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).

Looking at share price returns across the Danish SaaS sector, the developments have been mixed in 2024. Excluding the delistings in 2024, the current 11 listed companies in the Danish SaaS sector provided a median and average return of approx. 3.5% and approx. 25% in 2024, respectively.

In December 2024, the US SaaS sector welcomed a new IPO, as ServiceTitan started trading after a successful IPO. Each ServiceTitan share was offered at USD 71.00 per share, and the ServiceTitan share trades at approx. USD 100, corresponding to approx. 40% above the offer price.

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Disclaimer: HC Andersen Capital receives payment from some of the mentioned SaaS companies in the newsletter (Agillic, Impero, MapsPeople, OrderYOYO, and Penneo) for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 15:38, 9 January 2025.