Vertical SaaS, Today — 4th Edition

Anna Khan
2 min readFeb 3, 2023


We’re back with our 4th edition of Vertical SaaS, Today — our monthly round up of how vSaaS is performing in the public markets.

Today we will review how the markets performed at end of market close (February 1st 2023.)

Key Metrics (As of 02/01/23)

  • Total Number of Companies: 21 — No change from January ’23.
  • Total Market Cap: $253.8B, a ~16% increase from last month.
  • Largest Market Cap: Shopify still claims the top spot at $63.9B, a huge step up from $47.3B. A 35% bump from last month.
  • Lowest Market Cap: CS Disco and Blend Labs continue to swap places. Blend Labs is currently the lowest market cap at $411.2M.
  • Average Market Cap: $12.1B, up 16.3% from last month.
  • Average LTM Total Revenue: $1.48B. This number remains consistent.
  • Highest LTM Total Revenue: Constellation Software still claims the top spot, at $6.16B of LTM Total Revenue.
  • Average LTM Gross Margin: 56.1%, in line with last month’s numbers.
  • Highest EV/LTM Revenue Multiple: Aspen Technology still at the top spot, but multiple has lowered slightly from 15.2x to 18.2x.
  • Lowest EV/LTM Revenue Multiple: Blend Labs at 1.0x.
  • Average EV/LTM Revenue Multiple: Up to 7.0x from 6.4x last month.
  • Median EV/LTM Revenue Multiple: Up to 7.3x from 6.9x last month.

Follow us at @vSaaSToday for more info.



Anna Khan

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