Yes, The IPO Market Came Back in 2025. But It Still Has a Long Way to Go.
The year started off exciting. IPOs were back, and way up! But the data tells a more nuanced story as we close out the year. The HOT IPO'S of 2025 ATH Peak to today's trough:$CRCL -75%$FIG -75%$BLSH -70%$CRWV -62% — Heisenberg (@Mr_Derivatives)...
When Competitors Come Calling: 6 Questions That Will Help You Make the Right M&A Decision
The SaaStr Framework: 6 Key Questions Every Founder Should Ask When Evaluating M&A Offers A strategic approach to thinking through acquisition opportunities without burning bridges Most successful B2B founders will eventually face this moment: an unexpected call...
Dear SaaStr: How Hard is it For a Startup founder/CEO to Settle Into a non-CEO Role After an Acquisition?
Dear SaaStr: How Hard is it For a Startup founder/CEO to Settle Into a non-CEO Role After an Acquisition? It is tough for most of us. We get that the bureaucracy and frictional taxes are going to go up. But it’s seeing the organization make decisions that are...
Nasdaq Reaches Another ATH. Nvidia Tops $5T. But Navan’s IPO and JAMF’s $2B Exit Show B2B Still Isn’t Easy.
Times are good But Navan IPO’ing at ~$5B at ~$800M ARR run rate And JAMF selling for ~$2B at 3x ARR Well, they do make me wonder about some VC rounds these days — Jason ✨👾SaaStr.Ai✨ Lemkin (@jasonlk) October 31, 2025 The Nasdaq hit another all-time high this...
JAMF Goes Private for $2.2 Billion. That’s 3.3x ARR. Why B2B Can Be a Long, Hard Road
Francisco Partners announced this week they’re taking JAMF private for $2.2 billion at $13.05 per share. The headlines trumpet a “50% premium” to recent trading prices. The press releases talk about “strategic flexibility” and...
The Great IPO Awakening: Are We Back?
Last week marked the busiest IPO stretch since 2021. Six companies raised $4.4 billion in five days. But is this the sustainable comeback founders and VCs have been waiting for, or just another false dawn? The IPO window isn’t just cracking open—it’s...
Why Mergers & Acquisitions Are Weird and Unpredictable
Caught up this week with a founder who raised almost nothing that got a $150,000,000 M&A offer about 24 months ago Since then? Nothing, zilch — despite strong growth What happened? He's just not in a hot space anymore. — Jason ✨👾SaaStr.Ai✨ Lemkin...
We’re Back. Q1 Was a Record for Tech Acquisitions in Dollars. But Deal Count? It’s Doubled But Isn’t Close to 2021.
So Bloomberg and CB Insights have the latest data out on start-ups getting acquired, and 2025 is off to a record start: Wiz’s record $32 Billion acquisition by Google pushes the dollar value to a record, but you may have also missed there were 11 VC-backed $1B+...
No, There Aren’t That Many Deals Where the VCs Make Millions and The Founders Make Nothing
"You don't have to raise $10m, $20m, $100m in venture capital. You can raise just one round if you want. A one-and-done. And maintain so much more optionality." w/ @thesamparr pic.twitter.com/6IGJrVB5GT — Jason ✨👾SaaStr 2025 is May 13-15✨ Lemkin...
Egnyte Sells to Private Equity for $1.5 Billion after 18 Years. Slightly Slower and Steady Wins, Too.
So Egynte is one of those SaaS leaders in the content management space that has always been quieter than its peers Box and DropBox. It focused on enterprise workflows early, and while that’s Box’s focus today, Egynte was there early. It’s one of the Old Timers in...
Where Are The 2021 Unicorns Today? 60% Are Stuck In Limbo, Per Carta
So there’s an uncomfortable truth that VCs don’t discuss outloud that often, but everyone has sort of accepted. Everyone resisted in 2022 and into 2023, but by 2024 they began to capitulate. That a lot of unicorns that hit $1B+ valuations in 2020-2021...
Dear SaaStr: What Are The Pros and Cons of Selling Your Company?
Dear SaaStr: What are the pros and cons of selling a company? It’s complicated. Having a “good exit” is a special thing. You will make some money, perhaps even life-changing money. It will prove you can do it. It will Level You Up in the hierarchy of founders. You...
What to Do When a BigCo Says They Want to “Build, Buy or Partner”
So one of the weirdest calls you’ll get as a founder is when a BigCo out of the blue wants to talk about acquiring you. Literally out of nowhere. Not someone you’ve known well for years. But literally a BigCo you have barely even talked to. Or just know...
Going Long: How Procore’s Founder and CEO Tooey Courtemanche Built a Billon-Dollar SaaS Empire Over 23 Years
Tooey Courtemanche, CEO and Founder of Procore, shared insights into his 23-year journey. From surviving economic downturns to scaling into a multi-product enterprise serving millions, Procore’s story is a masterclass in vertical SaaS excellence.
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