Unlocking

Cloud Index as at 30 June 2026

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396

17 Nov

SaaS metrics cheat sheet (2025 edition)

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380

21 Jul

Xero's acquisition of Melio

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353

11 Nov

2024

Tech M&A deal structures

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291

19 Jun

T2D3

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289

29 May

VC & PE funds raised

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419

6 Jul

Cloud Index as at 30 June 2026

#

396

17 Nov

SaaS metrics cheat sheet (2025 edition)

#

380

21 Jul

Xero's acquisition of Melio

#

353

11 Nov

2024

Tech M&A deal structures

#

291

19 Jun

T2D3

#

289

29 May

VC & PE funds raised

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2.5x

5.0x

7.5x

10.0x

12.5x

15.0x

17.5x

20.0x

22.5x

Jun 21

Dec 21

Jun 22

Dec 22

Jun 23

Dec 23

Jun 24

Dec 24

Jun 25

Dec 25

Jun 26

Tech Insights #419

Cloud Index as at 30 June 2026

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

6 July 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. Following the sharp decline in the March quarter, valuation multiples showed signs of stabilisation through the June quarter. The US Cloud Index ended the quarter at 5.1x EV/NTM revenue, up 13% quarter-on-quarter, while the ANZ Cloud Index increased modestly to 4.4x, up 3%. Despite this, multiples remain well below levels seen a year ago and continue to sit below their 12-month moving averages and five-year averages, highlighting that cloud valuations remain subdued relative to recent historical levels.

Overview

5.1x

NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)

ANZ Cloud Index

Average

12MMA

Jun 26

4.4x

6.0x

Mar 26

4.2x

6.7x

Change

(10%)

Jun 25

7.6x

7.1x

Change

(43%)

(15%)

US Cloud Index

Average

12MMA

Jun 26

5.1x

6.0x

Mar 26

4.5x

6.5x

Change

13%

(7%)

Jun 25

7.2x

6.6x

Change

(29%)

(8%)

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 (81 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.

Key:

ANZ

Average

12MMA

5yr avg

4.4x

6.7x

7.8x

5.0x

10.0x

15.0x

20.0x

Jun 21

Jun 22

Jun 23

Jun 24

Jun 25

Jun 26

10.0x

20.0x

30.0x

Jun 21

Jun 22

Jun 23

Jun 24

Jun 25

Jun 26

75th percentile

Median

25th percentile

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Cloud Index as at 30 June 2026

Mergers & acquisitionsCorporate finance advisoryCapital raising

6 July 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

5.5x

3.3x

2.0x

6.2x

3.2x

2.1x

US cloud companies

25th

75th

30 Jun 2026

Average

percentile

Median

percentile

EV ($m NZD)

44,427

3,711

8,305

32,243

EV / NTM Rev

5.1x

2.0x

3.3x

5.5x

Revenue Growth (NTM)

18%

10%

17%

24%

EV / LTM Rev

6.5x

2.4x

3.5x

6.7x

Revenue Growth (LTM)

16%

23%

Operating Margin

(3%)

15%

ANZ cloud companies

25th

75th

30 Jun 2026

Average

percentile

Median

percentile

EV ($m NZD)

5,564

376

1,159

8,982

EV / NTM Rev

4.4x

2.1x

3.2x

6.2x

Revenue Growth (NTM)

16%

(1%)

19%

EV / LTM Rev

6.0x

2.5x

4.9x

9.1x

Revenue Growth (LTM)

12%

Operating Margin

25%

14%

26%

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.

‍

6 Jul

Cloud Index as at 30 June 2026

419

Tech Insights #418

The AI IPO Race: OpenAI vs Anthropic

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

29 June 2026

Subscribe and see previous reports at clarecapital.co.nz/tech-insights

Overview

We are seeing an incredible level of investment in technology (particularly in AI) and an outsized share flowing to a small number of leading players. Two of these are OpenAI (the maker of ChatGPT) and Anthropic (the maker of Claude). Both OpenAI and Anthropic have this month submitted confidential S-1 filings to explore Initial Public Offerings (IPOs). This Tech Insights report looks at the short, but turbulent, histories of these two companies, capital raised, revenues, and what we know about their IPO plans today. We expect we will be revisiting these companies further down the track. Given both companies are private, financial information is difficult to verify.

History - OpenAI

Cumulative capital raised (USD $b)

History - Anthropic

2015 - Founded a nonprofit by Sam Altman, Elon Musk, Greg Brockman, Ilya Sutskever & others with $1b in pledged funding.

2018 - Musk departed Board. GPT-1 released.

2019 - Restructured to ‘capped profit’ model. Microsoft invested $1b beginning a strategic partnership.

2020 - GPT-3 released (175b parameters), API opened to developers.

2022 - ChatGPT launched in November reaching 100m users in 2 months.

2023 - Microsoft invested $10b. GPT-4 launched. Altman fired and reinstated in a 5-day Board crisis.

2024 - Sutskever departed. Sora video model and OpenAI o1 reasoning model launched.

2025 - Converted to Public Benefit Corporation (PBC). $40b capital raise led by SoftBank at a $300b valuation. Stargate project announced.

2026 - $122b funding round at an $852b valuation. Confidential S-1 filed 8 June 2026. IPO targeted late 2026 / 2027.

2021 - Founded in January by Dario Amodei (CEO), Daniela Amodei (President) and 5 other ex-OpenAI researchers. Incorporated as a PBC.

2022 - Raised Series A/B. Research begins into Constitutional AI and RLHF safety techniques.

2023 - Claude 1 launched in March. Google invested $300M (Series C, ~10% stake).

2024 - Claude 3 family (Haiku, Sonnet, Opus) released.

2025 - Claude 4 launched. Series F funded at a $183b valuation.

2026 - Series G ($30b funded at $380b). Series H pushes valuation to $965b. Confidential S-1 filed 1 June 2026 becoming the first major AI company to file.

Run-rate revenue (USD $b)

100

150

200

Jan 23

Jan 24

Jan 25

Jan 26

OpenAI

Anthropic

2023

2024

2025

2026

OpenAI

Anthropic

Note: all valuations are quoted on a post-money basis

100

200

300

400

2022

2023

2024

2025

2026

OpenAI & Anthropic

US Venture Capital raised

Tech Insights #418

The AI IPO Race: OpenAI vs Anthropic

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Disclaimer The information provided in this report has been sourced and calculated from third party 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.

Mergers & acquisitionsCorporate finance advisoryCapital raising

29 June 2026

What we currently know about the IPOs (USD)

OpenAI

Anthropic

Founded

December 2015

January 2021

Legal structure

Public Benefit Corporation*

IPO filing status

Confidential S-1 Filed 8 June 2026

Confidential S-1 Filed 1 June 2026

Expected IPO date

Late-2026 / early-2027

Late-2026

Last private valuation

~$852b+

~$965b+

Target IPO valuation

~$1t+

2025 revenue

~$13b

~$10b

Run-rate revenue

~$25b

~$47b

Key products

ChatGPT, GPT-4o/o3, Sora, DALL·E, API

Claude (Haiku/Sonnet/Opus), Claude Code

Combined capital raised (USD $b)

Notable shareholders Microsoft Sequoia Amazon Nvidia SoftBank a16z thrive t.rowe.price shaw alphabet menlo iconiq dragoneer salesforce jane street

Monthly domain visits in April 2026 (b)

*A Public Benefit Corporation (PBC) is a legally recognised, for-profit business entity designed to balance profit-making with a specific social or environmental mission. Where traditional corporations have a value maximisation focus, a PBC has a wider mandate. A PBC’s directors and management are legally protected when they pursue this mission, even if that impacts profit and pure wealth maximisation.

Valuation on capital raising dates (USD $b)

Between the two companies they have taken up ~60% of all US VC in 2026 to date

200

400

600

800

1,000

Jan 23

Jan 24

Jan 25

Jan 26

OpenAI

Anthropic

‍

29 Jun

The AI IPO Race OpenAI vs Anthropic

418

Tech Insights #417

SpaceX IPO

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

22 June 2026

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Overview

The recent SpaceX IPO has captured a lot of attention, including ours. The largest IPO in history has created (currently) the sixth largest company in the world by enterprise value. Space X’s revenue multiple is, however, significantly higher than the other largest companies in the world. This Tech Insights report looks at the IPO details, some company metrics, comparators, and the history from its founding in 2002 to today. We also note that SpaceX is already (post-IPO) using its equity to do all-stock M&A deals (acquiring AI company Anysphere at a USD $60 billion valuation).

Key metrics (USD)

IPO date

12 Jun 26

IPO offer price

$135.00

IPO proceeds

$75b

IPO valuation

$1.8t

# shares

555.6m

Opening share price (IPO pop)

$150.00 (11% ↑ IPO)

Day 1 closing share price

$160.95

NASDAQ:SPCX IPO details (USD)

$(2.6)b

FY25 loss from operations

Space – Activated in 2002, SpaceX's original launch business, covering Falcon 9, Falcon Heavy, and the in-development Starship system, provides reusable rocket access to orbit for commercial and government customers.

Connectivity - Activated in 2020, the Starlink satellite internet business, delivers high-speed, low-latency broadband from a low-Earth-orbit constellation to consumers, enterprises, and governments worldwide.

AI – Activated in 2023, SpaceX's AI platform, built around the 2026 xAI acquisition, spanning the Grok large language model, the X social platform, and the compute infrastructure behind both.

SpaceX operating segments

How SpaceX compares to the Magnificent 7 (& Broadcom) (USD $t)

NVIDIA Google Apple Microsoft Amazon Broadcom Tesla Meta

~650

Total launches

$18.6b

FY25 revenue

$185

Share price at last close

33%

YoY revenue growth

~10.3m

Starlink subscribers

$2.4t

Market cap at last close

80%+

Global mass to orbit

Elon Musk ownership

•Equity: His ~42% stake in SpaceX made him the world’s first trillionaire following the IPO, when combined with his Tesla holdings.

•Voting power: He holds ~84% of the voting power of common stock. Approximately 81% of which is attributable to his ownership of Class B common stock. Due to this, Nasdaq classifies SpaceX as a ‘controlled company’.

30x

60x

90x

120x

150x

Enterprise value

Revenue

Revenue multiple

SpaceX is already the world’s 6th largest company by EV but has a significantly higher revenue multiple

Tech Insights #417

SpaceX IPO

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Disclaimer The information provided in this report has been sourced and calculated from FactSet, the S-1 filing, 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.

Mergers & acquisitionsCorporate finance advisoryCapital raising

22 June 2026

Revenue by segment (USD $b)

FY23

FY24

FY25

FY23

FY24

FY25

Capital expenditure by segment (USD $b)

Comps (USD)

Company

Exchange

Share price ($)

Enterprise value ($b)

LTM revenue ($m)

Revenue multiple

YoY rev growth

SpaceX

NASDAQ

185.00

2,564

19,301

132.9x

33.2%

Rocket Lab

NASDAQ

107.24

680

100.6x

45.8%

Blue Origin

Private

50 - 100

AST SpaceMobile

NASDAQ

80.66

371.2x

1732.1%

Intuitive Machines

NASDAQ

22.85

334

15.9x

53.7%

Firefly Aerospace

NASDAQ

30.95

185

27.7x

70.7%

Redwire

NYSE

14.35

371

9.9x

33.6%

2002 - Founded by Elon Musk with $100m personal capital. Goal of reducing the cost of space access and enabling human settlement beyond Earth.

2008 - Falcon 1 becomes first privately funded liquid-propellant rocket to reach orbit.

2012 - Dragon becomes first commercial spacecraft to deliver cargo to the International Space Station (ISS) under NASA's CRS programme.

2015 - First successful Falcon 9 orbital booster landing - launching the modern reusability era.

2019 - Starlink constellation launches. By 2026: 10m+ subscribers across 160+ countries.

2020 - Crew Dragon carries first crewed mission to ISS - restoring US human spaceflight capability.

2024 - Starship completes orbital flight tests. SpaceX holds 80%+ of global orbital launch market share by mass.

Feb 2026 - SpaceX merges with xAI (Grok AI platform). SpaceX files S-1 registration statement on Nasdaq.

Jun 2026 - SpaceX completes a $75 billion IPO on Nasdaq (SPCX) on 12 June 2026, the largest public offering in history.

Jun 2026 - Acquires Anysphere, the startup behind the AI coding agent Cursor, in a $60 billion all-stock deal.

History

In FY25 SpaceX spent more on CAPEX than it generated in revenue

Year ended 31 December

‍

Tech Insights #416

SiteMinder

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

15 June 2026

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Overview

This week's Tech Insights report spotlights SiteMinder (ASX: SDR), an e-commerce platform for accommodation providers. Founded in 2006 and listed on the ASX in November 2021, the company offers two core subscription products: the SiteMinder Platform and Little Hotelier. The products provide hotels, resorts and other accommodation providers with tools to manage bookings, distribution channels, payments and guest engagement. The platform integrates with online travel agencies, booking engines and property management systems, allowing properties to manage room inventory, pricing and reservations across multiple sales channels. SiteMinder has a 30 June financial year end.

Business model

EBITDA (AUD $m)

100

150

200

250

FY21

FY22

FY23

FY24

FY25

Subscription

Transaction and other

(35)

(30)

(25)

(20)

(15)

(10)

(5)

FY21

FY22

FY23

FY24

FY25

Revenue (AUD $m)

Share price (AUD $)

Nov 21

May 22

Nov 22

May 23

Nov 23

May 24

Nov 24

May 25

Nov 25

May 26

•IPO offer price at $5.06

•Closed at $7.01 on first day of trading

Distribution channels booking.com expedia tripadvisor

•Hotel’s own website

•Global distribution systems (used by travel agents)

•Channel manager: Integrates with the PMS and connects to online booking channels. When a room is booked on one platform, SiteMinder automatically updates availability across all channels to prevent overbooking (subscription revenue)

•Commerce solutions: Suite of revenue optimisation products to get more bookings, better rates, etc. (transactional revenue)

Serves as an ‘all-in-one’ tech solution for smaller accommodation providers. Combines SiteMinder’s core platform capabilities with a PMS to assist with front-desk and other operational functions

Property management systems (PMS)

Software that accommodation providers use to run their day-to-day operations e.g. reservations and guest information

(subscription + transactional revenue)

Share price closed at $3.74 on 12 Jun 26

(+ other products)

(+ more)

Tech Insights #416

SiteMinder

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Disclaimer The information provided in this report has been sourced and calculated from FactSet and as stated in 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

15 June 2026

Rule of 40 (%)

LTV / CAC (AUD $000s)

Monthly average revenue per user (ARPU) (AUD $)

Number of properties subscribed to SiteMinder’s products (# 000s)

FY21

FY22

FY23

FY24

FY25

(24.5%)

(15.0%)

5.1%

17.4%

21.3%

(40%)

(30%)

(20%)

(10%)

10%

20%

30%

40%

FY21

FY22

FY23

FY24

FY25

YoY rev growth

Free cash flow margin

Rule of 40

2.1x

3.2x

4.1x

5.4x

6.2x

1.5x

3.0x

4.5x

6.0x

7.5x

9.0x

FY21

FY22

FY23

FY24

FY25

LTV

CAC

LTV / CAC

75% of management long-term incentives are based on meeting a ‘Rule of 40’ performance measure

5% of management short-term incentives are based on meeting an LTV / CAC performance measure

100

150

200

250

300

350

400

450

FY21

FY22

FY23

FY24

FY25

Subscription ARPU

Transaction ARPU

‍

Silver Fern Farms ANZCO Foods Walmart BHP Rio Tinto SGS Cocacola Pfizer Microsoft Bosch Electrolux Haier

Tech Insights #415

Scott Technology

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

8 June 2026

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Overview

Scott Technology (NZX:SCT) designs and manufactures automated production, robotics and process machinery. Founded in Dunedin in 1913, the company has grown into a global provider of industrial automation, employing more than 600 employees across 10 countries and serving major multinational customers worldwide. It’s operations are organised across four domains: proteins, mining, materials handling, and rest of business (now predominantly appliances). Scott Technology's products and systems are designed to improve productivity, operational efficiency and workplace safety across a range of industrial end markets.

Domains

Revenue by domain (NZD $m)

(5%)

10%

15%

20%

25%

(50)

100

150

200

250

300

FY21

FY22

FY23

FY24

FY25

Protein

Minerals

Materials handling

Rest of business

YoY revenue growth

EBITDA (NZD $m) & EBITDA margin (%)

Protein

Food processing automation and robotics for the red meat and poultry industries such as beef boning and poultry trussing machinery.

Revenue: $69m (25%)

Selected key customers:

Minerals

Sample preparation and automation equipment for the minerals industry, including rock crushers, pulverisers and dividers for mining and research.

Revenue: $51m (19%)

Selected key customers:

Materials handling

Warehousing and logistics automation solutions such as palletising, storage and conveyor systems.

Revenue: $123m (45%)

Selected key customers:

Rest of business

Now largely appliance manufacturing from fully automated production lines to standalone equipment units.

Revenue: $32m (11%)

Selected key customers:

10%

12%

14%

FY21

FY22

FY23

FY24

FY25

Tech Insights #415

Scott Technology

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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

8 June 2026

Revenue per employee (NZD $000s)

100

150

200

250

300

350

400

450

500

FY21

FY22

FY23

FY24

FY25

Share price (NZD $)

Sales vs service revenue (NZD $m)

Revenue by geography (NZD $m)

100

150

200

250

300

FY21

FY22

FY23

FY24

FY25

ANZ

America

Asia

Europe

Rest of world

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Jan 16

Jan 17

Jan 18

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

Jan 24

Jan 25

Jan 26

23%

26%

27%

28%

29%

100

150

200

250

300

FY21

FY22

FY23

FY24

FY25

Sales

Service

‍

Tech Insights #414

Atlassian

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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.

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)

10%

15%

20%

25%

30%

FY21

FY22

FY23

FY24

FY25

Revenue

Gross profit

Adj. operatingprofit

Adj. operatingprofit margin

+ more

12%

18%

24%

30%

36%

FY21

FY22

FY23

FY24

FY25

Other

Data centre

Cloud

YoY revenuegrowth

Tech Insights #414

Atlassian

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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)

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 (#)

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.

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

(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

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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

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.

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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%

1.5x

7.1x

Xiaomi

Hong Kong

169%

150

109

25%

33%

1.3x

16.1x

Garmin

NYSE

148%

16%

29%

45%

5.9x

20.5x

Teledyne

NYSE

85%

25%

32%

5.1x

20.9x

Casio

Tokyo

(28%)

12%

16%

0.9x

8.0x

TomTom

Amsterdam

(51%)

0.7

1.1

(6%)

(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

0.9

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

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

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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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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

‍

4 May

Sales and marketing impact

411

Tech Insights #410

Software deal structures – additional analysis

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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

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

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

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Software deal structures – additional analysis

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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

‍

20 Apr

Software deal structures – additional analysis

410

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

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13 April 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 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%)

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:

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

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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

(3%)

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%

11%

22%

EV / LTM Rev

5.6x

2.8x

3.6x

8.8x

Revenue Growth (LTM)

12%

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.

‍

13 Apr

Cloud Index as at 31 March 2026

409

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Global cloud companies

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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

(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

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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.

LTM (1-year prior)

LTM

Median (top 50)

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)

‍

30 Mar

408

Global cloud companies

Tech Insights #407

Margin movements

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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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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

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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

Asia

Other

AU/NZ

Tech Insights #406

Software deal structures

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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)

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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

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.

‍

16 Mar

406

Software deal structures

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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

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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%

100

150

200

FY21

FY22

FY23

FY24

FY25

FY26F

NZD $m

Revenue

Gross profit margin

10%

15%

20%

25%

30%

35%

FY21

FY22

FY23

FY24

FY25

FY26F

NZD $m

EBITDA

EBITDA margin

100

150

200

FY21

FY22

FY23

FY24

FY25

FY26F

NZD $m

Other

Space and Defence

Positioning

Telecommunications

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HTTP status codes

Mergers & acquisitionsCorporate finance advisoryCapital raising

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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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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)

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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Mergers & acquisitionsCorporate finance advisoryCapital raising

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

10x

15x

20x

25x

30x

35x

40x

nm*

*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

‍

23 Feb

ASX and NZX tech revenue and EBITDA

403

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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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

10x

12x

Enterprise value

EV / LTM revenue

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

16 Feb

402

Tech stocks 2025 wrap up

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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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%)

US Cloud Index

Average

12MMA

Dec 25

6.5x

7.0x

Sept 25

7.1x

7.0x

Change

(9%)

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:

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

clarecapital.co.nz/tech-insights

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Cloud Index as at 31 December 2025

Mergers & acquisitionsCorporate finance advisoryCapital raising

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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%

14%

22%

EV / LTM Rev

8.2x

3.4x

5.4x

9.3x

Revenue Growth (LTM)

19%

10%

17%

25%

Operating Margin

(2%)

(9%)

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%

22%

EV / LTM Rev

8.3x

3.3x

7.3x

13.0x

Revenue Growth (LTM)

14%

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.

‍

9 Feb

Cloud Index as at 31 December 2025

401

Tech Insights #400

The twelve metrics of Christmas

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Mergers & acquisitionsCorporate finance advisoryCapital raising

15 December 2025

clarecapital.co.nz/tech-insights

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

defamation case

graphs per Tech Insights report (average for 2025)

years of sponsoring Banqer

pm is the average time Tech Insights are sent out

Pie charts should be used...

Almostnever

different offices

2021 - today

2017 - 2021

2013 - 2017

hundred Tech Insights shared!!!

Tech Insights #400

The twelve metrics of Christmas

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Mergers & acquisitionsCorporate finance advisoryCapital raising

15 December 2025

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members of the team

cheeseburgers eaten by Eliot Brown

(in 10 mins)

Raglan Roast coffees consumed daily by our team

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)

Tech

Insights

Kent made the first Tech Insights report

‍

15 Dec