It’s been two quarters since we have publicly updated our SaaS Success database, our proprietary Battery list of private, public and acquired SaaS-company standouts, and my how things have changed!
During the last update in Q1 – meaning as of March 31, 2016— contracting valuations for public SaaS companies caused our list to shrink. From Q1 through Q3 (9/30/2016), however, our list expanded, adding 11 new names. That is the most in a trailing six-month period since November 2013, when companies like Veeva, Benefitfocus, and RingCentral would have first made their appearance in the database.
Here are all of the changes as of Q3 2016:
- Apptio and Twilio both went public, changing the companies’ designation from private to public.
- Several companies on our list were acquired during the six-month period. Some were already on our list because of their valuations, while others were new additions to the database. The acquired companies include Brightree* (a new addition to the list), acquired by ResMed; Demandware, acquired by Salesforce; Marketo*, acquired by Vista Equity; Quip and Sciquest (both new additions), both acquired by Salesforce; and Textura (new addition), acquired by Oracle.
- Several public companies also saw their public valuations rise to more than $500 million, which put them back on our list. These companies included Intralinks, Instructure, LogMeIn, MindBody and Workiva.
- SMS Assist raised $150 million of Series D funding from Goldman Sachs Investment Partners at a $1 billion valuation, according to Pitchbook. This put the company our success list for the first time.
- Both NetSuite and Cvent announced during the period that they would be acquired, but these deals haven’t yet closed, so they don’t change their designation.
Our database is comprised of 1) venture-backed, private SaaS companies valued at over $1 billion; 2) public companies valued at over $500 million; and 3) companies involved in a strategic acquisition – meaning they were acquired by a public tech company – for over $500M. Right now, our list contains 27 public companies, 23 acquired companies and 14 privately held companies.
*For a full list of all Battery investments and exits, please click here.
