Q4 2014 Public SaaS Update

Update since last quarter:

• Overall valuation metrics are largely unchanged though SaaS as a whole outpaced the broader market
• October saw a temporary correction in the market at large and SaaS was not immune to this mini correction. Volatility has remained elevated since then and we have seen two sudden V bottoms
• 10/9/14 - Hubspot IPO; Hubspot added to SaaS stars due to healthy multiples and almost 30% forward growth rate
• 12/11/14 - Triple IPO day with Workiva, Hortonworks and New Relic all going public