Q3 2013 Public SaaS Comps

Update since Q2:

• 30-35% multiple expansion for SaaS Stars has nearly the entire group trading at unrealistic valuations - Workday, Tableau and Splunk have been the biggest beneficiaries; Palo Alto Networks a noticeable laggard
  
• Some of the SaaS and Steady names starting to approach unrealistic multiples - Concur in particular
• 9/20/13 - FireEye IPO; FireEye added to SaaS stars due to its insane multiple of 36.4x current year revenue
• 9/18/13 - BenefitFocus IPO; BenefitFocus added to SaaS and Steady due to medium growth and low gross margins