Alex Clayton @afc Twitter profile

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@Alizeh__001

Alex Clayton

@afc

5 years

I just published History of Public SaaS Returns and Valuations

History of Public SaaS Returns and Valuations

Public SaaS Trading History

medium.com

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Alex Clayton

@afc

6 years

I just published Zoom IPO | S-1 Breakdown

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Alex Clayton

@afc

5 years

I couldn't be more excited to get to work with the @MeritechCapital team!

Meritech Capital

@MeritechCapital

5 years

Thrilled to welcome @afc to the @MeritechCapital family

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Alex Clayton

@afc

5 years

See below the 2019 Review of High-growth SaaS IPOs:

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Alex Clayton

@afc

5 years

I just published Datadog IPO | S-1 Breakdown

Datadog IPO | S-1 Breakdown

Datadog S-1 Analysis

medium.com

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Alex Clayton

@afc

6 months

Given that the IPO window could open soon, we thought it was the right time to analyze what it might take for a SaaS company to go public in today’s market. Moreover, there is a narrative that a business must be close to $1B of ARR to go public. We believe that is no longer

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Alex Clayton

@afc

2 years

What is the new normal for public SaaS valuations? Only 17 public SaaS companies trade >10x ARR. @MeritechCapital analyzed the financial + operating metrics of these 17 companies to show what it takes to be a member of The 10x ARR Club in 2023.

The 10x ARR Club ‒ Meritech Capital

In 2021, private companies were raising at 100x ARR and best-in-class public companies were trading close to 100x NTM (next-twelve-months) revenue. Today’s world couldn’t be more different. Typical...

www.meritechcapital.com

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Alex Clayton

@afc

4 years

Excited to share Meritech Insights, one of the most comprehensive free repositories of public company metrics. Thanks to my colleague, @amdecamillo for helping make this happen.

Sharing Meritech Insights ‒ Meritech Capital

As late-stage venture investors since 1999, we are fortunate to have been a part of many iconic companies’ IPOs, including Salesforce, Facebook, Tableau, Datadog and many others. Because of this...

www.meritechcapital.com

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Alex Clayton

@afc

4 years

Just published the @ncino (nCino) IPO | S-1 Breakdown.

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Alex Clayton

@afc

5 years

@bgurley It's correlated to growth but not to multiple.

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Alex Clayton

@afc

2 years

1/ Becoming a multi-product company is a consideration for many software businesses and an area of increased focus in today’s market environment that emphasizes strong growth and efficiency. The most successful companies have executed on a multi-product strategy.

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Alex Clayton

@afc

4 years

See below the 2020 Review of SaaS IPOs:

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Alex Clayton

@afc

6 years

I just published PagerDuty IPO | S-1 Breakdown

PagerDuty IPO | S-1 Breakdown

Company Overview

link.medium.com

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Alex Clayton

@afc

2 years

Some cool charts from @MeritechCapital on the recent SaaS pullback, case studies from the Great Recession, and a framework for the future. Thanks Anthony DeCamillo and Dan Knight.

2022 SaaS Crash ‒ Meritech Capital

2022 SaaS Crash: Analysis of the change in valuations, case studies of the Great Recession, and what every company should think about in this new world (and a lot of charts!).

www.meritechcapital.com

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Alex Clayton

@afc

4 years

Summary of current SaaS/Cloud valuations and Q1 Earnings Recap. Forward multiples for SaaS companies are now at an all-time high🚀📈.

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Alex Clayton

@afc

5 years

Just published the @procoretech (Procore) IPO | S-1 Breakdown.

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Alex Clayton

@afc

6 years

I just published 2018 Review: High-growth SaaS IPOs

2018 Review: High-growth SaaS IPOs

2018 SaaS IPOs

medium.com

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Alex Clayton

@afc

4 years

Just published the @coinbase ($COIN) IPO | S-1 Breakdown.

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Alex Clayton

@afc

5 years

Excited to partner with @richwaldron and the entire @tray team! 📈

Welcome Tray

We’re delighted to welcome Tray.io to the Spark Capital family as the lead investor in their $37M series B. As enterprises rapidly adopt…

medium.com

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Alex Clayton

@afc

5 years

I just published Cloudflare IPO | S-1 Breakdown

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Alex Clayton

@afc

4 years

Just published the @BigCommerce (BIGC) IPO | S-1 Breakdown.

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Alex Clayton

@afc

6 months

Rubrik ($RBRK) is the first SaaS company to file for an IPO in 2024. $RBRK is an almost $800M ARR business growing almost 50% year-over-year, the fastest LTM ARR growth rate among all current public SaaS companies. A lot more here:

Rubrik IPO | S-1 Breakdown ‒ Meritech Capital

We help build market-leading companies in the markets that matter.

www.meritechcapital.com

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Alex Clayton

@afc

3 years

See below @MeritechCapital 's report on the 2021 Cohort of High-growth SaaS IPOs. 27 companies that are cumulatively worth almost $250B.

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Alex Clayton

@afc

4 years

Just published the @JamfSoftware (Jamf) IPO | S-1 Breakdown.

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Alex Clayton

@afc

7 years

I just published “Dropbox IPO | S-1 Breakdown”

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Alex Clayton

@afc

5 years

I just published CrowdStrike IPO | S-1 Breakdown

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Alex Clayton

@afc

4 years

Just published the @SumoLogic (SUMO) IPO | S-1 Breakdown.

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Alex Clayton

@afc

17 days

1/ We share observations about the current platform shift toward AI and its potential for disruption. Although, it’s never been a better time to be a market-leading public SaaS company. They are more valuable and efficient today than ever over the past decade. The top 10 median

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Alex Clayton

@afc

4 years

Just published the @Affirm ($AFRM) IPO | S-1 Breakdown.

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Alex Clayton

@afc

4 years

(Part 2/2) Summary of current SaaS/Cloud valuations and Q1 Earnings Recap for all companies (including Apr-30 quarter ends). Forward multiples are even higher today.

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Alex Clayton

@afc

6 years

I just published “Domo IPO | S-1 Breakdown”

Domo IPO | S-1 Breakdown

Company Overview

medium.com

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Alex Clayton

@afc

6 years

I just published “Public SaaS / Software Founder & CEO Benchmarking | Equity, Age, Comp”

Public SaaS / Software Founder & CEO Benchmarking | Equity, Age, Comp

Scaling a software company from founding to IPO is no easy feat, and if the business raises equity capital, it’s quite dilutive for…

medium.com

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Alex Clayton

@afc

5 years

I just published Medallia IPO | S-1 Breakdown

Medallia IPO | S-1 Breakdown

S-1 Overview

medium.com

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Alex Clayton

@afc

3 years

Congrats @HashiCorp $HCP on their filing and upcoming IPO. Analysis below:

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Alex Clayton

@afc

5 years

Congrats and @richwaldron on this funding milestone! 🚀🚀🚀🚀🚀 Onwards!

Tray.io brings in $50M more at a $600M+ valuation for its workflow automation tools | TechCrunch

Organizations are always looking for new ways to work more efficiently, but too often the problem is that, in a digital-first environment, they have to

techcrunch.com

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Alex Clayton

@afc

6 years

I just published “Qualtrics IPO | S-1 Breakdown”

Qualtrics IPO | S-1 Breakdown

S-1 Breakdown

medium.com

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Alex Clayton

@afc

7 years

I just published “MongoDB IPO | S-1 Breakdown”

MongoDB IPO | S-1 Breakdown

Company and Product Summary

medium.com

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Alex Clayton

@afc

7 years

I just published “Pivotal Software IPO | S-1 Breakdown”

Pivotal Software IPO | S-1 Breakdown

Company Summary

medium.com

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Alex Clayton

@afc

1 year

Meritech is excited to partner with @koenbok , @jornvandijk , and the entire Framer team on their mission of creating a new standard of web design. If you're building a site, check it out!!!

Framer's $27M Series C and Shaping the Future of Web — Framer Blog

Explore 7 inspiring storytelling websites and learn how to create your own with Framer. Get tips, examples, and insights to build your own.

www.framer.com

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Alex Clayton

@afc

6 years

We’re pumped to work with @ioates and the @JustworksHR team!! 📈💥🚀

Spark Capital

@sparkcapital

6 years

We're thrilled to announce our investment in @JustworksHR , one of the fastest growing HR SaaS companies 🙌 @afc shares more about their impressive product & team here:

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Alex Clayton

@afc

6 years

We’re thrilled to work with @medinism and the @outreach_io team on this next phase of growth! 📈🚀

Spark Capital

@sparkcapital

6 years

Today we're thrilled to welcome @outreach_io to the Spark family and lead their Series D round! 🎉🎉 @afc shares more about their category-defining customer engagement platform here:

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Alex Clayton

@afc

4 years

Meritech is fortunate to partner with Woody, Rohan, and the entire Extend team. @HelloExtend is one of our fastest-growing businesses and a critical component of the next-gen eCommerce infrastructure market. And hiring in all areas! 🚀🚀🚀🚀🚀🚀

Careers | Extend

We’re reimagining all things warranties. Join us!

www.extend.com

Woody Levin

@WoodyLevin

4 years

Thank you @crunchbasenews and @ChristineMHall for the coverage on @HelloExtend 's $40M Series B. We love powering product protection for @onepeloton , @JBLaudio , @iRobot , @AdvanceAuto , and hundreds of other merchants!

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Alex Clayton

@afc

6 months

Some examples of "smaller" IPOs have done incredibly well.

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Alex Clayton

@afc

7 years

I just published “Smartsheet IPO | S-1 Breakdown”

Smartsheet IPO | S-1 Breakdown

Company Overview

medium.com

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Alex Clayton

@afc

6 years

I just published “Elastic IPO | S-1 Breakdown”

Elastic IPO | S-1 Breakdown

Elastic, the leading provider of open source software (OSS) for search, filed for a $100M IPO, with the amount as a placeholder. The…

medium.com

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Alex Clayton

@afc

3 months

Political violence has no place in our country. Praying for President Donald Trump.

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Alex Clayton

@afc

7 years

I just published “SendGrid IPO | S-1 Breakdown”

SendGrid IPO | S-1 Breakdown

Company and Product Summary

medium.com

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Alex Clayton

@afc

6 years

Really enjoyed speaking with @HarryStebbings on @twentyminutevc . Thanks so much for having me!

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Alex Clayton

@afc

6 years

I just published “Tenable IPO | S-1 Breakdown”

Tenable IPO | S-1 Breakdown

Company Overview

medium.com

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Alex Clayton

@afc

2 years

5/ Entire post and presentation are below. Thank you Tanner, @danKnightNews1 and @amdecamillo .

Multi-Product Considerations and a HubSpot Case Study ‒ Meritech Capital

Compounding revenue growth and margin expansion are widely accepted as the most important factors for long-term value creation. For software companies, this is no different. To achieve compounding...

www.meritechcapital.com

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Alex Clayton

@afc

4 years

Very insightful from my partner @MaxMotsch .

Max Motschwiller

@MaxMotsch

4 years

@root_insurance is the next fintech / insurtech to try its hand hand in the public markets. Check out @MeritechCapital 's S-1 breakdown of the company here.

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Alex Clayton

@afc

7 years

I just published “DocuSign IPO | S-1 Breakdown”

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Alex Clayton

@afc

6 years

Congrats @Braze ! Excited to work with @billmag @jon_hyman Myles and the rest of the team 🚀🚀. Another great milestone for the company.

Braze Raises $80 Million in Latest Funding Round, More Than Doubling Valuation to $850 Million

NEW YORK, Oct. 3, 2018 /PRNewswire/ -- Braze (formerly Appboy), the leading global customer engagement platform that delivers personalized messagi...

markets.businessinsider.com

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Alex Clayton

@afc

6 years

I just published “SurveyMonkey IPO | S-1 Breakdown”

SurveyMonkey IPO | S-1 Breakdown

Company Overview

medium.com

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Alex Clayton

@afc

6 years

Excited to work with @ShlomiBenHaim and the whole @jfrog team!! 🐸🐸🐸🚀🚀 📈📈.

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Alex Clayton

@afc

6 years

I just published “Adaptive Insights | S-1 Breakdown”

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Alex Clayton

@afc

3 years

Congratulations to @HelloExtend , @WoodyLevin , and the entire Extend team. @MeritechCapital is excited to continue to support the company and their mission of bringing product protection to all merchants.

Woody Levin

@WoodyLevin

3 years

Thank you @ingridlunden and @TechCrunch for the coverage of @HelloExtend 's $260M Series C Fundraise - just the start and could not be prouder of my amazing team!

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Alex Clayton

@afc

7 months

@ZacharyDeWitt @saranormous @andrew__reed @mcmiller00 @kshenster @SethGRosenberg @lainypainter @krisfredrickson I am very grateful to Goldman Sachs and @GGuptaSF , @krisfredrickson , @kshenster , @mcmiller00 , and many other associates and VPs for teaching me how to make great Excel charts, in G-style, of course. It's a completely underappreciated skill set.

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Alex Clayton

@afc

4 years

Excited to partner with @HannoRenner and the entire @PersonioHR team!!! 🚀🚀🚀📈📈📈📈

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Alex Clayton

@afc

3 years

Excited to continue to support @Flock_Safety 's mission to reduce crime and make cities safer. Congrats @glangley and the Flock Safety team! 🚀🚀🚀

Flock Safety

@Flock_Safety

3 years

Today is a big day at Flock as we announce a $150M Series D led by @a16z ! In 4 years, we have grown to solve crime in 1,200 cities. Now we take the next step: reducing crime in the U.S. by 25% in the next 3 years! #detectdecodedeliver

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Alex Clayton

@afc

6 years

I just published “Anaplan IPO | S-1 Breakdown”

Anaplan IPO | S-1 Breakdown

Company Overview

medium.com

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Alex Clayton

@afc

7 years

I just published “Zuora IPO | S-1 Breakdown”

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Alex Clayton

@afc

1 year

Some cool charts from the @MeritechCapital Software Pulse: a recurring update on the $2T public SaaS industry. Read below to dive into best-in-class public SaaS company valuation drivers and KPIs. Thanks @amdecamillo , Tanner, and @danKnightNews1

Meritech Software Pulse ‒ Meritech Capital

Thank you for reading the Meritech Software Pulse. As an investor in later-stage technology companies for over 20 years – and predominantly software companies – we closely follow and monitor the...

www.meritechcapital.com

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Alex Clayton

@afc

6 months

@gokulr @MeritechCapital Public markets want growth *and* efficiency. Unfortunately, many of the smaller companies don't have efficiency (yet). Many are smaller, not profitable, and have the same revenue growth rates at ~20% as the largest, but have a 0 Rule of 40 vs. 41 Rule of 40 for the $3B+ revenue

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Alex Clayton

@afc

1 year

Klaviyo $KYVO will be the first SaaS IPO in almost 2 years and one of the fastest-growing and most efficient public SaaS businesses when they start trading. A summary is below. Thanks @amdecamillo , Tanner, & @danKnightNews1

Klaviyo IPO | S-1 Breakdown ‒ Meritech Capital

After an almost two-year drought of SaaS IPOs,

www.meritechcapital.com

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Alex Clayton

@afc

2 years

Some analysis (and cool charts!) from @MeritechCapital on Durable Growth: the most important lever for long-term value creation for public SaaS companies. Thank you @amdecamillo and @danKnightNews1 .

Durable Growth ‒ Meritech Capital

Durable Growth and the Compounding Returns of Public SaaS Companies:

www.meritechcapital.com

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Alex Clayton

@afc

2 years

3/ HubSpot is a perfect example of what getting it right looks like; the company went from a little over $100M of ARR at IPO to almost $2B today in 9 years. 60%+ of customers are using multiple products and NDR increased from 83% at IPO to 110% today.

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Alex Clayton

@afc

6 years

I just published “Pluralsight IPO | S-1 Breakdown”

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Alex Clayton

@afc

7 years

I just published “ARR Growth for SaaS IPOs”

ARR Growth for SaaS IPOs

Most public SaaS companies are valued on a next-twelve-months (NTM) revenue multiple, and while revenue is also an important metric for…

medium.com

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Alex Clayton

@afc

7 years

I just published “SaaS IPO Net Dollar Retention Benchmarks”

SaaS IPO Net Dollar Retention Benchmarks

Dollar retention is critical to the health of a SaaS company; companies should always understand if they acquire $100 of revenue today…

medium.com

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Alex Clayton

@afc

6 months

@eladgil Here you go, @eladgil :). 122 companies...76 had founders who were still the CEOs at time of S-1 filing, & 46 had non-founder CEOs. A nuance is Qualys, CEO was not listed as a founder in S-1 but owned 40%. But median of founder + CEO is 14.1% and median for non-founder is 4.2%

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Alex Clayton

@afc

3 years

Just published the @mondaydotcom ($MNDY) IPO | S-1 Breakdown.

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Alex Clayton

@afc

2 years

2/ We consolidated perspectives on the benefits and risks of multi-product expansion and used HubSpot as a case study – it’s one of the best examples of multi-product success going from $900M of market cap at IPO to $21.5B today. There are more ways to win with multiple products.

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Alex Clayton

@afc

3 years

Just published the @confluentinc ($CFLT) IPO | S-1 Breakdown.

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Alex Clayton

@afc

3 years

Just published the @squarespace ($SQSP) IPO | S-1 Breakdown.

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Alex Clayton

@afc

8 years

I just published “SaaS IPO Benchmarking | ARR at IPO”

SaaS IPO Benchmarking | ARR at IPO

ARR, or annual recurring revenue, is a critical metric for a SaaS business. It’s obviously not a GAAP metric, and while most public SaaS…

medium.com

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Alex Clayton

@afc

7 years

I just published “How much is your SaaS company worth?”

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Alex Clayton

@afc

4 years

@MaxMotsch , @MeritechCapital and myself are fired up to partner with @glangley and the entire @Flock_Safety team. Congrats on this milestone and excited for what lies ahead!

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Alex Clayton

@afc

3 years

Just published the @blendlabsinc ($BLND) IPO | S-1 Breakdown.

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Alex Clayton

@afc

3 years

Exciting day for @MeritechCapital to welcome @ashleypaston as the newest partner on our team!

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Alex Clayton

@afc

3 months

Financial planning platform @OneStream_Soft ($OS) filed for an IPO, only the 2nd of 2024. Their IPO performance should be a barometer for application SaaS companies under $500M of ARR heading into the public markets. They’re at $480M of ARR growing over 30%—more about their IPO

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Alex Clayton

@afc

6 years

Congrats @pendoio !!!

Todd Olson

@tolson

6 years

Thanks for stopping by our office, @newsobserver ! Loved chatting about our Series D funding, and what the future looks like for Pendo. Check it out

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Alex Clayton

@afc

3 years

Excited for ClickUp on their mission to make the world more productive. ClickUp's focus on making users their number one priority and an all-in-one product suite approach has enabled them to become the fastest-growing company in market. 🚀📈

We Raised $400M in Series C to Redefine Productivity & Save People Time | ClickUp

We've raised $400M in Series C to redefine productivity! Here's how we're using our resources to deliver on that promise.

clickup.com

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Alex Clayton

@afc

8 years

I just published “Okta IPO | S-1 Breakdown”

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Alex Clayton

@afc

2 years

4/ HubSpot has seen massive value creation with its NTM revenue multiple expanding from 5.6x at IPO to 10.2x today. They held research and development margins flat while other margins improved across every other part of the business.

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Alex Clayton

@afc

8 years

I just published “AppDynamics IPO | S-1 Breakdown”

AppDynamics IPO | S-1 Breakdown

If you’d like to sign up by email to these posts, click here

medium.com

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Alex Clayton

@afc

3 years

Another week, another IPO. Just published the @WalkMeInc ($WKME) IPO | S-1 Breakdown.

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Alex Clayton

@afc

2 years

Software companies could face a tough new year in 2023. Below is a short analysis of how public software company forward revenue growth estimates have changed this year.

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Alex Clayton

@afc

8 years

I just published “Examining the Sale Efficiency in Public SaaS Companies”

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Alex Clayton

@afc

7 years

I just published “Years and Equity Capital for a SaaS IPO?”

Years and Equity Capital for a SaaS IPO?

How many years and how much equity capital raised (cash) does it take for a SaaS company to get public? Given the broad range in size of…

medium.com

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Alex Clayton

@afc

2 years

6/ Presentation here:

2023.04.04 Multi-Product Considerations and HubSpot (Meritech Capital).pdf

drive.google.com

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Alex Clayton

@afc

10 months

Thanks for including me @cjgustafson222 !!!

CJ Gustafson

@cjgustafson222

10 months

🎙️A DEEP Dive on SaaS Metrics 🍿 I had the pleasure of interviewing the legendary Alex Clayton of Meritech Capital ( @afc @MeritechCapital ) on the Run the Numbers Podcast. Getting to nerd out on the nuances of Net Dollar Retention, Contribution Margin, and LTV to CAC with one

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Alex Clayton

@afc

6 years

I just published “Avalara IPO | S-1 Breakdown”

Avalara IPO | S-1 Breakdown

Company Overview

medium.com

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Alex Clayton

@afc

8 years

I just published “Coupa | The Next Enterprise Unicorn IPO”

Coupa | The Next Enterprise Unicorn IPO

Coupa just filed for a $75M IPO and is the latest enterprise SaaS unicorn to do so publicly. Morgan Stanley is the lead book-runner and the…

medium.com

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Alex Clayton

@afc

4 years

Congrats @HelloExtend on a great 2020, excited for 2021!

Woody Levin

@WoodyLevin

4 years

Proud of the entire team that drove a big year for @HelloExtend in the face of many challenges. Let's take a look at how the company grew across revenue, merchant partners, headcount, funding and more: #extend #ecommerce #insuretech #fintech #growth

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Alex Clayton

@afc

6 months

@jasonlk @gokulr @MeritechCapital The lock-up on Klaviyo just released hence many investors are sitting out until it's clear how insiders sell. This is a common problem with IPOs with large venture ownership as the buyside doesn't want to get until insiders distribute out.

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Alex Clayton

@afc

8 years

Past, Present and Future of Enterprise IPOs

Since 2009, there have been dozens of enterprise software and infrastructure companies reaching $1B or more in valuation in the private…

medium.com

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Alex Clayton

@afc

8 years

I just published “MuleSoft IPO | S-1 Breakdown”

MuleSoft IPO | S-1 Breakdown

To receive these posts over email, click here.

medium.com

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Alex Clayton

@afc

6 months

Let's go team @framer on another epic product launch!

Framer

@framer

6 months

🔴 We’re live! Tune in to @andyorsow for feature announcements, a sneak peek at what’s coming next, and a limited edition Framer Spring sticker! #framerspring24

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Alex Clayton

@afc

7 years

I just published “Zscaler IPO | S-1 Breakdown”

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