{
  "version": "2026.09.22-1",
  "generated": "2026-09-22",
  "classes": {
    "public": "Public trading observation (market data on listed companies)",
    "deal": "Disclosed control transaction (announced M&A with published terms)",
    "funding": "Private funding-round observation (post-money or run-rate implied; not a trading multiple)",
    "judgment": "Windsor Drake analyst assumption or range (not a measured sample)"
  },
  "sources": {
    "SEG-Q2-26": { "name": "Software Equity Group, 2Q26 SaaS M&A and Public Market Report", "url": "https://softwareequity.com/research/quarterly-saas-report", "retrieved": "2026-09-22", "rights": "Publicly published figures cited with attribution; no bulk redistribution" },
    "SEG-AR-26": { "name": "Software Equity Group, 2026 Annual SaaS Report", "url": "https://softwareequity.com/research/annual-saas-report", "retrieved": "2026-09-22", "rights": "Publicly published figures cited with attribution" },
    "SEG-INDEX": { "name": "SEG SaaS Index page (daily median, financial data by Tiingo)", "url": "https://softwareequity.com/saas-index", "retrieved": "2026-09-22", "rights": "Publicly displayed summary figure cited with attribution" },
    "AVENTIS-SAAS": { "name": "Aventis Advisors, SaaS Valuation Multiples 2015-2026 (S&P Capital IQ data as of 31 Aug 2026)", "url": "https://aventis-advisors.com/saas-valuation-multiples/", "retrieved": "2026-09-22", "rights": "Publicly published figures cited with attribution" },
    "ARRAY-SAAS": { "name": "Array Capital, B2B SaaS valuation multiples 2021 to 2026 (updated 30 Jul 2026)", "url": "https://www.arraycapital.com/insights/saas-valuation-multiples/", "retrieved": "2026-09-22", "rights": "Publicly published figures cited with attribution" },
    "CJ-2026-09-18": { "name": "Clouded Judgement, 18 Sep 2026 (public cloud software basket, EV/NTM revenue)", "url": "https://cloudedjudgement.substack.com/p/clouded-judgement-91826-ais-three", "retrieved": "2026-09-22", "rights": "Publicly published figures cited with attribution" },
    "MULTIPLES-VC-2026-09": { "name": "Multiples.vc, Public Software Valuation Multiples, September 2026 (as of 22 Sep 2026)", "url": "https://multiples.vc/insights/software-saas-valuation-multiples", "retrieved": "2026-09-22", "rights": "Publicly published figures cited with attribution" },
    "DAMODARAN-2026-01": { "name": "NYU Stern (Aswath Damodaran), EV/EBITDA by industry, US, January 2026", "url": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/vebitda.html", "retrieved": "2026-09-22", "rights": "Free academic dataset; cite source" },
    "AVENTIS-MSP": { "name": "Aventis Advisors, MSP Valuation Multiples (Mergermarket data)", "url": "https://aventis-advisors.com/msp-valuation-multiples/", "retrieved": "2026-09-22", "rights": "Publicly published figures cited with attribution" },
    "HL-FINTECH-Q2-26": { "name": "Houlihan Lokey, FinTech Market Update Q2 2026 (observed 30 Jun 2026), as tabulated on windsordrake.com/fintech-valuation-multiples/", "url": "https://windsordrake.com/fintech-valuation-multiples/", "retrieved": "2026-09-22", "rights": "Publicly published sector medians cited with attribution" },
    "WD-FINTECH-2026-08": { "name": "Windsor Drake, Fintech Valuation Multiples 2026 (updated 21 Aug 2026), Fintech Exit Index disclosed multiples", "url": "https://windsordrake.com/fintech-valuation-multiples/", "retrieved": "2026-09-22", "rights": "Windsor Drake research" },
    "WD-PAY-2026-08": { "name": "Windsor Drake, Payments Valuation Benchmarks (updated 11 Aug 2026); public comps via stockanalysis.com (S&P Global) 8-11 Aug 2026; HL Q1 2026 FinTech update", "url": "https://windsordrake.com/payments-valuation-benchmarks/", "retrieved": "2026-09-22", "rights": "Windsor Drake research; third-party figures cited to their sources on that page" },
    "WD-EBITDA-2026-08": { "name": "Windsor Drake, EBITDA Multiples by Industry 2026 (updated Aug 2026); GF Data Q1 2026; BizBuySell Q2 2026", "url": "https://windsordrake.com/ebitda-multiples-by-industry/", "retrieved": "2026-09-22", "rights": "Windsor Drake research; band ranges are analyst judgment informed by cited sources" },
    "WD-CYBER-2026-08": { "name": "Windsor Drake, Cybersecurity Valuation Multiples 2026 (data through Jul 2026; subsector table Nov 2025 via FinRO/PitchBook; growth table SaaS Capital/PitchBook)", "url": "https://windsordrake.com/cybersecurity-valuation-report/", "retrieved": "2026-09-22", "rights": "Windsor Drake research; third-party figures cited on that page" },
    "WD-VSAAS-2026-08": { "name": "Windsor Drake, Vertical SaaS Valuation Report 2026 (updated Aug 2026)", "url": "https://windsordrake.com/vertical-saas-valuation-report/", "retrieved": "2026-09-22", "rights": "Windsor Drake research" },
    "WD-AI-Q3-26": { "name": "Windsor Drake Market Intelligence, AI Valuations: Q3 2026 (published 24 Aug 2026; public set as of 21 Aug 2026)", "url": "https://windsordrake.com/market-intelligence/reports/ai-valuations-q3-2026", "retrieved": "2026-09-22", "rights": "Windsor Drake research" },
    "WD-R40-2026-06": { "name": "Windsor Drake, The Rule of 40 Premium (June 2026 edition)", "url": "https://windsordrake.com/report-rule-of-40-premium/", "retrieved": "2026-09-22", "rights": "Windsor Drake research" },
    "WD-MI-DEALS": { "name": "Windsor Drake Market Intelligence, Transactions database (each record cites its primary source)", "url": "https://windsordrake.com/market-intelligence/transactions", "retrieved": "2026-09-22", "rights": "Windsor Drake compiled dataset of public disclosures" }
  },
  "series": {
    "saas_public_seg_ttm": {
      "label": "SEG SaaS Index median EV/TTM revenue",
      "class": "public",
      "basis": "Median EV / trailing-twelve-month revenue, ~106 public B2B SaaS companies, quarter-end",
      "unit": "x",
      "points": [
        { "x": "2024-12", "y": 6.3, "src": "SEG-AR-26", "label": "4Q24" },
        { "x": "2025-03", "y": 6.4, "src": "SEG-AR-26", "label": "1Q25" },
        { "x": "2025-06", "y": 5.3, "src": "SEG-AR-26", "label": "2Q25" },
        { "x": "2025-09", "y": 5.3, "src": "SEG-Q2-26", "label": "3Q25 (annual report shows 5.2x)" },
        { "x": "2025-12", "y": 4.9, "src": "SEG-Q2-26", "label": "4Q25 (annual report shows 4.8x)" },
        { "x": "2026-03", "y": 3.7, "src": "SEG-Q2-26", "label": "1Q26" },
        { "x": "2026-06", "y": 3.2, "src": "SEG-Q2-26", "label": "2Q26" },
        { "x": "2026-09-22", "y": 4.2, "src": "SEG-INDEX", "label": "Daily median shown on the SEG index page, 22 Sep 2026" }
      ]
    },
    "saas_public_aventis_ttm": {
      "label": "Public SaaS median EV/Revenue (Aventis, S&P Capital IQ)",
      "class": "public",
      "basis": "Median EV / revenue for listed SaaS companies, dated observations as published (not a continuous series)",
      "unit": "x",
      "points": [
        { "x": "2020-03", "y": 9.6, "src": "AVENTIS-SAAS", "label": "March 2020" },
        { "x": "2020-12", "y": 19.3, "src": "AVENTIS-SAAS", "label": "December 2020" },
        { "x": "2023-04", "y": 6.9, "src": "AVENTIS-SAAS", "label": "Spring 2023 (Array Capital cites 6.7x for 2023)" },
        { "x": "2025-01", "y": 7.7, "src": "AVENTIS-SAAS", "label": "Early 2025 (Array Capital cites 7.3x)" },
        { "x": "2025-07", "y": 6.0, "src": "AVENTIS-SAAS", "label": "July 2025" },
        { "x": "2026-03", "y": 3.4, "src": "ARRAY-SAAS", "label": "March 2026" },
        { "x": "2026-08", "y": 4.6, "src": "AVENTIS-SAAS", "label": "August 2026 (as of 31 Aug 2026)" }
      ]
    },
    "saas_ma_aventis": {
      "label": "Private SaaS M&A median EV/Revenue (Aventis)",
      "class": "deal",
      "basis": "Median EV / revenue of disclosed private SaaS M&A transactions, annual",
      "unit": "x",
      "points": [
        { "x": "2021-12", "y": 6.4, "src": "ARRAY-SAAS", "label": "2021" },
        { "x": "2023-12", "y": 3.3, "src": "ARRAY-SAAS", "label": "2023" },
        { "x": "2024-12", "y": 2.9, "src": "ARRAY-SAAS", "label": "2024" },
        { "x": "2025-12", "y": 3.8, "src": "ARRAY-SAAS", "label": "2025" },
        { "x": "2026-03", "y": 3.1, "src": "ARRAY-SAAS", "label": "Q1 2026" }
      ],
      "longRun": { "median": 4.5, "p25": 2.4, "p75": 8.1, "period": "2015-2026", "src": "ARRAY-SAAS" }
    },
    "saas_ma_seg": {
      "label": "SaaS M&A median EV/TTM revenue (SEG)",
      "class": "deal",
      "basis": "Median EV / TTM revenue of SaaS M&A transactions with disclosed multiples, quarterly",
      "unit": "x",
      "points": [
        { "x": "2026-03", "y": 4.2, "src": "SEG-Q2-26", "label": "1Q26" },
        { "x": "2026-06", "y": 4.0, "src": "SEG-Q2-26", "label": "2Q26 (698 deals announced; 2,784 TTM)" }
      ]
    },
    "msp_listed_ebitda": {
      "label": "Listed MSP median EV/EBITDA (public IT-services proxy)",
      "class": "public",
      "basis": "Median EV/EBITDA of 10 listed managed-service providers, half-year observations (Aventis/Mergermarket)",
      "unit": "x",
      "points": [
        { "x": "2018-06", "y": 11.5, "src": "AVENTIS-MSP" }, { "x": "2018-12", "y": 7.8, "src": "AVENTIS-MSP" },
        { "x": "2019-06", "y": 8.8, "src": "AVENTIS-MSP" }, { "x": "2019-12", "y": 9.4, "src": "AVENTIS-MSP" },
        { "x": "2020-06", "y": 11.1, "src": "AVENTIS-MSP" }, { "x": "2020-12", "y": 14.6, "src": "AVENTIS-MSP" },
        { "x": "2021-06", "y": 17.5, "src": "AVENTIS-MSP" }, { "x": "2021-12", "y": 17.4, "src": "AVENTIS-MSP" },
        { "x": "2022-06", "y": 12.4, "src": "AVENTIS-MSP" }, { "x": "2022-12", "y": 11.1, "src": "AVENTIS-MSP" },
        { "x": "2023-06", "y": 11.2, "src": "AVENTIS-MSP" }, { "x": "2023-12", "y": 10.6, "src": "AVENTIS-MSP" },
        { "x": "2024-06", "y": 11.0, "src": "AVENTIS-MSP" }, { "x": "2024-12", "y": 11.4, "src": "AVENTIS-MSP" },
        { "x": "2025-12", "y": 12.4, "src": "AVENTIS-MSP", "label": "2025" }
      ]
    }
  },
  "snapshots": {
    "cj_2026_09_18": {
      "src": "CJ-2026-09-18", "date": "2026-09-18", "class": "public", "basis": "EV / NTM (next-twelve-month consensus) revenue, public cloud software basket",
      "overallMedian": 4.2, "top5Median": 36.4,
      "byGrowth": [
        { "label": "High growth (>22% NTM)", "value": 17.5, "lo": 22, "hi": 60 },
        { "label": "Mid growth (15-22% NTM)", "value": 6.5, "lo": 15, "hi": 22 },
        { "label": "Low growth (<15% NTM)", "value": 3.5, "lo": 0, "hi": 15 }
      ],
      "medians": { "ntmGrowth": 0.13, "ltmGrowth": 0.16, "grossMargin": 0.76, "operatingMargin": 0.04, "fcfMargin": 0.21, "netRetention": 1.10, "cacPaybackMonths": 31 }
    },
    "multiples_vc_2026_09": {
      "src": "MULTIPLES-VC-2026-09", "date": "2026-09-22", "class": "public", "basis": "Median EV / NTM revenue and EV / NTM EBITDA by segment",
      "categories": [
        { "label": "Horizontal SaaS", "evRev": 2.2, "evEbitda": 9.8, "n": "14 segments" },
        { "label": "Vertical SaaS", "evRev": 2.3, "evEbitda": 10.6, "n": "13 segments" },
        { "label": "Infrastructure SaaS", "evRev": 3.0, "evEbitda": 12.1, "n": "7 segments" }
      ],
      "segments": [
        { "label": "DevOps", "evRev": 9.0, "evEbitda": 39.4 },
        { "label": "Data infrastructure", "evRev": 5.5, "evEbitda": 21.3 },
        { "label": "Developer tools", "evRev": 5.4, "evEbitda": 25.8 },
        { "label": "E-commerce software", "evRev": 1.4, "evEbitda": 7.9 },
        { "label": "Video and streaming", "evRev": 1.2, "evEbitda": 7.9 },
        { "label": "AdTech", "evRev": 0.9, "evEbitda": 6.6 }
      ]
    },
    "seg_segments_2q26": {
      "src": "SEG-Q2-26", "date": "2026-06-30", "class": "public", "basis": "Median EV / TTM revenue by product category within the SEG SaaS Index",
      "rows": [
        { "label": "DevOps & IT management", "value": 5.3 },
        { "label": "ERP & supply chain", "value": 4.6 },
        { "label": "Security", "value": 4.3 },
        { "label": "Index median", "value": 3.2 }
      ]
    },
    "damodaran_2026_01": {
      "src": "DAMODARAN-2026-01", "date": "2026-01", "class": "public", "basis": "Aggregate EV / EBITDA (and EV / EBIT) for US listed firms by industry group, January 2026",
      "rows": [
        { "label": "Software (system & application)", "n": 309, "evEbitda": 24.48, "evEbit": 32.41 },
        { "label": "Software (internet)", "n": 29, "evEbitda": 30.26, "evEbit": 172.99 },
        { "label": "Software (entertainment)", "n": 77, "evEbitda": 22.01, "evEbit": 26.98 },
        { "label": "Information services", "n": 15, "evEbitda": 11.50, "evEbit": 17.77 },
        { "label": "Computer services", "n": 64, "evEbitda": 14.10, "evEbit": 19.25 },
        { "label": "Business & consumer services", "n": 155, "evEbitda": 14.26, "evEbit": 20.15 },
        { "label": "Financial services (non-bank & insurance)", "n": 176, "evEbitda": 57.52, "evEbit": 69.40 },
        { "label": "Healthcare support services", "n": 104, "evEbitda": 11.17, "evEbit": 15.02 },
        { "label": "Machinery", "n": 105, "evEbitda": 16.22, "evEbit": 21.04 },
        { "label": "Electronics (general)", "n": 114, "evEbitda": 19.99, "evEbit": 29.76 },
        { "label": "Semiconductor", "n": 66, "evEbitda": 34.75, "evEbit": 44.30 },
        { "label": "Telecom services", "n": 39, "evEbitda": 6.54, "evEbit": 12.22 },
        { "label": "Transportation", "n": 19, "evEbitda": 12.55, "evEbit": 21.45 },
        { "label": "Engineering / construction", "n": 48, "evEbitda": 17.18, "evEbit": 25.17 },
        { "label": "Advertising", "n": 52, "evEbitda": 12.00, "evEbit": 20.91 },
        { "label": "Education", "n": 32, "evEbitda": 9.26, "evEbit": 14.49 },
        { "label": "Restaurant / dining", "n": 64, "evEbitda": 17.49, "evEbit": 30.15 },
        { "label": "Total market", "n": 5994, "evEbitda": 19.73, "evEbit": 29.12 }
      ]
    },
    "wd_ebitda_bands_2026_08": {
      "src": "WD-EBITDA-2026-08", "date": "2026-08", "class": "judgment", "basis": "EV / LTM adjusted EBITDA ranges by earnings band, Windsor Drake analyst judgment informed by GF Data Q1 2026, BizBuySell Q2 2026, NYU Stern Jan 2026 and 2024-2026 deal flow",
      "bands": ["$1M-$3M EBITDA", "$3M-$10M EBITDA", "$10M+ EBITDA"],
      "rows": [
        { "key": "saas", "label": "B2B SaaS (profitable)", "r": [[5.5, 8.0], [7.0, 10.0], [9.0, 13.0]], "trend": "Firming" },
        { "key": "fintech", "label": "Fintech & payments", "r": [[5.5, 8.0], [7.0, 10.0], [9.0, 13.0]], "trend": "Firming" },
        { "key": "cyberservices", "label": "Cybersecurity services & MSSPs", "r": [[5.0, 7.0], [6.5, 9.0], [8.5, 12.0]], "trend": "Firming" },
        { "key": "itservices", "label": "IT services & MSPs", "r": [[4.5, 6.0], [5.5, 7.5], [7.0, 9.5]], "trend": "Firming" },
        { "key": "healthit", "label": "Healthcare IT & tech-enabled services", "r": [[5.5, 7.5], [7.0, 9.5], [8.5, 12.0]], "trend": "Firming" },
        { "key": "healthservices", "label": "Healthcare services (multi-site)", "r": [[4.5, 6.0], [5.5, 7.5], [7.0, 9.5]], "trend": "Stable" },
        { "key": "dental", "label": "Dental & veterinary practices", "r": [[4.0, 5.5], [5.5, 7.5], [7.0, 9.0]], "trend": "Stable" },
        { "key": "homecare", "label": "Home care & behavioral health", "r": [[4.0, 5.5], [5.0, 7.0], [6.5, 8.5]], "trend": "Stable" },
        { "key": "bizservices", "label": "Business & professional services", "r": [[4.0, 5.5], [5.0, 7.0], [6.5, 8.5]], "trend": "Stable" },
        { "key": "accounting", "label": "Accounting & tax firms", "r": [[3.5, 5.0], [4.5, 6.5], [6.0, 8.0]], "trend": "Firming" },
        { "key": "insurance", "label": "Insurance agencies & brokerages", "r": [[5.5, 7.5], [7.0, 9.5], [8.5, 12.0]], "trend": "Stable" },
        { "key": "agencies", "label": "Marketing & digital agencies", "r": [[3.5, 5.0], [4.5, 6.0], [5.5, 7.5]], "trend": "Softening" },
        { "key": "engineering", "label": "Engineering & architecture", "r": [[4.0, 5.5], [5.0, 6.5], [6.0, 8.0]], "trend": "Firming" },
        { "key": "staffing", "label": "Staffing & recruiting", "r": [[3.5, 4.5], [4.0, 5.5], [5.0, 7.0]], "trend": "Softening" },
        { "key": "manufacturing", "label": "Niche & precision manufacturing", "r": [[4.0, 5.5], [5.0, 7.0], [6.5, 8.5]], "trend": "Firming" },
        { "key": "industrial", "label": "Industrial products & automation", "r": [[4.5, 6.0], [5.5, 7.5], [7.0, 9.0]], "trend": "Firming" },
        { "key": "buildingproducts", "label": "Building products manufacturing", "r": [[4.0, 5.5], [5.0, 6.5], [6.0, 8.0]], "trend": "Stable" },
        { "key": "aerospace", "label": "Aerospace & defense suppliers", "r": [[5.0, 6.5], [6.0, 8.0], [7.5, 10.0]], "trend": "Firming" },
        { "key": "construction", "label": "Commercial & specialty construction", "r": [[3.0, 4.5], [4.0, 5.5], [5.0, 7.0]], "trend": "Stable" },
        { "key": "homeservices", "label": "Home services (HVAC, plumbing, electrical)", "r": [[4.0, 5.5], [5.5, 7.5], [7.0, 10.0]], "trend": "Firming" },
        { "key": "environmental", "label": "Environmental & waste services", "r": [[4.5, 6.0], [5.5, 7.5], [7.0, 9.5]], "trend": "Firming" },
        { "key": "logistics", "label": "Logistics, transportation & 3PL", "r": [[3.5, 5.0], [4.5, 6.0], [5.5, 7.5]], "trend": "Stable" },
        { "key": "distribution", "label": "Distribution & wholesale", "r": [[4.0, 5.5], [5.0, 6.5], [6.0, 8.0]], "trend": "Stable" },
        { "key": "food", "label": "Food & beverage manufacturing", "r": [[4.0, 5.5], [5.0, 7.0], [6.5, 9.0]], "trend": "Stable" },
        { "key": "ecommerce", "label": "Consumer products & e-commerce", "r": [[3.0, 4.5], [4.0, 5.5], [5.0, 7.0]], "trend": "Stable" }
      ],
      "observed": [
        { "label": "GF Data, Q1 2026: average TEV/TTM adjusted EBITDA, 80 completed deals, $1M-$500M TEV", "value": 7.3, "class": "deal" },
        { "label": "GF Data, H1 2025: $1M-$5M TEV", "value": 5.5, "class": "deal" },
        { "label": "GF Data, H1 2025: $5M-$10M TEV", "value": 5.6, "class": "deal" },
        { "label": "GF Data, H1 2025: $10M-$25M TEV (6.2x-6.7x)", "low": 6.2, "high": 6.7, "class": "deal" },
        { "label": "BizBuySell, Q2 2026: average cash-flow (SDE) multiple, 2,117 closed sales", "value": 2.7, "class": "deal", "basis": "SDE, not EBITDA" },
        { "label": "NYU Stern (Damodaran), Jan 2026: US total market average EV/EBITDA, positive-EBITDA firms", "value": 19.7, "class": "public" }
      ]
    },
    "hl_fintech_q2_2026": {
      "src": "HL-FINTECH-Q2-26", "date": "2026-06-30", "class": "public", "basis": "Public fintech trading multiples by sector, 25th percentile / median / 75th percentile, EV / revenue and EV / EBITDA (Houlihan Lokey Q2 2026)",
      "rows": [
        { "key": "capmarkets", "label": "Capital markets tech", "rev": [2.8, 5.0, 7.9], "ebitda": [8.4, 12.0, 14.3], "group": "software" },
        { "key": "findata", "label": "Financial information & analytics", "rev": [1.9, 3.5, 6.5], "ebitda": [8.1, 10.8, 15.5], "group": "software" },
        { "key": "wealth", "label": "Asset & wealth management tech", "rev": [2.6, 3.3, 5.2], "ebitda": [8.3, 9.8, 12.1], "group": "fee" },
        { "key": "banking", "label": "Banking & lending tech (software providers)", "rev": [2.1, 2.8, 3.8], "ebitda": [6.4, 11.0, 13.3], "group": "software", "note": "Software vendors to banks and lenders; balance-sheet lenders are excluded from EV comparisons" },
        { "key": "insurtech", "label": "Insurtech (software and distribution)", "rev": [0.8, 2.7, 4.3], "ebitda": [6.4, 10.8, 13.6], "group": "fee", "note": "Risk-bearing insurers are excluded from EV comparisons" },
        { "key": "payments", "label": "Payments", "rev": [1.2, 2.2, 4.3], "ebitda": [5.9, 7.3, 12.5], "group": "payments" }
      ]
    },
    "hl_payments_q1_2026": {
      "src": "WD-PAY-2026-08", "date": "2026-03-31", "class": "public", "basis": "Forward (2026E) medians by payments subsector, Houlihan Lokey Q1 2026 FinTech update",
      "rows": [
        { "label": "Payments sector", "evRev": 2.1, "evEbitda": 6.9 },
        { "label": "Merchant acceptance", "evRev": 2.3, "evEbitda": 6.5 },
        { "label": "B2B payments", "evRev": 3.4, "evEbitda": 10.0 }
      ]
    },
    "wd_fintech_exit_index_2026_08": {
      "src": "WD-FINTECH-2026-08", "date": "2026-08-20", "class": "deal", "basis": "Disclosed EV / revenue of fintech M&A transactions announced Jan 2020-Aug 2026 with computable multiples (Windsor Drake Fintech Exit Index, n=20 of 240+ tracked)",
      "median": 10.1, "n": 20, "low": 2.4, "high": 50.0,
      "eras": [ { "label": "2020-2021 completed deals", "value": 12.2 }, { "label": "2022 onward completed deals", "value": 7.6 } ],
      "bySubsector": [
        { "label": "Regtech / compliance / open banking", "value": 19.6, "low": 8.8, "high": 50.0, "n": 3 },
        { "label": "Banking / payments infrastructure", "value": 15.7, "low": 12.0, "high": 25.0, "n": 3 },
        { "label": "Capital markets / mortgage tech", "value": 11.6, "low": 7.6, "high": 17.8, "n": 4 },
        { "label": "Financial data / open banking", "value": 5.6, "low": 3.4, "high": 12.8, "n": 3 },
        { "label": "Payments processing", "value": 3.8, "low": 2.4, "high": 4.7, "n": 3 }
      ]
    },
    "wd_payments_2026_08": {
      "src": "WD-PAY-2026-08", "date": "2026-08-11", "class": "judgment", "basis": "EV / net revenue ranges by payments business model, lower middle market, Windsor Drake analysis of disclosed deals and public comps (window Q1 2024-Q3 2026)",
      "tiers": [
        { "key": "payfac", "label": "PayFac / merchant acquiring", "low": 3, "high": 6, "gm": "40-60% gross margin (capped by interchange)", "driver": "Net revenue quality, vertical depth, churn" },
        { "key": "pfaas", "label": "PayFac-as-a-Service", "low": 7.5, "high": 8.5, "point": 8, "gm": "Software margin on 20-40 bps net take", "driver": "Platform embed depth, ISV distribution", "note": "~8x, single recent strategic comp" },
        { "key": "orchestration", "label": "Payment orchestration", "low": 10, "high": 15, "gm": "70-85% gross margin", "driver": "Processor-agnostic position, authorization-rate lift, NRR" },
        { "key": "infra", "label": "Infrastructure / rails", "low": 12, "high": 20, "gm": "70%+ gross margin", "driver": "Direct network connectivity, scarcity, low liability" }
      ],
      "ebitdaNote": "Mature profitable processors and infrastructure assets: 10x-18x EBITDA and above",
      "publicComps": [
        { "label": "Adyen (net revenue reporter)", "evRev": 7.9, "evEbitda": 15.1, "margin": 0.53 },
        { "label": "Corpay", "evRev": 6.8, "evEbitda": 13.0, "margin": 0.53 },
        { "label": "Jack Henry", "evRev": 4.4, "evEbitda": 12.9, "margin": 0.34 },
        { "label": "Global Payments", "evRev": 4.0, "evEbitda": 10.9, "margin": 0.37 },
        { "label": "FIS", "evRev": 3.5, "evEbitda": 10.2, "margin": 0.34 },
        { "label": "Fiserv", "evRev": 2.6, "evEbitda": 6.9, "margin": 0.38 },
        { "label": "Shift4 (gross revenue reporter)", "evRev": 1.6, "evEbitda": 8.3, "margin": 0.19 },
        { "label": "Euronet", "evRev": 0.75, "evEbitda": 5.0, "margin": 0.15 }
      ],
      "publicCompsBasis": "Trailing twelve months as of 8-11 Aug 2026, GAAP basis, stockanalysis.com (S&P Global)",
      "takeRates": [
        { "label": "PayFac gross capture", "value": 290, "note": "~2.9% of volume before interchange" },
        { "label": "Interchange and network pass-through", "low": 180, "high": 220, "note": "1.8%-2.2% surrendered before net revenue" },
        { "label": "PayFac net take (implied)", "low": 70, "high": 110, "note": "Gross capture less pass-through" },
        { "label": "PayFac-as-a-Service net take", "low": 20, "high": 40, "note": "On embedded volume" }
      ],
      "deals": [
        { "label": "Global Payments / Worldpay", "date": "2025-04", "value": "$24.25B", "multiple": "8.5x adj. EBITDA net of synergies (stated)" },
        { "label": "FIS / GPN Issuer Solutions", "date": "2025-04", "value": "$13.5B", "multiple": "12.3x adj. EBITDA (stated)" },
        { "label": "Advent / Nuvei", "date": "2024-04", "value": "$6.3B", "multiple": "~5.3x revenue, ~14.4x adj. EBITDA (computed, FY23)" },
        { "label": "Shift4 / Global Blue", "date": "2025-02", "value": "~$2.5B EV", "multiple": "~12x-13x guided adj. EBITDA (computed)" },
        { "label": "TPG and Corpay / AvidXchange", "date": "2025-05", "value": "$2.2B", "multiple": "~5.0x FY24 revenue (computed)" },
        { "label": "Deluxe / Celero Commerce", "date": "2026-06", "value": "$625M", "multiple": "~3.1x revenue, ~11x adj. EBITDA (computed)" }
      ]
    },
    "msp_size_bands": {
      "src": "AVENTIS-MSP", "date": "2026", "class": "deal", "basis": "Median EV / EBITDA of IT-services M&A by deal size (Mergermarket) with Aventis's implied MSP interpolation",
      "rows": [
        { "label": "<$5M deal value", "it": 5.9, "msp": 5.2, "n": 89 },
        { "label": "$5M-$20M", "it": 7.9, "msp": 6.8, "n": 189 },
        { "label": "$20M-$50M", "it": 10.3, "msp": 8.9, "n": 89 },
        { "label": "$50M-$100M", "it": 11.5, "msp": 9.9, "n": 78 },
        { "label": "$100M-$500M", "it": 11.6, "msp": 10.0, "n": 114 },
        { "label": "$500M+", "it": 13.0, "msp": 11.2, "n": 65 }
      ],
      "mspMedian": { "value": 8.9, "n": 120, "medianDealSize": "$38.5M" },
      "smallMsp": [ { "label": "MSPs under ~$1-2M revenue", "low": 3, "high": 4 }, { "label": "Smaller MSPs (general)", "low": 5, "high": 8 } ]
    },
    "wd_cyber_2025_11": {
      "src": "WD-CYBER-2026-08", "class": "public", "basis": "Public cybersecurity EV / NTM revenue by subsector (FinRO, PitchBook, public filings), November 2025; general index August 2026",
      "rows": [
        { "label": "Cloud security", "value": 13.9, "date": "2025-11" },
        { "label": "Identity (IAM)", "value": 10.5, "date": "2025-11" },
        { "label": "Security operations", "value": 7.2, "date": "2025-11" },
        { "label": "Network security", "value": 5.8, "date": "2025-11" },
        { "label": "General cyber index", "value": 7.8, "date": "2026-08" }
      ],
      "privateByGrowth": {
        "basis": "Private SaaS EV / ARR by ARR growth (SaaS Capital Index and PitchBook data, as tabulated on the Windsor Drake cybersecurity page)", "class": "deal",
        "rows": [
          { "label": "<10% ARR growth", "p25": 2.1, "median": 3.2, "p75": 4.5 },
          { "label": "10-30%", "p25": 4.5, "median": 6.1, "p75": 7.8 },
          { "label": "30-50%", "p25": 7.5, "median": 9.8, "p75": 12.0 },
          { "label": ">50%", "p25": 12.5, "median": 15.2, "p75": 18.4 }
        ]
      },
      "buyers": [ { "label": "Strategic", "volume": 0.6, "value": 0.8 }, { "label": "Private equity", "volume": 0.4, "value": 0.2 } ],
      "dealCounts": { "h1_2026": 219, "q3_2025": 111 }
    },
    "wd_vsaas_2026_08": {
      "src": "WD-VSAAS-2026-08", "date": "2026-08", "basis": "Vertical SaaS report tables",
      "publicComps": { "class": "public", "basis": "EV / LTM revenue, August 2026", "rows": [
        { "label": "Samsara", "value": 12.7 }, { "label": "Guidewire", "value": 9.6 }, { "label": "Veeva", "value": 9.0 }, { "label": "ServiceTitan", "value": 7.5 }, { "label": "AppFolio", "value": 6.5 }, { "label": "Doximity", "value": 6.4 }, { "label": "Tyler Technologies", "value": 5.6 }, { "label": "Procore", "value": 5.6 }, { "label": "nCino", "value": 3.8 }, { "label": "Toast", "value": 2.6 }
      ] },
      "byVertical": { "class": "judgment", "basis": "Windsor Drake analyst ranges by vertical, EV / revenue and EV / EBITDA, 2026", "rows": [
        { "label": "Financial services", "rev": [9.0, 12.0], "ebitda": [25, 30] }, { "label": "Healthcare IT", "rev": [8.5, 11.0], "ebitda": [22, 28] }, { "label": "Legal tech", "rev": [7.5, 9.0], "ebitda": [20, 24] }, { "label": "Construction tech", "rev": [7.0, 9.5], "ebitda": [18, 23] }, { "label": "Field services", "rev": [7.0, 8.5], "ebitda": [17, 21] }, { "label": "Restaurant / hospitality", "rev": [6.5, 8.0], "ebitda": [15, 19] }, { "label": "Manufacturing / supply chain", "rev": [6.5, 8.0], "ebitda": [16, 20] }, { "label": "Real estate tech", "rev": [6.0, 7.5], "ebitda": [14, 18] }, { "label": "Agriculture tech", "rev": [6.0, 8.0], "ebitda": [15, 19] }, { "label": "Education tech", "rev": [5.5, 7.5], "ebitda": [13, 17] }, { "label": "Retail tech", "rev": [5.0, 6.5], "ebitda": [12, 16] }
      ] },
      "mix": { "class": "judgment", "basis": "Software versus embedded-payments revenue mix and analyst multiple ranges, 2026", "rows": [
        { "label": "Pure vertical SaaS (90-100% software)", "rev": [6.0, 8.0], "premium": "Baseline" }, { "label": "Embedded payments (60-70% software)", "rev": [8.0, 10.5], "premium": "+33-45%" }, { "label": "Full fintech stack (50-60% software)", "rev": [9.5, 12.0], "premium": "+50-60%" }, { "label": "Financial services platform (40-50% software)", "rev": [11.0, 14.0], "premium": "+75-85%" }
      ] },
      "retention": { "verticalNrr": 1.2, "horizontalNrr": 1.1, "privateMedianGrowth": 0.15, "privateMedianNrr": 1.03, "verticalShareOfSaasDeals": 0.54, "q2Deals": 698 }
    },
    "wd_ai_q3_2026": {
      "src": "WD-AI-Q3-26", "date": "2026-08-21",
      "public": { "class": "public", "basis": "EV / trailing revenue, 36-company public AI comparable set as of 21 Aug 2026", "median": 15.0, "p25": 9.3, "p75": 23.8, "low": 0.6, "high": 68.7, "n": 36,
        "segments": [ { "label": "AI cloud and compute hosting", "value": 33.2, "n": 6 }, { "label": "AI silicon and silicon IP", "value": 23.9 }, { "label": "AI application software", "value": 11.1 } ],
        "examples": [ { "label": "Palantir (84.7% gross margin, 93% growth)", "value": 68.7 }, { "label": "C3.ai (30.9% gross margin, revenue down 52.5%)", "value": 4.1 }, { "label": "Super Micro (10.8% gross margin)", "value": 0.6 } ] },
      "funding": { "class": "funding", "basis": "Implied post-money / run-rate revenue for seven private primary rounds since Nov 2025 (no audited revenue)", "median": 27.1, "n": 7, "note": "81% above the public median; a different data class, never averaged with trading multiples" },
      "deals": { "class": "deal", "rows": [ { "label": "IBM / Confluent", "value": "$11.3B cash, 9.1x trailing revenue (computed)" }, { "label": "SpaceX / Anysphere", "value": "$60B all-stock, no revenue disclosed" } ], "disclosure": "14 of 66 AI-capability transactions in the Exit Index disclose consideration; 65 of 66 had a strategic buyer" }
    },
    "wd_r40_2026_06": {
      "src": "WD-R40-2026-06", "date": "2026-06", "class": "judgment", "basis": "Cross-vertical premium for a company at exactly Rule of 40, Windsor Drake Rule of 40 Premium report",
      "stats": [ { "label": "AI revenue multiple at Rule of 40", "value": 24 }, { "label": "SaaS revenue multiple at Rule of 40", "value": 5 }, { "label": "Cross-vertical premium", "value": "~4x" } ]
    },
    "cyber_growth_multiple": {
      "src": "WD-CYBER-2026-08", "class": "deal", "basis": "Average revenue multiple by ARR growth range (SaaS Capital and FinRO data as tabulated by Windsor Drake)",
      "rows": [ { "label": "0-10%", "g": 5, "value": 3.5 }, { "label": "10-20%", "g": 15, "value": 6.2 }, { "label": "20-30%", "g": 25, "value": 8.5 }, { "label": "30-50%", "g": 40, "value": 12.0 }, { "label": ">50%", "g": 60, "value": 16.0 } ]
    }
  }
}