Key Themes for 2025

https://foundersib.com/core/uploads/2024/12/FA-SaaS-Newsletter-December-2024.pdf

Median Multiple Trading at 4.9x EV/NTM Revenue Versus Long-Term Average of 4.7x

https://media-cdn.kroll.com/jssmedia/kroll-images/pdfs/global-software-sector-update-fall-2024-executive-summary.pdf

The Rule of 40 (R40) in 2024

https://translinkcf.dk/wp-content/uploads/2024/12/Translink-CF-SaaS-Index-Valuation-Index-Q3-FY20245.pdf

Future of sales deal life cycle, powered by PredAI + GenAI

https://media-publications.bcg.com/BCG-Executive-Perspectives-AI-and-GenAI-in-Customer-Engagement-EP8-4Dec2024.pdf

AI is anticipated to have the largest impact on data analytics and data management workflows

https://media-publications.bcg.com/BCG-Executive-Perspectives-Future-of-Data-Management-with-AI-EP9-10Dec2024.pdf

founder-led sales are most prevalent in companies with lower revenue and smaller initial sale prices

https://cdn.prod.website-files.com/6359d12df3c8a494db42e037/67377918fc3243d7bfc14c74_LSVP%202024%20Sales%20Trends%20Report.pdf

Good vs. Great SaaS Metrics

https://www.cfodesk.co.il/wp-content/uploads/2024/10/2024-SaaS-Benchmarks-Report-by-High-Alpha.pdf

Generative AI market size and share, 2020-2030 (in US$ billion)

https://agatadata.com/wp-content/uploads/2024/11/AI_Trends-2024-Statista.pdf

Top areas of satisfaction in SaaS optimization

https://assets.kpmg.com/content/dam/kpmgsites/xx/pdf/2024/11/saas-optimization.pdf.coredownload.inline.pdf

Rule of 40 at work: revenue growth weights more; no US public SaaS company is expected to grow more 30%

https://www.silverpeakib.com/wp-content/uploads/2024/11/Silverpeak-Fundraising-MA-Briefing.pdf

Late-Stage Valuations Jump

https://www.wsgr.com/a/web/fUcqgeBBFHVKvKEPHDGqUn/entrepreneurs-report-q3-2024.pdf

P/E ratios have been consistently high and growing, especially for the Mag 7

https://www.apolloacademy.com/wp-content/uploads/2024/11/Passive-Investing-Paper-vF-112224_STAMPED.pdf

Fed cuts will boost M&A transactions

https://www.apolloacademy.com/wp-content/uploads/2024/11/11212024-Charts.pdf

Executive Summary | Marketing Productivity & Efficiency

https://cdn.prod.website-files.com/65e1d7fb19a3e64b5c36fb38/673e25953979fb0af490b333_ICONIQ_Analytics_Insights_Marketing_Budgets_and_Productivity.pdf

For the past three years, investors have continued to place a premium on profitability

https://carlsquare.com/wp-content/uploads/2024/11/Carlsquare_Software-Sector_2024-10-28-Fall-2024-Update-vF.pdf

The economic case of Generative AI is clear

https://mckinseytalksoperations.com/app/uploads/2024/11/Gartner-IT-Symposium-Keynote-Session-Provider.pdf

How marketing budgets vary by firm and industry

https://cmosurvey.org/wp-content/uploads/2024/11/The_CMO_Survey-Highlights_and_Insights_Report-Fall_2024.pdf

AI is driving the next wave of cloud growth

https://www.battery.com/wp-content/uploads/2024/11/Battery-OpenCloud-Report-2024_vFINAL_v2.pdf

Pre-IPO Stock Metric Reports

https://agdillon.com/agdillon_preipo_metrics.pdf

Buyers Are Shifting from a Single-Cloud Model to a Combination of Platforms

https://staging.wisdominterface.com/wp-content/uploads/2024/10/US51797224-IB.pdf

Vertical SaaS Vendors Are Born to Be Multi-Product.

https://www.cfodesk.co.il/wp-content/uploads/2024/10/2024-Vertical-SMB-SaaS-Benchmarking-Survey.pdf

2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey

https://www.key.com/content/dam/kco/documents/businesses___institutions/2024_kbcm_sapphire_saas_survey.pdf

Public SaaS valuations are in a "new normal" with EV/R multiples 3-7x across various segments.

https://www.silverpeakib.com/wp-content/uploads/2024/10/Ashurst-and-Silverpeak-Tech-Forum-slides.pdf

2 themes have produced 57% of YTD trading volume

https://cdn.prod.website-files.com/638a2e63e7d4101440882de8/670ddf01df2bdf8e0b8db631_Q3%202024%20Secondary%20Market%20Update.pdf

Next-generation AI transforms common finance activities & responsibilities

https://www.atlantafed.org/-/media/documents/news/conferences/2024/10/01/technology-enabled-disruption/presentations/cunningham.pdf

The ICONIQ Growth Enterprise Five

https://www.iconiqcapital.com/growth/insights/iconiq-growth-enterprise-five

Signs of Stress Emerging: Macro Backdrop for Talent Acquisition

http://cdn.hl.com/pdf/2024/hl-talent-acquisition-software-market-update-sept--2024.pdf

Share of Sales and Marketing by years of the company [%]

https://web-assets.bcg.com/01/c5/ff8a97304961878538d13fd7c291/winning-strategies-of-hypergrowth-saas-champions.pdf

Typical SaaS pricing models

https://www.goodsign.com/hubfs/SaaS%20subscription%20management%20playbook%20March%2024.pdf?

Innovation across AI's tech stack

https://cdn.mysfers.org/uploads/2024/09/092524-02-State-of-AI-Final-Presentation.pdf

State of AI

https://cdn.mysfers.org/uploads/2024/09/092524-02-State-of-AI-Final-Presentation.pdf

The ICONIQ Growth Enterprise Five

https://cdn.prod.website-files.com/65e1d7fb19a3e64b5c36fb38/66db8652044a89416a0c78b6_ICONIQ%20Growth%20%2B%20Insights%20-%20Growth%20%26%20Efficiency%202024.pdf

State of AI: 6 Predictions for the Future

https://cdn.prod.website-files.com/65e1d7fb19a3e64b5c36fb38/66e9bc3e7b226cde31583ac1_ICONIQ%20Analytics%20%2B%20Insights%20-%20State%20of%20AI%20Sep24.pdf

Posting Summary by Top Employers

https://publicinsight.io/wp-content/uploads/2024/09/Software-Market-Analysis.pdf

SaaS Revenue Recognition

https://cdn.prod.website-files.com/65e1d7fb19a3e64b5c36fb38/66db7df8d1d0fe6894a90659_The%20SaaS%20Glossary%20-%202024_vF.pdf

The most important Machine Learning algorithms

https://www.swissfundday.ch/wp-content/uploads/2024/09/Swiss-Fund-Day-2024-Stock-Selection-with-Artificial-Intelligence-in-Asset-Management-Stefan-Froehlich.pdf

The State of SaaS | Rule of 40

https://cdn.prod.website-files.com/65e1d7fb19a3e64b5c36fb38/66db7fb3ddd2db4cb1f51b76_ICONIQ%20Growth%20%2B%20Insights%20-%20Growth%20%26%20Efficiency%202024.pdf

Retention as a growth driver

https://chartmogul.com/reports/saas-retention-the-new-normal/saas-retention-the-new-normal.pdf

Share of Sales and Marketing by years of the company [%]

https://web-assets.bcg.com/ef/a1/d1dc5d6d49aa800f2578db9535a7/winning-strategies-of-hypergrowth-saas-champions.pdf

Multiples have not rebounded

https://nvca.org/wp-content/uploads/2024/07/Q2_2024_PitchBook-NVCA_Venture_Monitor.pdf

Valuations Have Yet to Bounce Back

https://www.wsgr.com/a/web/w6zgDshZ5HSuHfn75HkJMi/entrepreneurs-report-1h-2024.pdf

Lean Revenue Production follows a predictable growth trajectory

https://winningbydesign.com/wp-content/uploads/2024/07/WbD-Research_How-GTM-Efficiency-Affects-IPO-Readiness.pdf

Leaner Times Hit Software Spend

https://www.svb.com/globalassets/shared-blocks/reports/sotm/state-of-the-markets-h2-2024_final-08.12_v2.pdf

Temperature Check: A Review of Our H1 Outlook

https://www.svb.com/globalassets/shared-blocks/reports/sotm/state-of-the-markets-h2-2024_final-08.12_v2.pdf

We're seeing saturation. It's harder to find new growth. Retention is the name of the game.

https://www.inma.org/modules/event/2024SubscriptionsSummit/presentations/Benchmarks-Zuora_INMASUBSUMMIT24.pdf

The Future of Sales with AI

https://media-publications.bcg.com/BCG-Executive-Perspectives-Future-of-Sales-with-AI-EP2-5Aug2024.pdf

How to build a unicorn: Education, experience, expertise

https://www.jpmorgan.com/content/dam/jpmorgan/documents/cb/insights/banking/commercial-banking/cb-insights-banking-startup-insights-report.pdf

Transaction Analysis :: January 1, 2024 - June 30, 2024

https://berkerynoyes.com/wp-content/uploads/2024/08/Software1H2024.pdf

State of AI Q2'24

https://www.cbinsights.com/reports/CB-Insights_Artificial-Intelligence-Report-Q2-2024.pdf

State of Venture Q2'24

https://www.cbinsights.com/reports/CB-Insights_Venture-Report-Q2-2024.pdf