Battery Ventures · 2022-11-03
· 1309d
State of the OpenCloud 2022: Battery Ventures Market Analysis
Battery Ventures' November 2022 report analyzes the cloud infrastructure and open-source software markets, highlighting resilience in infrastructure fundamentals despite macro headwinds. The analysis reveals significant software revenue multiple compression driven by rising interest rates, while company growth forecasts remain healthy and cloud adoption continues to accelerate.
Metrics in this report
10-Year U.S. Treasury Yield
4.1%
current
October 2022
10-Year U.S. Treasury Yield - High
4.5%
max
2022
Broad SaaS Average NTM Revenue Growth
21%
current
October 2022
Broad SaaS EV/NTM Revenue - 2018-2019
9.6x
mean
2018-2019 period
Broad SaaS EV/NTM Revenue - 2020-2021
16.6x
mean
2020-2021 period
Broad SaaS EV/NTM Revenue - 2022 Year-to-Date
8.2x
mean
2022 TYTD
Broad SaaS EV/NTM Revenue - Historical Average
12.2x
mean
Since 2018
High Growth SaaS EV/NTM Revenue - Peak
44.1x
max
Historical peak for >30% NTM revenue growth
SaaS EV/NTM Revenue - Broad SaaS
6.0x
current
October 2022, all SaaS companies
SaaS EV/NTM Revenue - High Growth (>30%)
10.1x
current
October 2022, >30% NTM revenue growth
SaaS EV/NTM Revenue - Low Growth (<20%)
4.1x
current
October 2022, <20% NTM revenue growth
SaaS EV/NTM Revenue - Medium Growth (20-30%)
6.0x
current
October 2022, 20-30% NTM revenue growth
Tech Industry Job Cuts - Q3 2020
9700headcount
total
Booking.com, LinkedIn, Procore