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DateNamePrice ($mm)MultipleLTM Revenue ($mm)LTM EBITDA ($mm)EBITDA MarginYOY GrowthBuyerAcquirerRule of 40
Dec-20RealPage$10,2009.5x$1,070$18017%19%PEThoma Bravo35%
Jan-21Slack$27,70033.3x$833-$238-29%46%StrategicSalesforce17%
Jan-21Change Healthcare$13,0107.9x$1,650$28517%3%StrategicUnited Healthcare20%
Mar-21Talend$2,4008.7x$276-$55-20%17%PEThoma Bravo-3%
Apr-21Proofpoint$12,30011.7x$1,050$10%18%PEThoma Bravo18%
Jun-21Cloudera$5,3006.1x$869-$31-4%9%PEKKR and CD&R6%
Aug-21Cornerstone$5,2006.5x$800$15119%36%PEClearlake Cap55%
Nov-21McAfee$14,0004.5x$3,080$48216%0%PEAdvent16%
Jan-22Citrix$16,5005.2x$3,180$61319%-3%PETIBCO/Vista16%
Mar-22Anaplan$10,70018.1x$592-$172-29%33%PEThoma Bravo3%
Apr-22Datto$6,2009.3x$665$11317%19%StrategicKaseya36%
May-22Mimecast$5,80010.1x$575$10518%18%PEPermira36%
May-22Vmware$61,0004.7x$12,850$3,04024%7%StrategicBroadcom31%
Aug-22Ping Identity$2,8008.9x$315-$55-18%26%PEThoma Bravo8%
Aug-22Avalara$8,40010.6x$789-$107-14%23%PEVista10%
Oct-22KnowBe4$4,50015.6x$289$176%36%PEVista41%
Oct-22UserTesting$1,3007.5x$174-$58-33%28%PEThoma Bravo-5%
Nov-22Zendesk$10,2006.7x$1,520-$173-11%31%PEHellman & Friedman20%
Nov-22ChannelAdvisor$6353.7x$171$2112%12%StrategicCommerceHub24%
Dec-22Coupa$8,00010.2x$786-$119-15%22%PEThoma Bravo7%
Feb-23Sumo Logic$1,7005.7x$301-$110-37%20%PEFrancisco Partners-17%
Mar-23Qualtrics$12,5009.0x$1,390-$1,010-73%39%PESilver Lake and CPP-34%
Jul-23New Relic$6,5007.0x$926-$135-15%18%PEFrancisco Partners3%
Aug-23ForgeRock$2,30012.2x$188-$56-30%30%PEThoma Bravo0%
Sep-23Splunk$28,0007.5x$3,730-$120%23%StrategicCisco23%
Oct-23Engagesmart$4,00011.0x$364$4312%23%PEVista35%
Jan-24Ansys$35,00015.4x$2,269$62628%10%StrategicSynopsys38%
Feb-24Altium$5,80822.1x$263$9637%16%StrategicRenesas52%
Apr-24Hashicorp$6,40011.0x$583-$254-44%23%StrategicIBM-21%
Jun-24PowerSchool$5,6008.0x$698$13019%11%PEBain Capital29%
Jul-24WalkMe$1,5005.6x$269-$41-15%20%StrategicSAP4%
Jul-24Instructure$4,8008.6x$557$18233%13%PEKKR and Dragoneer46%
Sep-24SmartSheet$8,4008.4x$1,000-$85-9%22%PEBlackstone & Vista14%
Oct-24SquareSpace$7,2006.5x$1,110$11410%24%PEPermira34%
May-25Informatica$8,0004.9x$1,640$27517%3%StrategicSalesforce20%
Median$6,5008.6x$789$10%20%18%
Average$10,3969.8x$1,338$107-2%20%17%