Vertical SaaS, Today — 11th Edition, Year End Review ‘23

Anna Khan
2 min readDec 15, 2023

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We’re wrapping up the year with the Vertical SaaS, Today 11th Edition, Year End Review ’23.

Vertical SaaS, Today — 11th Edition, Year End Review ‘23

Key Metrics (As of 12/14/23)

  • Total Number of Companies: 19— down 2 from January ‘23 (We lost black Knight and Duck Creek Technologies to acquisitions this year.
  • Total Market Cap: $299.2B — up from $218.5B in January! An $80.7B increase in a year.
  • Largest Market Cap: Shopify is still at the top spot, but has nearly doubled their market cap from $47.3B to $99B! An $51.7B increase since January.
  • Lowest Market Cap: CS Disco was the lowest market cap in January at $363.1M, now replaced by 2U which is at $97.7M.
  • Average Market Cap: $15.8B, up $5.4B from January ($10.4B).
  • Average LTM Total Revenue: $1.85B, up from $1.48B in January ’23.
  • Highest LTM Total Revenue: $7.93B, up from $6.16B. Constellation Software still claims the top spot.
  • Average LTM Gross Margin: Gross margin fairly consistent, up to 57.1%, a slight increase from 56.1%.
  • Highest EV/LTM Revenue Multiple: Top spot goes to Shopify at 14.4x. Aspen previously had the top spot at 18.2x in January ’23. aspen at 18.2x
  • Lowest EV/LTM Revenue Multiple: Belongs to 2U at 1.1x. Previously Blend Labs was at 1.0x which was the lowest multipe in January ’23.
  • Average EV/LTM Revenue Multiple: Multiple is slightly up to 6.7x today, versus 6.4x in January ’23.
  • Median EV/LTM Revenue Multiple: Multiple is 6.8x today, versus 6.9x in January ’23.

Follow us at @vSaaSToday for more info.

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Anna Khan
Anna Khan

Written by Anna Khan

GP @CRV, Alum @HarvardHBS @Stanford. I like a bagel with attitude.