Clouded Judgement

OCTOBER 27, 2023

Subscribe now Cloud Giants Report Q3 ‘23 Not a great signal for software this week from the Cloud Giants (AWS, Azure and Google Cloud)…After Q2 (3 months ago), the tone from the Cloud Giants around optimizations was largely: optimizations have started to ease, and net new workloads have picked up. Staggering scale already.

Cost optimization & reporting 159

Cost optimization & reporting Cloud Azure AWS 159

Clouded Judgement

FEBRUARY 2, 2024

” Microsoft on Azure : “And I think last quarter, we said one, we are going to continue to have these cycles where people will build new workloads. Azure (excluding Azure AI) continued to decelerate, and while AWS did come in ahead of expectations, it wasn’t a blow out. Overall Stats: Overall Median: 6.0x

Cost optimization & reporting 170

Cost optimization & reporting Cloud Azure AWS 170

Clouded Judgement

MAY 3, 2024

We now have results from the three hypersclaers (AWS / Azure / GCP). Multiples shown below are calculated by taking the Enterprise Value (market cap + debt - cash) / NTM revenue. Most public companies don’t report net new ARR, so I’m taking an implied ARR metric (quarterly subscription revenue x 4).

Cost optimization & reporting 193

Cost optimization & reporting Cloud Software AWS 193

Clouded Judgement

OCTOBER 20, 2023

Hyperscaler Preview Next week Amazon, Microsoft and Google report earnings and we’ll see Q3 data for AWS, Azure and Google Cloud. However, it’s important to keep in mind that while hype and expectations are quite high around AI, true enterprise buying cycles typically lag. Even a DCF is riddled with long term assumptions.

Cloud 170

Cloud Azure AWS Software Review 170

Clouded Judgement

JANUARY 6, 2023

Cloud Downgrades This week UBS came out with a couple research reports citing concerns in AWS / Azure growth. This brings me back to AWS / Azure downgrades. This was the worst tone that we’ve heard in years from large AWS/Azure partners, a group that usually expresses different shades of optimism about AWS/Azure growth.”

Cloud 130

Cloud Azure AWS Underperforming Technical Team 130

Stax

JUNE 3, 2025

SaaS operates on a subscription model, making it easier to manage cash flow and reduce upfront expenses. This democratizes access to powerful tools, whether you’re a startup or an enterprise. Lower upfront costs Say goodbye to expensive licenses and infrastructure costs.

Payment Services 88

Payment Services DevOps as a Service SaaS Payments Payments 88

Clouded Judgement

OCTOBER 28, 2022

Hyperscalers Report Quarterly Earnings This week we saw AWS (Amazon), GCP (Google) and Azure (Microsoft) report earnings. At the same time, Azure came in below expectations. Azure called out an incremental $800m of costs expected throughout the year (they just finished their Fiscal Q1). Overall Stats: Overall Median: 5.2x

Cloud 130

Cloud Azure AWS Cost optimization & reporting 130

Clouded Judgement

AUGUST 2, 2024

Cloud Giants Report Q2 We also got the Q2 quarters from AWS / Azure / GCP this week! Multiples shown below are calculated by taking the Enterprise Value (market cap + debt - cash) / NTM revenue. Most public companies don’t report net new ARR, so I’m taking an implied ARR metric (quarterly subscription revenue x 4).

Cloud 159

Cloud Azure GCP(Google Cloud Platform) AWS 159

Clouded Judgement

JANUARY 27, 2023

Azure (Microsoft) Quarter The week the first of the cloud giants reported - Azure. Early Look at 2023 Guides Given the Azure weakness reported on Tuesday, all software tumbled Wednesday morning with most names down 5-10%. Companies that do not disclose subscription rev have been left out of the analysis and are listed as NA.

Cloud 146

Cloud Azure Pricing Payment Features 146

Clouded Judgement

APRIL 28, 2023

AWS (Amazon), Azure (Microsoft), and Google Cloud (Google) all reported this week. Azure reported on Tuesday and gave us that glimmer of hope. Azure : Coming into the quarter, a growth rate that would have satisfied the market would have been ~29%. Azure came in at 31% (constant currency). Follow along to stay up to date!

Cloud 130

Cloud Azure AWS AI Search 130

Clouded Judgement

SEPTEMBER 27, 2024

Microsoft launched Azure in 2010, and Google launched GCP to the public in 2011 (they launched a preview of Google App Engine in 2008, but made it publicly available in 2011). Multiples shown below are calculated by taking the Enterprise Value (market cap + debt - cash) / NTM revenue. Even a DCF is riddled with long term assumptions.

Cloud 179

Cloud GCP(Google Cloud Platform) AWS Azure 179

Clouded Judgement

AUGUST 4, 2023

You can see more detail about their net new ARR added each quarter below Azure Growth came in at 27%, and guided to 25-26% growth for Q3. Multiples shown below are calculated by taking the Enterprise Value (market cap + debt - cash) / NTM revenue. Then Q2 came in at 12% (must have seen improvements throughout the quarter).

Cloud 130

Cloud Azure AWS Cost optimization & reporting 130

Clouded Judgement

JUNE 9, 2023

Usage on Snowflake is driven by queries run on Snowflake Azure: Neutral Tone With Strength in AI Overall I’d characterize Azure’s quarter as a net positive. They guided to 26-27% growth in Azure in Q2 (with 1% coming from AI). Their consumption is driven by usage of applications built on top of Mongo.

Trends 130

Trends Cloud Azure AWS 130

Clouded Judgement

MAY 10, 2024

All 3 (AWS, Azure, GCP) saw positive reacceleration Quarterly Reports Summary Top 10 EV / NTM Revenue Multiples Top 10 Weekly Share Price Movement Update on Multiples SaaS businesses are generally valued on a multiple of their revenue - in most cases the projected revenue for the next 12 months. Overall Stats: Overall Median: 5.7x

Cloud 170

Cloud Software GCP(Google Cloud Platform) Azure 170

Clouded Judgement

MARCH 22, 2024

Enterprise software businesses strive for 90-95% gross retention (generally the percent of revenue that sticks with you vs churns altogether), with net expansion in the 120%+ range (the aggregate change in expansion - contraction - churned revenue). .” It’s probably better described as re-occurring vs recurring.

AI 193

AI Cloud Revenue Technical Advisors 193

Clouded Judgement

APRIL 21, 2023

Next week we get all 3 hyperscalers reporting (AWS from Amazon, Azure from Microsoft, and GCP from Google). Let’s double click on Azure. Multiples shown below are calculated by taking the Enterprise Value (market cap + debt - cash) / NTM revenue. Q1 Earnings Season We’re on the eve of Q1 earning season.

Cloud 130

Cloud Azure AWS GCP(Google Cloud Platform) 130

Clouded Judgement

JULY 28, 2023

AI = Data + Compute I’ll continue beating this drum, but we got two great quotes from Azure and AWS this week. This week we had two of the hypserscalers report (Microsoft / Azure and Google / GCP), and everyone was eager to see their results. Lots to unpack, I’ll hit on a couple of my favorite topics from this week below.

Cloud 130

Cloud Azure AWS GCP(Google Cloud Platform) 130

Clouded Judgement

NOVEMBER 10, 2023

Hyperscalers (AWS, Azure, GCP as companies look for cloud GPUs who aren’t building out their own data centers) Infra (Data layer, orchestration, monitoring, ops, etc) Durable Applications We’ve clearly well underway of the first 3 layers monetizing. Model providers (OpenAI, Anthropic, etc as companies start building out AI).

Cloud 193

Cloud Artificial Intelligence GCP(Google Cloud Platform) AI 193

Neil Patel

JANUARY 25, 2021

Zoho Analytics offers four online service plans: Basic : $22 per month Standard : $45 per month Premium : $112 per month Enterprise : $445 per month. Power BI can integrate with Azure Machine Learning—plus, its ML and AI features are driven by Azure functions built into the Azure Cloud. Apache Spark is completely free.

Data Analysis 131

Data Analysis Software Data Scale 131

Clouded Judgement

MAY 26, 2023

Azure / Confluent / Datadog reported a few weeks back (they all had March quarter ends), and their commentary suggested the worst was behind us. Multiples shown below are calculated by taking the Enterprise Value (market cap + debt - cash) / NTM revenue. This means we got commentary for the first time on May trends. Bucketed by Growth.

Cloud 146

Cloud Azure Trends Forecasting 146

Clouded Judgement

MAY 31, 2024

This can lead to an airpocket of valuation as companies transition to a different primary valuation metric Outside of the hypserscalers (Azure, AWS, GCP) who have uniquely benefited from AI revenue (mainly selling compute), everyone else has largely struggled. Coming in to Q1 there was broader optimism. Q4’s were generally good!

Cloud 187

Cloud Software GCP(Google Cloud Platform) AI 187

Clouded Judgement

AUGUST 11, 2023

If next quarter we get similar commentary that Azure gave us this quarter (“still a couple quarters away” without any specific guidance), then we may see market loose a little patience. The hyperscalers (AWS, Azure, GCP) are seeing some uptick, but this is largely from selling compute (ie cloud GPUs). Top 5 Median: 14.4x

Cloud 130

Cloud Trends Azure GCP(Google Cloud Platform) 130

Clouded Judgement

NOVEMBER 3, 2023

Maybe with the exception of hyperscalers (particularly Azure). Multiples shown below are calculated by taking the Enterprise Value (market cap + debt - cash) / NTM revenue. Most public companies don’t report net new ARR, so I’m taking an implied ARR metric (quarterly subscription revenue x 4). Top 5 Median: 13.1x

Software Review 170

Software Review Cloud Software Azure 170

Clouded Judgement

FEBRUARY 3, 2023

In the short term, enjoy the ride as the chase continues 😊 Kind of related to all of this - we now have seen the Q4’s from AWS, Azure and Google Cloud. Multiples shown below are calculated by taking the Enterprise Value (market cap + debt - cash) / NTM revenue. Lots of deceleration in growth. Top 5 Median: 14.5x

Cloud 130

Cloud Azure AWS Generative AI 130

OPEXEngine

DECEMBER 7, 2021

The pricing model, which leads to increases or decreases in revenue based on how much customers engage with a service, has been gaining on the more traditional subscription model as the main way SaaS companies make money. It has tended to be used most in infrastructure platforms, like AWS, Google Cloud, and Azure. Enterprise companies.

Payment Features 52

Payment Features Subscription Pricing Venture Capital 52

Clouded Judgement

FEBRUARY 17, 2023

As you can tell, there’s a BIG drop-off projected in 2023 Like Azure, they called for a big slowdown of consumption trends in the month of December. Multiples shown below are calculated by taking the Enterprise Value (market cap + debt - cash) / NTM revenue. However, they guided for 2023 and called for 23-24% growth.

Cloud 130

Cloud Azure Payment Features Subscription 130

How To Buy Saas

MAY 21, 2025

Whether youre a startup , an SMB , or a global enterprise , the right ATS can streamline your recruitment process, save time, and help attract top talent in a competitive market. Lever Best ATS + CRM for Scaling Enterprises Pricing: Key Features: 10. JazzHR Best ATS for Small Business Hiring Pricing Key Features: Ideal Use Case 9.

Systems Review 52

Systems Review Sales Recruiting Sales Hiring Technical Review 52

Stax

APRIL 18, 2024

SaaS companies deliver software applications over the internet on a subscription basis, simplifying access and management for users. SaaS, or Software as a Service, companies host and deliver software applications over the internet on a subscription basis. Primarily through direct-to-user subscriptions and third-party distributors.

Outsourcing Services 88

Outsourcing Services SaaS Payments Payment Services Payment Methods 88

Audacix

OCTOBER 5, 2019

As enterprises increasingly become more open to introducing cloud software to their environments, you as a cloud provider must proactively anticipate their concerns and address them. Why are enterprise buyers' concerned about cloud software security? What security questions stop enterprise buyers from buying your cloud software?

Enterprise readiness 52

Enterprise readiness Enterprise Cybersecurity SaaS 52

User Pilot

APRIL 30, 2024

Microsoft offers enterprise solutions, productivity suites, and cloud services for both B2B and B2C sectors, emphasizing innovation and efficiency. Oracle ERP provides advanced financial and supply chain optimization, and human resources management for large enterprises in both B2B and B2C sectors. Microsoft Dynamics 365.

SaaS Payments 104

SaaS Payments Payment Methods Payment Services Payment Solutions 104

Audacix

OCTOBER 5, 2019

As enterprises increasingly become more open to introducing cloud software to their environments, you as a cloud provider must proactively anticipate their concerns and address them. Why are enterprise buyers' concerned about cloud software security? What security questions stop enterprise buyers from buying your cloud software?

Cloud 45

Cloud Enterprise Software Review Cybersecurity 45

Blulogix

NOVEMBER 8, 2023

Traditional pricing models, such as fixed subscriptions and one-time purchases, no longer align with the dynamic and ever-evolving nature of this sector. Take your business further with BluIQ’s flexible, scalable, enterprise-grade intelligent billing solutions.

Technology 52

Technology Pricing Payment Features Subscription 52

BetterCloud

JANUARY 8, 2021

Margaret Rouse of TechTarget defines role-based access control as a method of restricting network access based on the roles of individual users within an enterprise. For example, with Azure RBAC you can: Allow one user to manage virtual machines in a subscription and another user to manage virtual networks.

Azure 52

Azure AWS Technical Review Scale 52

Audacix

JUNE 9, 2023

Qualys may be a decent choice for enterprise software teams looking for a robust and reliable WAF solution. It helps some large enterprises maintain a strong cloud security status by identifying and remediating misconfigurations, monitoring user activity, and detecting threats in real-time.

Software Review 66

Software Review Software DevOps as a Service AWS 66

Navint

AUGUST 26, 2019

While they often went head-to-head in competitive situations, Apttus targeted the enterprise whereas Steelbrick targeted the mid-market. Apttus built their applications on the Microsoft Azure platform with the goal of opening new markets, specifically with Microsoft Dynamics CRM. In early 2016, Salesforce acquired Steelbrick.

Azure 40

Azure Outsourced Development Scale Finance 40

OPEXEngine

FEBRUARY 15, 2022

Self-hosted SaaS environments that don’t leverage third-party vendors must also proportionally split their self-hosting expenses between company use for business operation and customer subscription platform usage. . Professional services are billable implementation and customization services sold to customers.

Benchmarks 52

Benchmarks Artificial Intelligence Systems Review Cloud 52

How To Buy Saas

MAY 15, 2024

Cloud computing services provide on-demand solutions and IT resources to companies via the Internet with pay-as-you-go or subscription-based pricing models. Enterprises can buy or lease only the services they need, thus reducing maintenance and upfront charges. SaaS Characteristics Subscription-based pricing model.

DevOps as a Service 52

DevOps as a Service Marketplace as a Service Cloud SaaS 52