Vertical SaaS, Today — 5th Edition

Anna Khan
2 min readMar 16, 2023


We’re back with our 5th 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 (March 16th 2023.) This is slightly delayed from our usual first week of the month analysis.

5th Edition

Key Metrics (As of 03/16/23)

  • Total Number of Companies: 21 — No change from February ‘23.
  • Total Market Cap: $238.1B, a 6.2% decrease from last month.
  • Largest Market Cap: Shopify still claims the top spot at $59.6B, a 6.7% decrease from $63.9B a month ago.
  • Lowest Market Cap: Blend Labs is currently the lowest market cap at $349.4M, a 15% decrease from their market cap of $411.2M in February.
  • Average Market Cap: $11.3B, down from $12.1B last month (6.6% decrease.)
  • Average LTM Total Revenue: $1.53B. Relatively consistent from last month’s $1.48B number. This number remains consistent.
  • Highest LTM Total Revenue: Constellation Software still claims the top spot, at $6.16B of LTM Total Revenue. Two month’s in a row.
  • Average LTM Gross Margin: 56.1%, same as last month’s numbers.
  • Highest EV/LTM Revenue Multiple: Aspen Technology still at the top spot, with 15.1x — followed closely by Veeva Systems at 11.3x and Procore Technologies at 11.1x.
  • Lowest EV/LTM Revenue Multiple: Blend Labs at 0.8x (down from 1.0x last month.)
  • Average EV/LTM Revenue Multiple: 6.2x, down from 7.0x last month.
  • Median EV/LTM Revenue Multiple: 6.1x, down from 7.3x last month.

Follow us at @vSaaSToday for more info.



Anna Khan

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