Silverpeak Q4 2022 Benchmark report: Further stabilisation and the first signs of growth

Welcome to the latest edition of the Silverpeak Benchmark report – a review of public Application Software company valuation metrics in Europe, UK and the US, broken down by SaaS, Vertical and Horizontal. By reviewing median values, our aim is to provide a robust industry reference benchmark.

Report highlights

  • In Q4, software stocks were more resistant to macroeconomic factors than expected, as can be seen by the stabilisation in our dataset. During this past quarter, we saw ongoing geopolitical instability, rising energy prices and supply chain disruptions from Q3 as a result of the continued Russia-Ukraine conflict.
  • Our data shows that EV/Revenue multiples not only stabilised in Q4 but showed significant growth in certain categories and sectors such as UK companies (+12%) and security companies (+17%). After decreasing by 22% QoQ on average over Q1 and Q2, the software markets have steadily normalised and returned to levels similar to pre-2020 levels.
  • Market sentiment continues to place higher importance on profitability as opposed to forecast revenue growth, which can be seen by the 7% average increase in EV/EBITDA multiples over Q4.

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Silverpeak advises ClearSpace SA on $29m financing round

Silverpeak, the mid-market technology specialist representing European growth businesses in M&A and financing transactions, has acted as the exclusive financial advisor to Swiss space robotics leader, ClearSpace SA, in a $29m financing round.

ClearSpace is focussed on in-orbit services and space debris removal, having won a €110m mission contract from ESA, plus further projects with UKSA and Intelsat, amongst others. Their advanced guidance, navigation and control (GNC) technology enables proximity and rendezvous operations in space, opening up significant new market areas.

This financing round was led by OTB Ventures and Swisscom Ventures, with participation from Lakestar, Luxembourg Future Fund, In-Q-Tel, Happiness Capital and 600 T Space Investments. As part of the financing, the company has also established an operational presence in Luxembourg to benefit from the strong space and satellite focus there.

Silverpeak was engaged due to the team’s deep understanding of the new space market dynamics as well as its connections with international deeptech and growth investors. The dedicated team worked closely with ClearSpace to develop financial plans, target suitable investors, negotiate the terms of the round and project-manage the investor syndicate and deal process through to closing.

ClearSpace founders, CEO Luc Piguet and CTO Muriel Richard, said “Silverpeak understood what we are trying to achieve and got that message across to investors, whilst also providing invaluable support throughout the process. We are delighted to now welcome onboard the new investors for our continued journey to improve space sustainability”

David Ford, partner at Silverpeak, said “As one of the leading space sector advisers, we are delighted to have worked with the ClearSpace team on this transaction. ClearSpace is doing a spectacular job of delivering the technology needed for the large, future in-orbit servicing market.”


You can read more about this transaction and ClearSpace’s missions in the following articles and Sifted