Coupa's $6.2B Acquisition: What Private Equity Valuations Reveal About SaaS Market Recovery

Thoma Bravo's $6.2B acquisition of Coupa Software at an 8.4x NTM revenue multiple signals that private equity is actively acquiring venture-backed SaaS companies at valuations above public market prices. The deal suggests public SaaS multiples have room to grow, and indicates the M&A market is beginning to thaw after a difficult 2022.