


PVC SaaS Index™ | Q2/25 – SaaS Multiples Rebounding

Aman Verjee
- IPO
- Public Markets
- PVC SaaS Index
- Secondary
SaaS multiples, once peaking at 18–19X in 2021, have rebounded to 7.0X in Q2/25 after a volatile period, signaling a return to their historical 7–9X range amid improving market sentiment.

PVC SaaS Index™ | Q1/25 – Market Uncertainty

Aman Verjee
- IPO
- Public Markets
- PVC SaaS Index
- Secondary
IPOs have stalled, M&A activity has dropped, and secondaries are becoming a more common exit route.

PVC SaaS Index™ | Q4 2024 – SaaS Multiples Rebounding

Aman Verjee
- IPO
- Public Markets
- PVC SaaS Index
- SaaS
A Practical Summary: Every quarter, we update our PVC SaaS Index™, a basket of publicly traded US-listed SaaS companies. This index provides a useful benchmark for how private companies should be valued when they find exits. Software as a Service (“SaaS”) has been around longer than the cool new cloud. While the SaaS category shares some aspects of

Finally! What Fed Rate Cuts Mean for Tech Valuations

Aman Verjee
- Federal Reserve
- Macro
- Public Markets
Practical Summary: The Federal Reserve Board finally cut interest rates last month. This represents the first rate cut since the start of the COVID-19 pandemic in March 2020 and might be the most anticipated rate cut of all time. The US bond markets had been pricing in multiple rate cuts as early as September 2023,

PVC SaaS Index™ Q3/24 Update: SaaS Multiples Stabilized This Summer

Aman Verjee
- IPO
- Public Markets
- PVC SaaS Index
- SaaS
A Practical Summary: Every quarter, we update our PVC SaaS Index™, a basket of publicly traded US-listed SaaS companies. This index provides a useful benchmark for how private companies should be valued when they find exits. The median sales multiple in the PVC SaaS Index™️ has fallen to 6.0X EV / LTM revenue due to