–TroyJensenhnLIGHTNote:CompaniesundercCantorSoftware&SaaSIKeySeniorBankersSectorFocusMarkBaillie25+yearsofexperienceaParasJainMihirJobaliaSanFranciscoKaranKapoorSanFrancisco20+yearsofexperiSaaScompaniesacrossAnalytics,CollaCollaboration&WorkflowAutomaVerticalSoftwareAppsJaceKowalzykSanFranciscojace.kowalzyk@cantor.cTechnologycompaniesTelephonySoftwareEdKellerSanFranciscoMedianOperatingMedianOperatingPerformance&ValuationMetricsBySegmentRevenueRevenueGrowthSegmentInfrastructureandOperationsManagement(n=12)DevelopmentToolsandAppInfrastructure(n=11)NetworkingandContentDelivery(n=8)Security(n=17)Analytics,BusinessIntelligence,andDataManagement(n=10)CloudCommunications(n=7)CRM,ContactCenter,andMarketingAutomation(n=18)ERPandFinancialApplications(n=13)SupplyChainManagementandB2BProcurement(n=9)Content,Collaboration&ProjectManagement(n=8)HumanCapitalManagement(n=9)DigitalManufacturing,Engineering&PLM(n=10)FinancialTechnology(n=15)VerticalApplications(n=20)eCommerce/Payments(n=8)DiversifiedSoftwareVendors(1)(n=7)Source:S&PCapitalIQ,FactSetasof12/31/24.Note:Allfiguresrepresentcalendaryear,andvaluesarebaseduponfullydilu(1)Includes:ServiceNow,MicrosofPublicCompanyTradingData:InfrastructureandOperatiNetApp(NTAP)Nutanix(NTNX)CommvaultSystems(CVLT)HashiCorp(HCP)SolarWinds(SWI)AvePoint(AVPT)Freshworks(FRSH)JamfHolding(JAMF)PagerDuty(PD)DevelopmentToolsandAppInAtlassian(TEAM)(MNDY)Pegasystems(PEGA)UiPath(PATH)ProgressSoftware(PRGS)DigitalOcean(DOCN)JFrog(FROG)Appian(APPN) NetworkingandContentDeliveryAristaNetworks(ANET)Cloudflare(NET)AkamaiTechnologies(AKAM)NetScoutSystems(NTCT)A10Networks(ATEN)Source:S&PCapitalIQ,FactSetasof12/31/24.Note:ValuesarebaseduponfuPublicCompanyTradingData:SecurityPalo(PANW)CrowdStrikeHoldings(CRWD)Fortinet(FTNT)Zscaler(ZS)CheckPointSoftwareTech(CHKP)CyberArkSoftware(CYBR)Okta(OKTA)SentinelOne(S)VaronisSystems(VRNS)TenableHoldings(TENB)SecureWorks(SCWX)OneSpan(OSPN) Analytics,BusinessIntelligence,andDataManagementPalantirTchnlg(PLTR)Snowflake(SNOW)Informatica(INFA)Confluent(CFLT)Teradata(TDC)Couchbase(BASE) CloudCommunicationsZoomVideo(ZM)Twilio(TWLO)RingCentral(RNG)WeaveCommunications(WEAV)Bandwidth(BAND)Source:S&PCapitalIQ,FactSetasof12/31/24.Note:ValuesarebaseduponfuPublicCompanyTradingData:INDUSTRYSEGMENTStock52WeekMarketCash&EnterpriseEV/ReApplicationCRM,ContactCenter,andMarkNICE(TASE:NICE)ZoomInfo(ZI)ZetaGlobal(ZETA)Five9(FIVN)VerintSystems(VRNT)Klaviyo(KVYO)Sprinklr(CXM)TrustpilotGroup(LSE:TRST)SproutSocial(SPT)Similarweb(SMWB)Yext(YEXT)Amplitude(AMPL)LivePerson(LPSN)Cardlytics(CDLX)CintGroup(OM:CINT) Intuit(INTU)Xero(ASX:XRO)Workiva(WK)Vertex(VERX)TOTVS(TOTS3)AvidXchange(AVDX)Onestream(OS)Expensify(EXFY) SupplyChainManagementandWisetech(ASX:WTC)Samsara(IOT)ManhattanAssociates(MANH)Descartes(TSX:DSG)SPSCommerce(SPSC)Kinaxis(TSX:KXS)Tecsys(TSX:TCS)AmericanSoftware(LGTY) Source:S&PCapitalIQ,FactSetasof12/31/24.Note:ValuesarebaseduponfuPublicCompanyTradingData:INDUSTRYSEGMENTStock52WeekMarketCash&EnterpriseEV/RevenueApplicationContent,Collaboration&ProjectManaDocuSign(DOCU)OpenText(OTEX)Smartsheet(SMAR)Asana(