· Outlook across the broader markets has improved as core inflation demonstrated a notable cooling toward the end of 2Q23, generatingoptimism for the potential easing of interest rate hikes. Interest rate hikes paused in June, but Federal Reserve officials have indicatedadditional hikes are likely required this year to tame infilation.
· The Consumer Price Index(CPI) increased by 3% YOY. This change marks the lowest increase in two years and further improves marketsentiment for investors and consumers.
● Improving market sentiment coupled with industry excitement around Al have contributed to a strong first half for B2B SaaS stockperformance. The YTD median share price performance of the SEG SaaS Index posted growth of 19.1%. The median EV/TTM Revenuemultiple of the SEG SaaS Index continued its rebound from 4Q22 lows and arrived at 6.0x, a slight improvement over last quarter’s 5.8x.
· The average EV/ITM Revenue multiple for SaaS M&A was 5.6x, falling slightly below 1Q23’s 5.9x average. High-quality businessescontinue to garner significant interest and command above-average, premium multiples in today’s market. However, SaaS businessesburning cash and struggling to demonstrate revenue durability (i.e., poor customer retention), that are undergoing transactions due to a
need for liquidity are seeing multiple compression, resulting in a 4.7x EV/TTM Revenue median.
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