Yesterday, Impero announced its annual report for 2024 in line with its preliminary results and recent guidance. With ARR growth of 28% YoY in 2024 and continued momentum in the DACH region, as well as improved cash burn to net new ARR ratio, Impero is well-positioned to continue its growth in 2025 with expectations of 19-34% ARR growth. We have updated the investment case one-pager following the new results and expectations.

We interviewed the CEO of Impero, Rikke Stampe Skov, about the newly released results for 2024 – a year where the company continues to demonstrate solid growth. At the same time, growth is being generated more efficiently with an improved cash burn to net new ARR ratio.

In the January SaaS newsletter, we take a look at the potential future Implications for the SaaS sector from the DeepSeek news, and read-over from the hyperscalers.

As 2024 is now behind us, it is time to conclude the year and look into 2025. Our HCA SaaS Index ended December 2024 with a median ARR multiple of 3.6x (3.4x by the end of November 2024), while The SaaS Capital Index covering the US/global SaaS market ended December 2024 with a median ARR multiple of 7.0x (from 7.3x by the end of November 2024). Read more here.

November has been eventful with several Q3 2024 reports across the SaaS sector and the announcement that Visma will make a voluntary recommended public takeover offer to purchase all shares in Penneo for approx. DKK 562m (DKK 16.50 per share, a premium of approx. 110%), corresponding to EV/ARR of approx. 5.8x. The takeover/acquisition ARR multiple is also significantly above the median ARR multiple of 3.4x of the Danish SaaS sector by the end of November 2024, yet somewhat close to other recent acquisitions from Digizuite (6.9x ARR) and Relesys (5.1x ARR). Across the broader global/US SaaS sector, software shares rebounded significantly in November. The median ARR multiple increased to 7.3x by the end of November 2024 (from 6.9x ARR) based on data from The SaaS Capital Index.

Today, our SaaS newsletter for September has been sent out. Overall, September was less eventful across the SaaS sector, yet we can look back at the global/US SaaS sector’s Q2 earnings season before we move into the Q3 earnings season. Looking at the median ARR valuation multiple, this is now 6.1x by the end of September (6.2x by the end of August) for the global/US SaaS sector and 3.1x ARR by the end of September 2024 (3.2x ARR by the end of August) for the Danish SaaS sector.

Yesterday, our SaaS newsletter covering news and Q2/H1 financial reports from August was sent out. Looking overall at the global SaaS sector, the growth outlook is still challenged. However, we have observed some relief for the Danish SaaS companies with optimism into H2 2024. Our full blog shows the ARR growth YoY and EBITDA developments for H1 2024 vs. H1 2023 across the Danish SaaS sector.  

Today, we have sent out the HCA SaaS newsletter for July 2024, providing insights into a very eventful July across the Danish SaaS sector – the Q2 earnings season will take off later in August.

This year, the software (SaaS) sector has not ridden the AI wave. Some investors have raised the question of whether AI could harm the growth prospects for the software sector, while others dismiss this thesis due to software companies' strong use cases. At our online SaaS seminar this Tuesday, we got interesting insights from both SaaS investors and SaaS companies.

Mark your calendar on 11 June 2024 at 11.55 where we have the pleasure to invite you to our annual virtual SaaS seminar.