2021年第四季服务业投资报告（英）-42页_1mb

报告摘要

Web3 combines elements of Web1 and Web2, emphasizing decentralization and democratization.
It is not new technology but is evolving and being applied in innovative ways, including distributed SaaS applications, digital asset tokenization, and Decentralized Autonomous Organizations (DAOs).
Industry leaders such as Reddit and Discord are launching Web3 initiatives, and venture capital is showing strong interest in the space.

Logging software is crucial for developers across the digital ecosystem.
The Log4j vulnerability, a widely used Java-based logging utility, sparked a major security crisis.
Over 800,000 attempted exploits were detected within 72 hours of the flaw's exposure.
Major tech companies like Amazon, IBM, Microsoft, and Oracle issued alerts to customers for security patches.

Supply chains are disrupted due to post-pandemic inefficiencies, leading to material shortages and price hikes.
Companies are increasingly relying on specialized software platforms for strategic sourcing and freight forwarding.
Platforms such as E2open, Logility, and Infor are becoming essential parts of critical infrastructure.

OKR (Objectives and Key Results) software helps organizations measure and track goals and results.
The market is projected to grow to $1.8bn by 2028, with a CAGR of 12.6%.
Adoption is growing globally, especially in the APAC region.
Examples include Lattice, Leapsome, and Profit.co.

Unbundling in the SaaS space is increasing the need for comprehensive API integration.
The global API Management market is forecasted to reach $21.6bn by 2028.
The average company uses over 110 SaaS apps, highlighting the need for integration platforms.
Companies like Airtable, Coda, and Zapier are leading this trend.

AvidXchange (NASDAQ: AVDX): AP automation software for middle-market businesses
Informatica (NYSE: NFA): Enterprise data integration and management platform
GitLab (NASDAQ: GTLB): DevOps platform for software development
Expensify (NASDAQ: EXFY): Cloud-based expense management software
:enfusion (NYSE: ENFN): Financial services software for investment decisions
Weave (NYSE: WEAV): Customer communications and engagement platform
Attest (NASDAQ: ATTEST): SaaS consumer research platform with 110 million users
Usercentrics (NASDAQ: USERCENTRICS): Consent management platform for data privacy compliance
Dash Hudson (NASDAQ: DASHHUDSON): Social insights platform for brands

The SaaS Index is trading at 10.9x trailing 12-month revenues, a 12.5% drop from the 5-year average.
The SaaS Index is also trading at 8.7x next 12-month revenues, a 14.4% drop from the 5-year average.
GP Bullhound SaaS Score includes revenue growth, FCF margin, and net dollar retention, with higher retention leading to more attractive valuations.
Rule of 40% for public SaaS companies shows that those achieving both revenue growth and profit margins are more valued.
Tech giants increased spending by 26% in Q4 2021 compared to the same period in 2020, with Oracle nearly doubling its spending as a percentage of operating cash flow.

Q4 2021 saw a record number of M&A and private placements in the software sector.
The US and Asia saw increased activity, while Europe lagged slightly.
The SaaS market is experiencing a sell-off, with valuations below the 5-year average.
There is a growing emphasis on user privacy and consent, with solutions like Usercentrics becoming increasingly important.
The shift from legacy social graphs to content graphs is driving demand for platforms that provide actionable insights from visual assets.

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