Volume: Volume is relatively consistent at 7 - 10 SaaS IPOs annually since 2012 (2018 was a notable outlier with 15 SaaS IPOs).the S&P’s increase of ~80% during the same period. Since 2013, an index 1 of cloud companies is up ~490% vs. SaaS and the broader software category have had strong performance. Returns: The portfolio has impressive returns with a median IRR of 40%.The basic context on SaaS IPOs has been well covered in software industry literature: Below are four trends that we observed when comparing cohorts of companies from 2012 to 2019 at the time of IPO. While each public company has a micro story, a few macro trends emerge. A decade into strong SaaS performance in public markets, we want to understand how the core growth elements of IPO-stage companies compare with the trends that we see in private markets. Despite a backdrop of slowing growth in many regions and market sectors, SaaS businesses continue their strong upward trajectory. Companies that crack the SaaS growth elixir can raise in public markets and IPO.
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