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25 January 2021 - GP Bullhound today publishes its latest market report on the Software-as-a-Service (“SaaS”) space, examining the public company landscape, M&A, private placement and IPO trends in Q4 2020, including go-to-market strategies, growth trajectories, unit economics, strategic consolidator and investor demand, and market valuation dynamics compared to historical valuations for SaaS companies.

Jonathan Cantwell, Partner at GP Bullhound, said: “In Q4 2020, the software market saw a significant uplift in investment and M&A activity. Public valuations for SaaS companies are at all-time highs, seeing 20x revenue on average. Several large M&A deals closed near year-end. As we head into 2021, with a hopeful end in sight to the pandemic, we expect the level of activity in SaaS to continue. While there were clear winners and losers in 2020 from a vertical perspective, the shift to digital across industries is apparent and here to stay.

For example, B2B meetings will continue on Zoom, communication will continue on Slack, signatures will continue on DocuSign, and exercise will continue on Peloton. This has in turn fuelled significant activity on the investment front, and on the heels of this, we expect M&A to continue to accelerate as software consolidators increasingly seek the best technologies to enhance existing offerings and differentiate with entirely new products.”

For any enquiries, please contact Jonathan Cantwell, Partner, at

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester, Paris, Hong Kong, Madrid and New York. For more information, please visit

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