The Software-as-a-Service (SaaS) market shows no sign of slowing down as a top conversation in tech. The past 20 months of data reveal a steady rise in conversation volume, no doubt due to a variety of factors including the popularity of the SaaS model for tech startups, the corporate push to the cloud during the COVID pandemic, and of course the portfolio gains to be made by investors in hot SaaS IPOs. Let’s take a look at some of the biggest levers this month.
IPO excitement dominated the SaaS conversation in August, as a number of high-profile private SaaS companies filed S-1 registrations with the SEC in August indicating their intent to go public, including Ant Group, Airbnb, Asana, JFrog, Palantir, Snowflake, Sumo Logic, Unity Software and Wish. As of the end of August, Snowflake, a cloud data warehousing company, was expected to be one of the biggest IPOs ever, and indeed opened to trading last week as the largest software IPO in history, raising a $3.4B war chest for the company. Highly-anticipated earnings reports from leading public companies also drove meaningful SaaS conversation volume, particularly around security innovator Zscaler and virtualization tech leader VMWare.
Salesforce hit an impressive milestone, surpassing $5B in quarterly revenue. TechCrunch reporter Ron Miller chalks the achievement up to two factors: a robust acquisition strategy, and revenue gains from companies migrating to the cloud at an accelerated pace due to COVID. It’s worth noting that TechCrunch is the outsized leader in covering SaaS news, with 51 unique stories* as compared to nine in The Register and seven each in TechRadar and SiliconANGLE. Columnist Ron Miller also happens to be one of the leading commentators on the SaaS market, with five stories this month in TechCrunch and SmarterMSP*.
Lastly, some interesting hashtags trended this month, primarily on Twitter**, providing a window into what got folks excited enough to engage. In addition to the usual suspects (#cloud, #software, #tech) #startup was among the most used hashtags this month, an unsurprising trend given the SaaS S-1 queue and the projected $224B in combined valuation. The #100daysofcode challenge saw plenty of activity as did #womenwhocode, albeit at a slightly lower volume. Somewhat surprising was the volume around #iot, although likely chalked up to tweeting around the virtual IoT World event held mid-August.