Clouded Judgement: Platform of Platforms
The article explores how AI agents are fundamentally changing software architecture by operating as a connective layer across multiple systems of record, rather than within a single domain. Legacy SaaS vendors face a strategic challenge: they may be reduced to simple data stores unless they can build products that span beyond their traditional domains. The piece includes detailed valuation multiples and operating metrics for top 10 public SaaS companies.
Metrics in this report
36months
median
Public SaaS companies
4.4x
median
Overall public SaaS market
12.9x
median
High-growth SaaS companies (>22% NTM growth)
7.7x
median
Mid-growth SaaS companies (15-22% NTM growth)
3.2x
median
Low-growth SaaS companies (<15% NTM growth)
19percent
median
Public SaaS companies
15percent
median
Public SaaS companies
76percent
median
Public SaaS companies
12percent
median
Public SaaS companies
108percent
median
Public SaaS companies
-1percent
median
Public SaaS companies
23percent
median
Public SaaS companies
37percent
median
Public SaaS companies