Vertical SaaS Splits Into Three Valuation Tiers — and the Incumbents Become the Acquirers

Multiples.vc·low signal

June 2026 software multiples now segment sharply: data infrastructure (Snowflake/Databricks) commands the top, sales-automation/CRM trades well below average as generative AI threatens to replace rather than augment workflows, and 'native AI' platforms that execute end-to-end separate from merely 'AI-enabled' SaaS. Notably, vertical SaaS vendors are increasingly the acquirers — buying complementary tools to deepen single-industry workflows rather than expanding horizontally. The market is repricing software on workflow-execution depth, not TAM.