The SaaS HCA Index, measured on a simple ARR multiple (median) across 19 listed Danish SaaS companies, declined to 4.2x ARR by the end of December 2022 from 4.6x ARR by the end of November 2022. Note the index shows the development over time for the sector, using the latest reported ARR numbers (which differ between the companies), and almost all companies have been tracked for at least a year (the latest SaaS IPO was in December 2021).