FinancialContent: 'Great Software Awakening' — PE Firms Creating Valuation Floor as SaaS Multiples Hit 3.1x EV/Revenue

FinancialContent·medium signal

FinancialContent reported April 15 that the SaaS capitulation phase ended in early April, with forward P/E multiples compressing to 22.7x (below S&P 500 for the first time in the cloud era) and median EV/Revenue bottoming at 3.1-3.4x, down from 7.0x in early 2025. The floor is being created by PE firms — Thoma Bravo and Vista Equity reportedly preparing multi-billion dollar take-private bids for mid-cap SaaS companies. The article frames this as the end of the SaaS Apocalypse and the beginning of 'value creation through autonomous productivity.'