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2022年第二季度软件洞察(英)-2022.7.pdf
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2022年第二季度软件洞察(英)-2022.7.pdf
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Software
sector update
Q2 2022
Important disclosures appear at the end of this report
GP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct
Authority
GP Bullhound Inc is a member of FINRA
GP Bullhound Hong Kong Limited is authorised and regulated by the Securities & Futures Commission
GP Bullhound Luxembourg Sàrl is authorised as an AIFM in Luxembourg by the Commission de Surveillance du Secteur Financier
Qualitative insights into broader Software trends and public and private valuations across the transaction spectrum, and
interviews with today’s leaders transforming the sector.
2
Takeaways
THE VIEW
Q2 Software
Perspectives from
GP Bullhound
Takeaways
▪ Rust established itself as a multi-paradigm, all-purpose programming language
▪ Rust has recently experienced a sharp uptick in popularity due to its simplicity
▪ Big tech companies are rapidly deploying Rust due to its broad use-cases
RUST BUILDS UP
▪ Continuous technology adoption has created a new web of compliance issues
▪ In response, regulators are legislating continuous software monitoring laws
▪ Continuous cyber-monitoring platforms have attracted private market investors
THE NEW COST
OF COMPLIANCE
▪ The current market has harshly re-evaluated unprofitable software companies
▪ Profitability became a much more realistic valuation metric for public markets
▪ Industry leader VCs are advising software companies to focus on profitability
PROFITABILITY RE-
DISCOVERED
▪ Deployment has become a costly bottleneck for software providers
▪ The need for cheap and end-to-end deployment outsourcing has presented itself
▪ Continuous Deployment-as-a-Service solutions are filling the gap in the market
CONTINUOUS
DEPLOYMENT-AS-
A-SERVICE
▪ Enterprise software budgets are shrinking due to the current market turbulence
▪ Usage-based pricing is replacing seat-based and subscription-based models
▪ Adoption of usage-based models is growing rapidly among tech giants
USAGE-BASED
PRICING IS
TAKING OVER
3
Current software perspectives from GP Bullhound
GP BULLHOUND’S SECTOR TAKEAWAYS
Sources: Infoworld, SD Times, TechCrunch, Wall Street Journal, VentureBeat (as of 30 June 2022)
Takeaways
Continuous Deployment-as-a-Service
▪ Large-scale deployments have always been a significantly tasking mission on top of software development. Multiple
platform integrations, hidden costs, professional planning requirements, and IT infrastructure challenges are some of the
obstacles that companies face when undertaking deployment projects
▪ In today’s SaaS ecosystem, deployment has also become a painful task at smaller scales due to time and resource
constraints that are faced more commonly in the lower tiers of the sector
▪ As a response, companies like Armory are bringing Continuous Deployment-as-a-Service solutions to the market by
undertaking all levels of deployment on behalf of their clients at reasonable costs. Armory can act as a standalone
product for cloud-first companies, enabling end-to-end deployment efficiency
The usage-based pricing movement is taking over SaaS
▪ Usage-based pricing models have once again become the preferred option for companies given revised software
spending budgets due to the current economic climate. Shrinking software spending budgets have made resource
planning more cautious than usual. Companies prefer to pay accordingly with the extracted value from a SaaS tool
rather than paying a fixed subscription fee
▪ Usage-based pricing is a model where clients pay for a SaaS tool according to their measured consumption.
Consumption metrics are usually aligned with the value extracted by the client utilising the tool. Usage-based pricing
has proven itself in the SaaS ecosystem and has replaced more traditional fixed-subscription and seat-based models
▪ Major SaaS companies like AWS and Snowflake are offering usage-based pricing and are shifting the relationship
between software providers and their customers from unfair subscription models toward equitable value exchanges
▪ Usage-based models can allow clients to start product utilisation at lower costs, limiting the stigma around expensive
launch costs. Additionally, usage-based models can expand TAM for SaaS providers by breaking ceiling caps, as the
product can be utilised at any scale
Select transactions
ACQUIRED BY
ACQUIRED BY
INVESTMENT BY
4
Current software perspectives from GP Bullhound
GP BULLHOUND’S SECTOR TAKEAWAYS
Sources: A-LIGN, Capital IQ, CareerKarma, Gartner, ISC2, Nature, Tiobe, Pitchbook, PR Newswire (as of 30 June 2022)
Takeaways
Rust builds up
The new cost of compliance
▪ Continuous adoption of new enterprise technology has been followed by hundreds of new cyber compliance
regulations creating a web of security standards to combat new security threats on local scales and globally
▪ As a response, regulators are tightening laws by creating continuous monitoring requirements as opposed to traditional
compliance cycles. The complexity and acceleration of new regulations has made the effectiveness of tactical audit
mute. Following the regulatory trends, the need for 24/7 security- and compliance-monitoring SaaS has become a reality
▪ Companies such as A-LIGN, Security Compass, Coalfire, and others have created software platforms that allow
continuous monitoring of a company’s security and compliance profile, allowing companies to relieve their IT budgets
and focus on other projects
▪ The need for cybersecurity services and monitoring platforms has also attracted private market investors. Both A-LIGN
(Warburg Pincus) and Coalfire (Apax Partners) are backed by large private equity platforms. Other private equity-
backed platforms include Alert Logic (WCAS), eSentire (Warburg Pincus), Optiv (KKR), Presidio (BC Partners), Rackspace
(Apollo), Security Compass (FTV Capital)
Takeaways
▪ Rust is a relatively young programming language that first appeared in 2010 but has recently experienced a sharp
uptick in popularity due to its simplicity, without sacrificing capability or flexibility
▪ Code-sharing website GitHub says Rust was the second fastest-growing language on the platform since 2019, showing
an impressive 235% YoY
▪ Rust has broad use-cases across application development and data science similar to Python, with premiere
companies like Amazon, Discord, Dropbox, Figma, Microsoft and Mozilla deploying the language into their platforms
Select transactions
INVESTMENT BY
Fund IV
INVESTMENT BY
Fund IV
INVESTMENT BY
Fund V
5
Current software perspectives from GP Bullhound
GP BULLHOUND’S SECTOR TAKEAWAYS
Sources: Battery Ventures, Business Insider, CNBC, Financial Times, HG Capital, TechCrunch, Wall Street Journal (as of 30 June 2022)
Takeaways
Takeaways
Select transactions
Profitability re-discovered
▪ The current market climate has brought down high-flying growth-focused software companies as the downturn
became a reality. In contrast to the old investor testament, profitability has become a much more realistic metric for
public and private market valuations
▪ In Q1 2022, Bill.com announced that it had gained 11,600 net new customers, which was its largest addition since its
IPO, and around 3,500 more than the company’s prior best quarter. However, the stock was not shielded by the
market downturn given its weak profitability metrics, and was down more than 40% in Q2 2022
▪ The share price performance between profitable and unprofitable software businesses has become drastically
different with unprofitable ones being down around 50% since Q1 2021, while profitable ones being down around 2% in
the same time period
▪ On a growth-adjusted basis, looking at how many points of EV/Revenue multiples are awarded by investors per
percentage point of growth, both profitable and unprofitable software companies were valued similarly at the peaks
of 2021. However, with the current market climate, the same growth-adjusted analysis shows that investors value
growth almost 40% less when compared to 2021. Although investor selectivity has significantly increased, it is a great
time for unprofitable software companies to prove their business models by becoming profitable
▪ Focus on profitability is also a big emphasis in the private markets. Seasoned SaaS investor, Battery Ventures, has
released their quarterly report, "The Cloud Quarterly: A Founder's Almanac", mainly advising founders to focus on the
profitability component of the “Rule of 40” matrix during these unprecedented times, when layoffs have become more
common than ever
INVESTMENT BY
INVESTMENT BY
MERGER AND
INVESTMENT BY
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