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Tech Insights #414
Atlassian
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
25 May 2026
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Overview
This Tech Insights report looks at Atlassian (NASDAQ: TEAM), an Australian-founded enterprise software company whose suite of workplace collaboration and productivity tools are used by teams to manage projects, share internal knowledge, and support operational workflows. Its core products, including Jira, Confluence, and Jira Service Management, are delivered primarily through a subscription-based pricing model, with the Atlassian platform now servicing over 300,000 customers worldwide.
Key products
Annual financials (USD $B)
Jira: The flagship product used by teams to track and manage work, tasks, and projects.
Jira Service Management: An IT Service Management system used to manage employee or customer support requests and technical issues.
Confluence: A shared online workspace where teams store documents, notes, and company knowledge.
Rovo: An AI-powered assistant designed to automate tasks and find information and answers across an organisation’s application stack.
-
5x
10x
15x
20x
25x
30x
35x
40x
45x
50x
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Jan 25
Jan 26
Revenue multiple (EV / LTM revenue)
Revenue composition (USD $B)
-
5%
10%
15%
20%
25%
30%
-
1
2
3
4
5
6
FY21
FY22
FY23
FY24
FY25
Revenue
Gross profit
Adj. operatingprofit
Adj. operatingprofit margin
+ more
-
6%
12%
18%
24%
30%
36%
-
1
2
3
4
5
6
FY21
FY22
FY23
FY24
FY25
Other
Data centre
Cloud
YoY revenuegrowth
Tech Insights #414
Atlassian
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Disclaimer The information provided in this report has been sourced and calculated from FactSet and annual reports. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
25 May 2026
5.2
(0.9)
4.3
(2.7)
(1.1)
(0.6)
(0.1)
1.4
1.2
(1)
-
1
2
3
4
5
6
Revenue
Cost of revenue
Gross profit
R&D
S&M
G&A
Operating loss
Stock-based comp
Adj. operating profit
Share price (USD $)
XXX
-
100
200
300
400
500
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Jan 25
Jan 26
Share price
Acquisition announced
# of customers with greater than $10,000 in Cloud ARR
-
10,000
20,000
30,000
40,000
50,000
60,000
FY22
FY23
FY24
FY25
FY25 P&L waterfall (USD $B)
Tech Insights #413
WiseTech
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
18 May 2026
WiseTech daily share price and announced acquisitions (AUD $)
clarecapital.co.nz/tech-insights
Subscribe and see previous reports at This week’s Tech Insights report looks at WiseTech Global, an ASX-listed global logistics software provider best known for its CargoWise platform, which supports freight forwarding, customs, warehousing and broader international supply chain workflows. The first page looks at WiseTech’s share price and acquisition history. The second page looks at WiseTech’s financial performance over the last six financial years, with a particular focus on operating geographies and expenses. WiseTech has a June 30 balance date and reports in USD.
Overview
Completed acquisitions by calendar year across operating regions (#)
-
4
8
12
16
2017
2018
2019
2020
2021
2022
2023
2024
2025
Legend
Europe, Middle East & Africa
Americas
Asia Pacific
In August 2025, WiseTech completed the acquisition of NYSE-listed E2open for USD $3.30 a share, equating to an enterprise value of USD $2.1 billion.
-
25
50
75
100
125
150
Jan 17
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Jan 25
Jan 26
WiseTech aggressively pursued acquisitions through 2017 and 2018.
WiseTech’s closing share price peaked in November 2024 at ~$139.
Legend
Share price
Acquisition announced
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WiseTech
Mergers & acquisitionsCorporate finance advisoryCapital raising
18 May 2026
Disclaimer The information provided in this report has been sourced from FactSet, company announcements, and annual reports. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Revenue through time (USD $m)
Expense base as a % of revenue
Revenue to EBITDA waterfall (USD $m) – FY20 versus FY25 (June year end)
FY20
FY25
Change ($m)
Revenue
CTS
Gross profit
R&D
S&M
G&A
EBITDA
-
10%
20%
30%
FY20
FY21
FY22
FY23
FY24
FY25
R&D / revenue
S&M / revenue
CTS / revenue
G&A / revenue
-
200
400
600
800
FY20
FY21
FY22
FY23
FY24
FY25
54
(59)
(42)
(77)
232
(56)
288
-
100
200
300
291
(143)
(52)
(185)
671
(108)
779
-
100
200
300
400
500
600
700
800
237
(84)
(10)
(108)
439
(52)
491
-
100
200
300
400
500
Legend
Europe, Middle East & Africa
Americas
Asia Pacific
(40%)
(30%)
(20%)
(10%)
-
10%
20%
30%
40%
50%
60%
70%
Rule of 40 by division (revenue growth + operating margin) over the last five financial years
Rule of 40 by division has been calculated on revenue growth plus operating margin with depreciation and amortisation treated as operating expenses. The Fitness division has been the only division that has been able to improve both year on year revenue growth, as well as expansion in the operating margin over the last three years.
Tech Insights #412
Garmin – watch out
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
11 May 2026
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Overview
Garmin (GRMN : NYSE) has seen a steady increase in both share price and revenue growth over the last three years. This has largely been driven by the Fitness division that holds the fitness watches, cycling computers, body scales and other fitness devices. The Fitness division more than doubled revenue from USD $1.1b in FY22, to $2.4b in FY25, representing a 29% CAGR versus 11% for the next best division, Outdoor.
Divisions and selected products
Revenue by division (USD $b)
1.3
1.5
1.1
1.3
1.8
2.4
1.1
1.3
1.5
1.7
2.0
2.1
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY20
FY21
FY22
FY23
FY24
FY25
Auto OEM
Marine
Aviation
Outdoor
Fitness
Fitness
Running (Venu, Forerunner, Vivoactive), cycling (Edge).
Outdoor
Adventure (Fenix), golf (Approach), handheld GPS.
Aviation
Flight displays and systems, transponders, aviation watches (D2).
Marine
Chart plotters, fishfinders, SONAR, VHF radions, marine watches (Quatix).
Auto OEM
Domain controllers, infotainment units.
Fitness
Outdoor
Aviation
Marine
Auto OEM
Total
Revenue growth (LTM)
Operating margin
Rule of 40
December year end
Tech Insights #412
Garmin – watch out
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Disclaimer The information provided in this report has been sourced and calculated from FactSet and Annual Reports. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
11 May 2026
Company
Exchange
Share price change since 31 Dec 2019
Enterprise value
Revenue (LTM)
Revenue growth (LTM)
EBITDA margin
Rule of 40 (EBITDA)
EV / Revenue (LTM)
EV / EBITDA (LTM)
Alphabet
NASDAQ
476%
8,491
721
18%
39%
57%
11.9x
30.3x
Apple
NASDAQ
282%
7,002
769
10%
35%
45%
9.2x
25.9x
Samsung
Korea
295%
1,586
464
11%
27%
38%
4.2x
15.3x
Sony
Tokyo
122%
200
139
(13%)
22%
9%
1.5x
7.1x
Xiaomi
Hong Kong
169%
150
109
25%
8%
33%
1.3x
16.1x
Garmin
NYSE
148%
75
13
16%
29%
45%
5.9x
20.5x
Teledyne
NYSE
85%
54
11
8%
25%
32%
5.1x
20.9x
Casio
Tokyo
(28%)
3
3
4%
12%
16%
0.9x
8.0x
TomTom
Amsterdam
(51%)
0.7
1.1
(6%)
5%
(0%)
0.7x
13.1x
Comparator metrics for selected companies as at 1 May 2026 (NZD $b)
2.0
2.3
2.4
2.6
3.0
3.5
1.6
1.9
1.6
1.8
2.3
2.7
0.6
0.8
0.8
0.8
0.9
1.1
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY20
FY21
FY22
FY23
FY24
FY25
APAC
EMEA
Americas
-
50
100
150
200
250
300
Dec 19
Dec 20
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Share price (USD)
Revenue by region (USD $b)
December year end
Tech Insights #411
Sales and marketing impact
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
4 May 2026
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Overview
This week’s Tech Insights report builds on Tech Insights #388 and looks further at the sales and marketing (S&M) spend of selected large cloud companies. The first page plots the % change of a company’s S&M spend against the % change in revenue over a five year period. The second page looks further at four interesting data points from the first page to see the relative effect of revenue growth on the change in EBITDA.
Change in S&M spend vs change in revenue (last five financial years)
>
*
*S&M / revenue growth top right: Crowdstrike: 356% & 721%, Snowflake: 330% & 1,270%, Datadog: 348% & 640%, Roblox: 322% & 609%, BILL: 1,099% & 828%, Zscaler: 353% & 520%
Wisetech
Xero
CAR Group
Codan
Nuix
Dassault Systemes
Tencent
Microsoft
Alphabet
Meta
Netflix
Palantir Technologies
Intuit
Adobe
Palo Alto Networks
Synopsys
Autodesk
Atlassian 279%
Take-Two Interactive 267%
Electronic Arts
CoStar
Trade Desk 269%
Okta 345%
Trimble
DocuSign
Zoom 649%
Zilllow
Workday
Vista
Oracle
Salesforce
ServiceNow
Spotify
MSCI
Veeva Systems
HubSpot 205%
GoDaddy
Snap
Twilio
Visa
Yelp
SAP
(50%)
-
50%
100%
150%
200%
250%
300%
(25%)
-
25%
50%
75%
100%
125%
150%
175%
200%
% change in revenue
% change in S&M spend
>
Tech Insights #411
Sales and marketing impact
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Disclaimer The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
4 May 2026
Meta (last five financial years)
Take-Two Interactive (last five financial years)
Xero (last five financial years)
GoDaddy (last five financial years)
-
20%
40%
60%
80%
100%
120%
140%
160%
180%
Change inS&M
Change inrevenue
Marginmovements
Change inEBITDA
-
50%
100%
150%
200%
250%
300%
Change inS&M
Change inrevenue
Marginmovements
Change inEBITDA
Large increases in sales and marketing spend don’t always translate to increased revenue growth.
Meta has achieved significant revenue growth without a large proportional increase in sales and marketing spend.
(20%)
-
20%
40%
60%
80%
100%
120%
140%
160%
Change inS&M
Change inrevenue
Marginmovements
Change inEBITDA
-
50%
100%
150%
200%
250%
300%
350%
400%
Change inS&M
Change inrevenue
Marginmovements
Change inEBITDA
Tech Insights #410
Software deal structures – additional analysis
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
20 April 2026
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Overview
This Tech Insights report builds on Tech Insights #406 and looks further at software deal structures over the past 10 years. Page 1 highlights differences in deal structures based on geography and the transaction value of the completed deals. Page 2 looks at deal structures (using cash as a proxy) in Australia and New Zealand plotted against total transaction value, while also delineating deals completed before 2021. FactSet’s Packaged Software industry is used here to categorise software deals.
Deal structure by region
Deal structure by transaction value
Deal counts by region – pre 2021 and 2021 onwards
Deal counts by transaction value – pre 2021 and 2021 onwards
-
20%
40%
60%
80%
100%
NorthAmerica
UK
Europe
Asia
Other
AU/NZ
Cash
Stock
Other
-
20%
40%
60%
80%
100%
<50m
50-200m
200-500m
500m-1.5b
1.5b+
Cash
Stock
Other
-
200
400
600
800
1,000
NorthAmerica
UK
Europe
Asia
Other
AU/NZ
Before 2021
After 2021
-
200
400
600
800
1,000
<50m
50-200m
200-500m
500m-1.5b
1.5b+
Before 2021
After 2021
Tech Insights #410
Software deal structures – additional analysis
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Disclaimer The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
20 April 2026
AU / NZ tech transactions – cash as % of transaction v transaction value
-
20%
40%
60%
80%
100%
-
0.2
0.4
0.6
0.8
1.0
Cash as % of consideration
Transaction value (USD $b)
60% of transactions were on a fully cash basis.
Legend
Before 2021
2021 and afterwards
6% of transactions included no cash consideration.
1.0
>
1.0, 1.2 & 5.6
-
2.5x
5.0x
7.5x
10.0x
12.5x
15.0x
17.5x
20.0x
22.5x
Mar 21
Sept 21
Mar 22
Sept 22
Mar 23
Sept 23
Mar 24
Sept 24
Mar 25
Sept 25
Mar 26
Tech Insights #409
Cloud Index as at 31 March 2026
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
13 April 2026
clarecapital.co.nz/tech-insights
Subscribe and see previous reports at This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. Both indices experienced a significant decline in the March quarter. The US Cloud Index ended the quarter at 4.5x EV/NTM revenue, down 30% quarter-on-quarter, while the ANZ Cloud Index also fell 30% to 4.2x. This is the lowest level both indices have reached over the past eight years covered by the Cloud Index.
Overview
4.5x
NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)
ANZ Cloud Index
Average
12MMA
Mar 26
4.2x
6.7x
Dec 25
6.0x
7.3x
Change
(30%)
(8%)
Mar 25
6.8x
7.0x
Change
(38%)
(4%)
US Cloud Index
Average
12MMA
Mar 26
4.5x
6.5x
Dec 25
6.5x
7.0x
Change
(30%)
(6%)
Mar 25
6.1x
6.4x
Change
(25%)
2%
Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (26 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (82 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.
Key:
US
ANZ
Average
12MMA
5yr avg
4.2x
6.9x
8.4x
-
5.0x
10.0x
15.0x
20.0x
Mar 21
Mar 22
Mar 23
Mar 24
Mar 25
Mar 26
-
10.0x
20.0x
30.0x
Mar 21
Mar 22
Mar 23
Mar 24
Mar 25
Mar 26
75th percentile
Median
25th percentile
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Cloud Index as at 31 March 2026
Mergers & acquisitionsCorporate finance advisoryCapital raising
13 April 2026
Disclaimer The information provided has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
US cloud companies NTM revenue multiple
ANZ cloud companies NTM revenue multiple
5.3x
3.2x
1.9x
5.7x
2.9x
2.3x
US cloud companies
25th
75th
31 Mar 2026
Average
percentile
Median
percentile
EV ($m NZD)
37,613
3,354
8,291
22,863
EV / NTM Rev
4.5x
1.9x
3.2x
5.3x
Revenue Growth (NTM)
17%
10%
17%
23%
EV / LTM Rev
5.8x
2.3x
3.6x
6.4x
Revenue Growth (LTM)
17%
10%
16%
23%
Operating Margin
4%
(3%)
5%
15%
ANZ cloud companies
25th
75th
31 Mar 2026
Average
percentile
Median
percentile
EV ($m NZD)
4,992
402
1,142
8,686
EV / NTM Rev
4.2x
2.3x
2.9x
5.7x
Revenue Growth (NTM)
14%
2%
11%
22%
EV / LTM Rev
5.6x
2.8x
3.6x
8.8x
Revenue Growth (LTM)
12%
6%
11%
18%
Operating Margin
26%
14%
28%
37%
Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.
EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months.
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Global cloud companies
Mergers & acquisitionsCorporate finance advisoryCapital raising
30 March 2026
This Tech Insights report explores some of the largest cloud-based companies in the world by enterprise value (EV). The graph below takes 50 large global cloud companies and plots each company’s Rule of 40 value (sum of last twelve months (LTM) revenue growth and EBITDA margin) against its LTM revenue multiple. On the second page, we highlight the 10 companies within the 50 with the highest LTM revenue, revenue growth, EBITDA, and Rule of 40.
Overview
Palantir
Salesforce
Shopify
Palo Alto
ServiceNow
Adobe
CrowdStrike
Cloudflare
Snowflake
Autodesk
Datadog
Workday
Veeva Systems
Zscaler
MongoDB
Atlassian
Samsara
Twilio
Zoom
REA
Toast
Guidewire
HubSpot
Okta
Computershare
Wisetech
Figma
Nutanix
Dynatrace
Confluent
Rubrik
DigitalOcean
DocuSign
Unity
Dropbox
Procore
Clearwater
Xero
CAR Group
SailPoint
Paycom
Paylocity
Technology One
ServiceTitan
AppFolio
Wix.com
UiPath
Klaviyo
Elastic
RingCentral
-
5
10
15
20
(1%)
10%
20%
30%
40%
50%
60%
EV / LTM revenue
Rule of 40
While Figma and Confluent have negative Rule of 40 scores, both are experiencing significant revenue growth.
Palantir is a significant outlier, with a revenue multiple of 84x and a Rule of 40 score of 88%.
Global
AU / NZ
>
93%
77%
36x
21x
>
<
<0%
Bubble scale = relative EV
(6%)
(80%)
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Global cloud companies
Mergers & acquisitionsCorporate finance advisoryCapital raising
30 March 2026
Disclaimer The information provided in this report has been sourced from FactSet. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Revenue growth – top 10
EBITDA – top 10 (USD $bn)
Revenue – top 10 (USD $bn)
Rule of 40 – top 10
Note: revenue growth figures do not address whether a company’s revenue growth is organic or acquisition-driven.
-
10
20
30
40
50
LTM (1-year prior)
LTM
Median (top 50)
-
3
6
9
12
15
LTM (1-year prior)
LTM
Median (top 50)
-
20%
40%
60%
80%
100%
LTM (1-year prior)
LTM
Median (top 50)
-
20%
40%
60%
80%
100%
LTM (1-year prior)
LTM
Median (top 50)
Tech Insights #407
Margin movements
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
23 March 2026
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Overview
This Tech Insights report explores changes in EBITDA margins from five years ago to now for select global and Aus/NZ based software companies. Page 1 shows the majority of companies improving their EBITDA margins from 2021. Page 2 shows that despite improving margins, share price performance has been varied for the sector.
Select global software EBITDA margins (2021 - 2026)
Change in EBITDA margin (2021 - 2026)
(50%)
(25%)
-
25%
50%
75%
2021
2026
(10%)
-
10%
20%
30%
<
>
Negative margins (in 2021)
Positive margins (in 2021)
SaaS companies have improved margins almost across the board (acknowledging the survivorship bias here).
Companies with previously negative margins have seen the largest shift.
138%
124%
61%
42%
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Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
z
HUB24
Wisetech
Salesforce
Computershare
Seek
Workday
Palo Alto
ServiceNow
Shopify
Autodesk
Technology One
Xero
Datadog
Adobe
CAR
EROAD
Zoom
Atlassian
REA
Palantir
Serko
Snowflake
Vista
MongoDB
Life360
CrowdStrike
Cloudflare
(100%)
(50%)
-
50%
100%
150%
200%
(10%)
-
10%
20%
30%
40%
50%
Change in share price
Change in EBITDA margin
Mergers & acquisitionsCorporate finance advisoryCapital raising
23 March 2026
Tech Insights #407
Margin movements
Change in EBITDA margin vs change in share price (2021 - 2026)
>
>
Palantir has been a stand-out performer (margin change: +138%, share price change: +500%).
Despite meaningful margin improvements, some companies have seen large declines in their stock price coinciding with market re-rating since 2021.
Some have grown in value through revenue growth, even with contractions in margins.
+350%
+230%
+61%
+124%
2021 is an interesting reference period for some, given both lofty market valuations and difficult operating conditions for business models impacted by Covid-19.
-
20%
40%
60%
80%
100%
2017
2018
2019
2020
2021
2022
2023
2024
2025
Cash
Stock
Other
-
20%
40%
60%
80%
100%
-
20%
40%
60%
80%
100%
Stock % of consideration
Percentile
> $200m
<= $200m
-
100
200
300
400
500
600
2017
2018
2019
2020
2021
2022
2023
2024
2025
Deal size (USD $m)
25th
Median
75th
-
200
400
600
800
2017
2018
2019
2020
2021
2022
2023
2024
2025
North America
Europe
UK
Asia
Other
AU/NZ
Tech Insights #406
Software deal structures
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Mergers & acquisitionsCorporate finance advisoryCapital raising
16 March 2026
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Overview
This Tech Insights report explores software deals over the past 10 years as available from FactSet. Page 1 highlights aspects of deal consideration, flow, and value through time for transactions (mergers and acquisitions) over USD $10m. Page 2 compares transactions in the software industry against other industries for transactions over USD $100m. FactSet’s Packaged Software industry is used here to categorise software deals.
Deal consideration by year (unweighted average)
Stock as a % of consideration by deal size
# of deals by year (> USD $10m)
Deal value percentiles by year
Percentile
Deal sizes have increased in recent years.
Deal flow peaked in 2021 and has since returned to more ‘normal’ levels.
Large scale deals more commonly use more stock as consideration.
*
*Includes deferred consideration and financial instruments.
Target region
The majority of deals included no stock consideration at all.
Deal size (USD)
Page 2 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
16 March 2026
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Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
Tech Insights #406
Software deal structures
Number of >USD $100m transactions of US companies – software vs other industries
Total value of >USD $100m transactions of US companies – software vs other industries
-
5%
10%
15%
20%
-
500
1,000
1,500
2,000
2017
2018
2019
2020
2021
2022
2023
2024
2025
# of deals
Non software
Software
Software % of total
-
10%
20%
30%
40%
50%
-
0.5
1.0
1.5
2.0
2.5
2017
2018
2019
2020
2021
2022
2023
2024
2025
USD $T
Non software
Software
Software % of total
Software is a meaningful and growing sector in American deal flow.
2022 was a noticeable year for software transactions.
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Rakon takeover offer
Mergers & acquisitionsCorporate finance advisoryCapital raising
9 March 2026
Offer value
Offer price per share
$1.70
Shares outstanding
231.4m
Total equity value
$393.4m
Net debt
($13.4m)
Total enterprise value
$380.0m
Rakon share price since 2020
This Tech Insights report looks at Rakon, an NZX-listed technology company that designs and manufactures the precision-timing components used in telecommunications infrastructure, GPS, and satellites. Rakon’s products ensure electronics are able to provide signals at the right time and frequency. On 12 January 2026, Rakon announced they had received a takeover notice from Bourns Incorporated (Bourns), a US-based electronics company, to acquire all shares and share rights at NZD $1.55 per share / share right, on a fully cash basis. Rakon previously received a conditional NBIO from an undisclosed acquirer at a price of $1.70 per share in December 2023, which didn’t move past due diligence. Rakon has a March 31 balance date and all values in this report are in NZD.
Overview
2023 conditional NBIO – failed
2026 acquisition offer – Bourns current
Multiples
LTM revenue
$154.4m
LTM EBITDA
$19.4m
Enterprise value
$380m
Revenue multiple
2.5x
EBITDA multiple
19.6x
Offer value
Offer price per share
$1.55
Shares outstanding
232.7m
Total equity value
$360.7m
Net debt
$4.1m
Total enterprise value
$364.8m
Multiples
LTM revenue
$116.2m
LTM EBITDA
$20.3m
Enterprise value
$364.8m
Revenue multiple
3.1x
EBITDA multiple
17.9x
-
0.5
1.0
1.5
2.0
2.5
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Jan 25
Jan 26
$1.70 per share
$1.55 per share
2023 offer at a ~179% premium to previous closing price
2026 offer at a ~72% premium to previous closing price
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Rakon takeover offer
Mergers & acquisitionsCorporate finance advisoryCapital raising
9 March 2026
Disclaimer The information provided in this report has been sourced from FactSet, company announcements, and annual reports. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
EBITDA and EBITDA margin
Revenue by operating segment
Revenue and gross profit margin
Commentary
•
FY21 to FY23 characterised by strong demand by the telecommunications industry, as 5G was rolled out and upgrades were made to existing 4G.
•
Subsequently, telecommunications players decreased demand and relied on previously stockpiled inventory, impacting revenues post FY23.
•
Rakon’s positioning segment benefitted from TXCO chip shortage in FY22 / FY23.
•
Rakon’s cost base has not flexed with revenue movements (employee costs are ~50% of total cost base in FY25), leading to large profitability swings.
•
Note: FY26 revenue estimated based on consensus information and roll forward of current revenue profile. FY26 EBITDA is a midpoint of company guidance.
-
10%
20%
30%
40%
50%
60%
-
50
100
150
200
FY21
FY22
FY23
FY24
FY25
FY26F
NZD $m
Revenue
Gross profit margin
-
5%
10%
15%
20%
25%
30%
35%
-
10
20
30
40
50
60
FY21
FY22
FY23
FY24
FY25
FY26F
NZD $m
EBITDA
EBITDA margin
-
50
100
150
200
FY21
FY22
FY23
FY24
FY25
FY26F
NZD $m
Other
Space and Defence
Positioning
Telecommunications
Oops!
404 – the page you are looking for doesn’t exist or has been moved.
Return to the homepage
here
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HTTP status codes
Mergers & acquisitionsCorporate finance advisoryCapital raising
2 March 2026
Disclaimer Clare Capital holds no responsibility over the images presented. If you are making investment decisions, you should not base them on the contents of this report.
This report is a little experiment to see how many people get the 404 reference on the first page, and how many responses we get just telling us that our report is broken!If you are disappointed to not see an actual Tech Insights report on HTTP status codes, we also prepared a more serious version that you can find here.
For the uninitiated, a 404 message is a response that a particular URL doesn’t exist. Over time websites have had fun with how they present their 404 messages, with a few of our favourites below – and feel free to send us through any particularly good ones you’ve come across. Our regular Tech Insights coverage will resume next week.
Overview
ikeGPS and BlackPearl have margins of (26%) and (116%) respectively
ikeGPS and BlackPearl currently have negative EBITDA
Revenue of $5.4b
Tech Insights #403
ASX/NZX tech revenue and EBITDA
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23 February 2026
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This week’s Tech Insights report takes a look at the revenue and profit (EBITDA1) figures of selected NZX and ASX-listed tech companies. The second page shows the corresponding multiples that these companies have been trading at.
Overview
ASX tech revenue and EBITDA (NZD $b)
NZX tech revenue and EBITDA (NZD $m)
-
50
100
150
200
250
-
20%
40%
60%
-
20%
40%
60%
-
0.5
1.0
1.5
2.0
2.5
Legend
Total bar = revenue
Light green bar = EBITDA
Blue bar = EBITDA margins
1 EBITDA figures are as provided by FactSet. Companies may use a different methodology when they report EBITDA.
Tech Insights #403
ASX/NZX tech revenue and EBITDA
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23 February 2026
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Multiples
3.8x
5.0x
10.9x
9.1x
5.7x
13.2x
7.7x
12.4x
2.5x
15.4x
2.7x
3.2x
3.3x
0.8x
2.7x
1.9x
5.8x
9.5x
10.3x
16.9x
22.2x
17.1x
15.2x
24.7x
29.1x
16.7x
40.4x
8.3x
13.1x
20.5x
2.8x
17.6x
31.7x
-
5x
10x
15x
20x
25x
30x
35x
40x
nm*
nm*
nm*
Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
*not meaningful
Legend
EV / revenue
EV / EBITDA
Computershare Xero REA CAR Seek Wisetech Life360 Technology One IRESS HUB24 Hansen Bravura Gentrack EROAD Vista Serko ikeGPS Black Pearl
Tech Insights #402
Tech stocks 2025 wrap up
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Mergers & acquisitionsCorporate finance advisoryCapital raising
16 February 2026
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Overview
With the dust settled on 2025, this Tech Insights report wraps up the performance of a universe of large technology-related companies from AU/NZ and the rest of the globe. We examine share price movements across the year (page 1) and shifts in multiples and company value (page 2). Highlighting AU/NZ against global peers points to a relatively disappointing year for shareholders of the local tech sector.
Share price movements – select technology companies
Highlighted below is a universe of major global (grey) and AU/NZ (green) technology-related companies bucketed by 2025 share price performance. Share price movements are measured by comparing closing prices on the last days of 2024 and 2025.
(45%) – (30%)
(30%) – (15%)
(15%) – 0%
0% – 15%
15% – 30%
30% – 45%
45% – 60%
60% – 75%
75% – 90%
90%+
Local AU/NZ technology stocks lagged behind their global peers in share price performance.
Mega-cap stocks Nvidia, Broadcom, and Google (Alphabet) produced excellent returns in 2025.
Following a period of poor stock price performance post 2021 highs, stock in ikeGPS had a major turnaround in 2025.
Key
Global
AU/NZ
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16 February 2026
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Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
Tech Insights #402
Tech stocks 2025 wrap up
Market cap vs multiple movements – notable AU/NZ technology companies
These graphs outline how company size and valuation have changed from 2024 to 2025. The direction of a company’s movement on these graphs gives an insight into how business activity (revenue) and market expectations (multiple) have driven changes in company value.
New Zealand tech – NZD $m
Australian tech – AUD $b
-
200
400
600
800
1,000
1,200
1,400
-
2x
4x
6x
8x
10x
12x
Enterprise value
EV / LTM revenue
-
5
10
15
20
25
30
35
40
45
-
10x
20x
30x
40x
50x
Enterprise value
EV / LTM revenue
End of 2024
End of 2025
Key
Accenture Adobe Alibaba Alphabet Amazon Apple Broadcom Cisco Hitachi IBM Meta Microsoft Netflix Nintendo NVIDIA Oracle Palantir QUALCOMM Salesforce SAP Shopify Spotify Tencent Disney Black pearl CAR EROAD ikeGPS Seek Serko Wisetech Vista Gentrack REA Computershare IRESS Xero
-
2.5x
5.0x
7.5x
10.0x
12.5x
15.0x
17.5x
20.0x
22.5x
25.0x
Dec 20
Jun 21
Dec 21
Jun 22
Dec 22
Jun 23
Dec 23
Jun 24
Dec 24
Jun 25
Dec 25
Tech Insights #401
Cloud Index as at 31 December 2025
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Mergers & acquisitionsCorporate finance advisoryCapital raising
9 February 2026
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Subscribe and see previous reports at This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. Both indices experienced a decline in the December quarter. The US Cloud Index ended the quarter at 6.5x EV/NTM revenue, down 9% quarter-on-quarter, while the ANZ Cloud Index fell to 6.0x, representing a 21% decline. While valuation multiples declined across the majority of ANZ constituents, large companies who experienced significant pullbacks include, Life360 declined 48%, Xero down 41%, Technology One fell 31%, and WiseTech dropped 26%.
Overview
6.5x
NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)
ANZ Cloud Index
Average
12MMA
Dec 25
6.0x
7.3x
Sept 25
7.7x
7.5x
Change
(21%)
(3%)
Dec 24
7.5x
6.7x
Change
(19%)
8%
US Cloud Index
Average
12MMA
Dec 25
6.5x
7.0x
Sept 25
7.1x
7.0x
Change
(9%)
0%
Dec 24
7.0x
6.3x
Change
(7%)
10%
Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (24 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (87 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.
Key:
US
ANZ
Average
12MMA
5yr avg
6.0x
7.2x
9.2x
-
5.0x
10.0x
15.0x
20.0x
Dec 20
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
-
10.0x
20.0x
30.0x
40.0x
Dec 20
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
75th percentile
Median
25th percentile
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Cloud Index as at 31 December 2025
Mergers & acquisitionsCorporate finance advisoryCapital raising
9 February 2026
Disclaimer The information provided has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
US cloud companies NTM revenue multiple
ANZ cloud companies NTM revenue multiple
8.1x
4.7x
2.9x
9.1x
5.0x
3.0x
US cloud companies
25th
75th
31 Dec 2025
Average
percentile
Median
percentile
EV ($m NZD)
47,242
4,855
10,878
31,964
EV / NTM Rev
6.5x
2.9x
4.7x
8.1x
Revenue Growth (NTM)
16%
9%
14%
22%
EV / LTM Rev
8.2x
3.4x
5.4x
9.3x
Revenue Growth (LTM)
19%
10%
17%
25%
Operating Margin
(2%)
(9%)
2%
11%
ANZ cloud companies
25th
75th
31 Dec 2025
Average
percentile
Median
percentile
EV ($m NZD)
6,915
629
1,813
10,678
EV / NTM Rev
6.0x
3.0x
5.0x
9.1x
Revenue Growth (NTM)
14%
5%
9%
22%
EV / LTM Rev
8.3x
3.3x
7.3x
13.0x
Revenue Growth (LTM)
14%
7%
13%
19%
Operating Margin
26%
16%
29%
37%
Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.
EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months.
Tech Insights #400
The twelve metrics of Christmas
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Mergers & acquisitionsCorporate finance advisoryCapital raising
15 December 2025
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Subscribe and see previous reports at To close out the year, and celebrate our 400th Tech Insights report, we’re unwrapping twelve stories, milestones and quirks that have defined Clare Capital over the past twelve years. On the first day of Christmas Clare Capital gave to me…
Overview
1
defamation case
2
5
graphs per Tech Insights report (average for 2025)
6
years of sponsoring Banqer
pm is the average time Tech Insights are sent out
Pie charts should be used...
Almostnever
3
different offices
2021 - today
2017 - 2021
2013 - 2017
4
hundred Tech Insights shared!!!
Tech Insights #400
The twelve metrics of Christmas
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15 December 2025
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9
members of the team
10
cheeseburgers eaten by Eliot Brown
(in 10 mins)
11
Raglan Roast coffees consumed daily by our team
12
years since Clare Capital was founded
Mark Clare circa 2013
.5 years since the first Tech Insights report was produced
Disclaimer The information provided in this report cannot be verified by traditional sources. Clare Capital holds no responsibility over the actual numbers. Additionally, past cheeseburger eating performance is not an indicator of future cheeseburger eating performance. Capacity and desire to eat is subject to change. Cheeseburger eating events are inherently risky (and delicious, albeit decreasingly so) and you should seek appropriate professional advice before attempting.
where the word ‘Christmas’ is mentioned (including this one)
7
Tech
Insights
Kent made the first Tech Insights report
65
(29)
(21)
(54)
(185)
(114)
32
67
369
EBITDA
Other expenses
S&M
G&A
Employee expenses
Food & packaging costs
Other revenue
Franchise revenue
Corporate revenue
62
76
93
116
127
138
158
169
194
220
169
87
-
50
100
150
200
250
300
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Tech Insights #399
Australian burritos
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
8 December 2025
Menu highlights
clarecapital.co.nz/tech-insights
Subscribe and see previous reports at This Tech Insights report looks at Guzman y Gomez (GYG), an Australian-headquartered Mexican quick-service restaurant (QSR). GYG listed on the ASX in June 2024. The business opened its first restaurant in Sydney in 2006 and now operates more than 250 restaurants across Australia, Singapore, Japan and the US. Corporate-owned restaurants represent 34% of GYG’s network and generate 79% of total revenue, with the remaining derived from franchise fees / royalties. GYG has a June year end.
Overview
Number of restaurants (#)
% network sales by time
% network sales by channel
Network sales* and revenue (AUD $m)
FY25 EBITDA waterfall (AUD $m)
34% corporate restaurants
66% franchised restaurants
256
15% EBITDA margin
448
575
759
960
1,181
120
172
259
342
436
-
200
400
600
800
1,000
1,200
1,400
FY21
FY22
FY23
FY24
FY25
93% of network sales are from Australia
*Total sales at GYG’s franchise restaurants and corporate restaurants
Burrito bowl
Nacho fries
Burrito
Quesadilla
Tacos
Nachos
10%
32%
19%
33%
7%
FY25
Breakfast
Lunch
Afternoon
Dinner
After 9pm
31%
23%
27%
20%
FY25
Online for Pickup(Web & App)
Delivery
Drive Thru
In-Restaurant
79% of revenue is from GYG-owned restaurants
-
50%
100%
150%
Jun 24
Sept 24
Dec 24
Mar 25
Jun 25
Sept 25
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Australian burritos
Mergers & acquisitionsCorporate finance advisoryCapital raising
8 December 2025
Disclaimer The information provided in this report has been sourced from FactSet, company annual reports, and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Selected QSR comparables
Location
Revenue / restaurant (AUD $m)
% franchised restaurants
Restaurants #
EV 5 Dec 25
(AUD $bn)
Revenue LTM
(AUD $bn)
Revenue growth LTM (%)
Revenue multiple LTM (x)
EBITDA margin LTM (%)
EBITDA multiple LTM (x)
Domino's
US
0.4
99%
21,366
28
7.5
4%
3.8x
21%
17.9x
Yum! Brands
US
0.2
98%
62,000
78
12.5
12%
6.2x
33%
18.8x
McDonald's
US
0.9
95%
43,477
414
40.8
1%
10.2x
54%
18.7x
Wendy's
US
0.5
95%
7,240
8
3.4
(0%)
2.3x
24%
9.6x
BurgerFuel
NZ
0.3
92%
61
0.02
0.02
(6%)
1.2x
12%
9.9x
Papa John's
US
0.5
91%
6,030
3
3.2
(1%)
1.1x
9%
11.5x
GYG
AU
1.7
66%
256
2
0.4
27%
5.3x
19%
28.1x
Restaurant Brands NZ
NZ
2.6
27%
522
1
1.4
3%
1.0x
14%
7.5x
Chipotle
US
4.9
-
3,726
73
18.3
7%
4.0x
20%
20.0x
Cava
US
4.8
-
367
9
1.8
24%
5.3x
13%
40.6x
Sweetgreen
US
4.3
-
246
2
1.1
2%
1.4x
(4%)
nm
Median
0.9
91%
3,726
8
3.2
3%
3.8x
19%
18.3x
Indexed share price for select QSRs and ASX 200 since June 24
Revenue / restaurant* (AUD $m) and % franchises for select QSRs
ASX 200
*Revenue per restaurant = total reported revenue ÷ total restaurants (corporate and franchised)
-
20%
40%
60%
80%
100%
-
1
2
3
4
5
Revenue / restaurant
% franchised restaurants
-
10
20
30
40
50
60
70
16
17
18
19
20
21
22
23
24
25
-
10
20
30
40
50
60
70
80
16
17
18
19
20
21
22
23
24
25
Tech Insights #398
Magnificent 7 (& Broadcom): Investments
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1 December 2025
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Apple
Meta
Broadcom
NVIDIA
Tesla
Microsoft
Investment count versus M&A count (#)
Avg. size of investment round* (USD $bn)
Capex spend per annum (USD $bn)
*Note the available data reports total round size, rather than the specific investment amounts by individual companies.
Investment count by company (#)
Sum of investment rounds* (USD $bn)
Investments by sector – 2016 versus 2025
-
20%
40%
60%
80%
100%
16
25
Software and Consulting
Other
-
10
20
30
40
50
60
70
80
16
17
18
19
20
21
22
23
24
25
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
16
17
18
19
20
21
22
23
24
25
-
50
100
150
200
250
300
350
400
16
17
18
19
20
21
22
23
24
25
This week’s Tech Insights report looks at investments made by the Magnificent 7 (& Broadcom). An investment in this context is any instance where a Magnificent 7 company (or Broadcom) invests capital into another business, including participation in equity funding rounds (e.g. Series A).
Overview
-
2
4
6
8
10
12
14
16
18
Apr 24
Nov 24
May 25
Dec 25
-
0.5
1.0
1.5
2.0
2.5
3.0
Jan 16
Jan 17
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Jan 25
Microsoft
Amazon
Apple
Meta
Broadcom
NVIDIA
Tesla
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Magnificent 7 (& Broadcom): Investments
Mergers & acquisitionsCorporate finance advisoryCapital raising
1 December 2025
Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Notable investments (involvement in >$1bn investment round)*
*Tesla and Broadcom have been excluded as there is insufficient reliable data showing material investment activity since 2016
Total value of investment rounds with Magnificent 7 involvement since 2016 (USD $bn)
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Tech Insights #397
Magnificent 7 (& Broadcom): M&A
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Mergers & acquisitionsCorporate finance advisoryCapital raising
24 November 2025
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This week’s Tech Insights report takes a look at the acquisition activity of NVIDIA, Apple, Microsoft, Amazon, Alphabet, Meta, Tesla and Broadcom. These companies are considered the biggest tech stocks in the world and are currently the top-weighted constituents of the S&P 500 Index.
Overview
Completed acquisitions by year
Average acquisition value by year (USD $b)2
Acquisition count by company (last 10 years)
Largest acquisition by transaction value (last 10 years) (USD $b)
1 Partial year and pending deals mean 2025 data is incomplete
11
20
20
56
60
83
105
112
-
20
40
60
80
100
120
SolarCity, $5bn
Mellanox, $7bn
VMware, $69bn
Kustomer, $1bn
Intel modem business, $1bn
Whole Foods, $13bn
Activision Blizzard, $68bn
Mandiant, $5bn
-
20
40
60
80
57
64
56
73
49
55
56
22
22
13
-
10
20
30
40
50
60
70
80
'16
'17
'18
'19
'20
'21
'22
'23
'24
'25
2 Only includes acquisitions where deal value was disclosed
Activision Blizzard and VMware both closed in 2023
2.7
1.2
1.9
1.0
1.0
1.3
3.2
0.4
0.3
-
1.0
2.0
3.0
4.0
5.0
'16
'17
'18
'19
'20
'21
'22
'23
'24
'25
28.3
1
Tech Insights #397
Magnificent 7 (& Broadcom): M&A
Page 2 of 2
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Disclaimer The information provided in this report has been sourced solely from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
24 November 2025
Median transaction EV / revenue multiples 3
Median transaction EV / EBITDA multiples 3
Top 5 industries by transaction count since 2010
Completed transactions – US vs other (last 10 years)
-
20
40
60
80
100
120
Other
United States
3 Only a subset of transactions provide multiples, Tesla multiples not included due to small sample size
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
'25
ElectronicComponents
BusinessServices
Telecom
Hardware
Software andConsulting
12.9x
22.7x
14.9x
27.6x
(453.8x)
12.6x
5.7x
(10)
-
10
20
30
10.3x
7.7x
3.0x
6.4x
116.7x
3.2x
3.4x
-
10
20
Month0123456Jan100%98%95%91%87%83%79%Feb100%99%97%94%91%90%88%Mar100%100%98%98%96%95%94%Apr100%100%100%99%98%97%May100%100%101%103%104%Jun100%105%111%116%Jul100%105%109%Aug100%110%
MRR
Start of month
A
Monthly Recurring Revenue is normalised
monthly SaaS revenue (not including one-offs)
Churn
MRR lost from customers who leave
Contraction
Reduced MRR from existing customers
B
Gross Revenue Retention measures MRR from existing customers after Churnand Contraction
Expansion
Additional MRR from existing customers
C
Net RevenueRetentionmeasures MRR from existing customers over time (includes Expansion)
New
MRR from new customers
MRR
End of month
D
New+ Expansion–Contraction–Churn
16
5
11
3
8
1
1
10
+6
Tech Insights #396
SaaS metrics cheat sheet (2025 edition)
Mergers & acquisitionsCorporate finance advisoryCapital raising
17 November 2025
Existing customers
New
ARR (Annualised Recurring Revenue)
= MRR x 12 = 120
Page 1 of 2
All
NRR =
C
A
= 110%
GRR =
B
A
= 80%
MRR growth
=
Net new MRR
MRR Start of month
= 60%
Net expansion = Expansion – Contraction
Churn %
=
Churn
MRR Start of month
= 10%
MRR End = MRR Start + New + Expansion – Contraction – Churn
Monthly cohorts
Cohorts track NRR over time
Either on a$ or a logo (customer) basis
Net new MRR
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Rule of 40%
A popular metric to assess the performanceof a SaaS company, with a target of 40%+
Rule of X
Adaptation of ‘Rule of 40%’ that places agreater emphasis on revenue growth
Revenue per employee
Efficiency of labour to generate revenue
Average Revenue Per User (ARPU)
Monthly average spend per customer
SaaS Quick Ratio (QR)
A measure of growth efficiency
Lifetime Value (LTV)
Estimated value of the averagecustomer over their lifetime
Used capital ratio
How efficiently capital generates ARR
Payback period (CAC months)
# of months to recover customeracquisition costs
CAC ratio
$ of annual revenue generatedfor every $ of CAC spent
Cash burn %
Measures cash burn relative to MRR
Cash runway
Months left before running out of cash
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Subscribe and see previous reports at Tech Insights #396
SaaS metrics cheat sheet (2025 edition)
Mergers & acquisitionsCorporate finance advisoryCapital raising
17 November 2025
= Revenue growth+ Free Cash Flow (FCF) margin
Can use EBITDA in place of FCF margin
= Revenue growth x multiplier+ FCF margin
P&L for a SaaS business
MRR
Monthly Recurring Revenue
Normalised monthly SaaSrevenue (not including one-offs)
Other
Other revenue
Revenue not classified
as MRR (e.g. services)
Revenue
Total revenue
MRR + Other
CTS
Cost To Serve
Hosting, system maintenance and customer support (including staff)
GP
Gross Profit
Revenue – CTS
GM %
Gross Margin
GP / Revenue
CAC
Customer Acquisition Costs
Sales, marketing, onboardingand discounts
R&D expensed
Research & Development
Product development
G&A
General & Administrative
Everything else
(excluding D&A, interest and tax)
EBITDA
Earnings Before Interest, Tax, Depreciation & Amortisation
GP – CAC – R&D expensed – G&A
R&D capitalised
Capitalised R&D
Includes capitalised R&D to show the full engineering cost profile
EBITDA withfully costed R&D
EBITDA with all R&Dtreated as expensed
EBITDA – capitalised R&D
R&D total
Total spend on R&D
R&D expensed + R&D capitalised
=
# of employees
Revenue
=
Total customers
MRR
=
Churn + Contraction
New + Expansion
=
Churn %
ARPU x GM %
=
Capital raised + debt – cash
ARR
=
New MRR x GM %
CAC
=
CAC
New MRR x 12
=
MRR
Monthly cash burn
=
Monthly cash burn
Cash balance
Eroad, ikeGPS, Blackpearl Group, Vista Group, gentrack, serko, Fisher & Paykel Healthcare, Auckland International Airport, Infratil, The A2 Milk Company, Contact Energy, Meridian Energy, EBOS Healthcare, Mainfreight, Spark, Mercury
Tech Insights #395
Operating geographies
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Mergers & acquisitionsCorporate finance advisoryCapital raising
10 November 2025
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
Overview
This Tech Insights report examines the operating geographies of both large acquisitive technology companies and NZX companies. Page 1 highlights where select tech companies generate their revenue and how this compares to where they acquire new business, with a clear focus on expanding in the Americas (predominantly the US). Page 2 focuses on NZX companies – comparing tech with the 10 largest index constituents, highlighting the relative ease of accessing new markets with a tech or SaaS offering.
-
20%
40%
60%
80%
100%
CoStar
Salesforce
Atlassian
Adobe
SAP
CAR Group
WiseTech
Iress
Xero
Seek
% of total revenue
Other
EMEA
APAC
Americas
Acquisitions by target region (last 10 years)
-
20%
40%
60%
80%
100%
CoStar
Salesforce
Atlassian
Adobe
SAP
CAR Group
WiseTech
Iress
Xero
Seek
% of total acquisition spend
Other
EMEA
APAC
Americas
*Europe, Middle East, and Africa
**Asia Pacific
*
**
Page 2 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
10 November 2025
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
Tech Insights #395
Operating geographies
Revenue by region – select tech & NZX 10
-
20%
40%
60%
80%
100%
% of total revenue
Other
EMEA
APAC
Americas
Tech stocks
NZX 10
Offshore operating regions (excl NZ) – select tech & NZX 10
Note: only includes reported operating regions (not specific countries) available from FactSet.
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