Vertical SaaS, Today — 6th Edition

Anna Khan
2 min readApr 4, 2023

We’re back with our 6th 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 (April 3rd 2023.)

Big change in our index this month with the removal of Duck Creek Technologies, reducing the total number of companies tracked to 20, versus 21. As a reminder, Duck Creek Technologies (“Duck Creek”) announced at the end of March ’23 that it had completed its acquisition by Vista Equity for $2.6B (~$19.00 per share.) Duck Creek offered a software solution for the P&C insurance industry and performed well in the public markets. Based on our March 16th update, Duck Creek was at $310M of LTM Total Revenue, trading at ~7.3x, with 56.5% LTM Gross Margin.

We expect to see more movement in the index if the acquisition of Black Knight by New York Stock Exchange parent Intercontinental Exchange goes through (a $13.1 Billion deal) — proving yet again, that vertical SaaS continues to be an active market.

6th Edition

6th Edition

Key Metrics (As of 04/03/23)

  • Total Number of Companies: 20 — Down from 21, reporting the first big change in deal count since we started the vSaaS index.
  • Total Market Cap: $250.9B — despite Duck Creek disappearing off the exchange, still a 5.4% increase from March’s number.
  • Largest Market Cap: Shopify still claims the top spot at $67.6B, a meaningful jump of 13.4% from from March’s number.
  • Lowest Market Cap: Blend Labs is still the lowest market cap, down 55.2% from March’s number at $156.5M.
  • Average Market Cap: $12.5B, up 10.6% from March’s number.
  • Average LTM Total Revenue: $1.6B, a 4.3% increase from March’s number.
  • Highest LTM Total Revenue: $6.6B. Constellation Software still claims the top spot.
  • Average LTM Gross Margin: Roughly in line with March’s number at 55.9%.
  • Highest EV/LTM Revenue Multiple: Aspen Technology still at the top spot, with 17.0x.
  • Lowest EV/LTM Revenue Multiple: Blend Labs at 0.7x.
  • Average EV/LTM Revenue Multiple: 6.5x. up from 6.2x last month. 6.2x, down from 7.0x last month.
  • Median EV/LTM Revenue Multiple: 6.5x, up from 6.1x last month.

Follow us at @vSaaSToday for more info.



Anna Khan

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