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Clouded Judgement 9.29.23 - Rates Keep Going Up

Clouded Judgement

Every week I’ll provide updates on the latest trends in cloud software companies. Pretty crazy to think about - growth adjusted multiples are near pre-covid all time highs (excluding 2020-2021 period) even though rates are as high as they’ve been since 2007 (and double what they were on average from 2010-2020).

Cloud 180
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Thanks to Cumul.io, Hook, Jiminny, Leaseweb,and Zendesk for Sponsoring SaaStr Europa 2023!

SaaStr

Services include Public Cloud, Private Cloud, Hybrid Hosting, Colocation, Content Delivery Network, Cyber Security Services, and Dedicated Servers supported by exceptional customer service and technical support.

Scale 232
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5 Interesting Learnings from Zscaler at $1B in ARR

SaaStr

Ok times are tough in the public markets for SaaS and Cloud. So Zscaler is the quiet SaaS and Cloud leader that just … delivers. Zscaler leaned into early into security in a cloud-first model, and it worked. It’s what the public markets want now in SaaS and Cloud. But not for Zscaler. That's the bar today.

Scale 260
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The Power of Going Long in SaaS

SaaStr

And yes, no one could have predicted the run we’ve seen in Cloud in the past few years. in first angel round in 2007. These are the Best of TImes in Cloud and SaaS. . — Jason BeKind Lemkin (@jasonlk) December 7, 2020. Sometimes, it makes sense to sell your company. Or pack it in. Or move on to the next thing.

SaaS 222
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The decade software ate the world

Intercom, Inc.

The most triumphant transfer of control from an original generation leader to a new CEO was surely that of Microsoft, which pivoted from chasing after Apple’s success in the consumer space under Steve Ballmer (don’t mention Nokia ) to successfully focusing on the cloud under Satya Nadella (please do mention Azure). Big tech takes over.

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Dropbox S-1 Analysis - The King of Freemium

Tom Tunguz

Founded in 2007, Dropbox epitomizes the freemium go-to-market. This decrease is driven by user policy changes that affect users who have been inactive for a year or more, and a shift to operating their own data centers instead of using cloud providers. Dropbox has grown from 0 to 500 million users over that time period.

Scale 210
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How to Think of R&D Spend

Andreessen Horowitz

And, especially when you’re considering integrating a new technology platform into your business—like AI today, or cloud a decade ago—how do you invest in innovation without losing control of your runway and budget? Imagine if, in 2007, Netflix decided to follow the 70–20–10 rule.