Logistics & Supply Chain SaaS Valuations: Q2 2026
Windsor Drake's Q2 2026 read on logistics and supply chain SaaS valuations: a sector median NTM EV/Revenue of 6.8x, down from 7.7x in January, with high-growth names at 8.1x and low-growth peers compressed to 4.4x. Deep subsector dives across transportation management, visibility and orchestration, warehouse management, procurement, last-mile, and trade and customs, anchored by WiseTech's $2.1B e2open close and IFS' March 2026 acquisition of Softeon.
- Sector
- SaaS
- Focus
- Valuations
- Published
- April 15, 2026
- Length
- 8 slides
- Reading time
- 11 minutes
Slide deck
8-slide deck. Desktop readers can page through the embedded viewer below. Mobile readers can open the direct PDF link.
Open slide deck PDF Key findings
- The median public supply chain technology NTM EV/Revenue multiple stands at 6.8x in Q2 2026, down from 7.7x in January, marking the sharpest quarterly compression in the current cycle.
- High-growth supply chain SaaS companies (above 15% growth) clear 8.1x NTM revenue while low-growth peers compress to 4.4x, a near-2x spread that is the widest in a decade.
- AI-native visibility and orchestration platforms command 10x to 15x EV/Revenue in private rounds, while volume-linked digital brokerage names trade at just 3x to 6x.
- WiseTech's $2.1B acquisition of e2open closed in August 2025 and IFS' acquisition of Softeon closed in March 2026, setting the consolidation tone for the past four quarters.
- Gartner forecasts agentic-AI SCM spend rising from under $2B in 2025 to $53B by 2030, with BCG reporting 86% of supply chain executives now planning AI and analytics investment.
- Samsara reported $209M of adjusted free cash flow in FY26 and GAAP profitability, while Manhattan Associates guides to a 35% adjusted operating margin, raising the profitability bar.
- Descartes Systems Group anchors the supply chain cohort with roughly 40% EBITDA margins on mid-single-digit growth, serving as the Rule of 40 benchmark for the sector.
- McKinsey research shows top-quartile NRR performers trading at a median 24x EV/Revenue versus 5x for the bottom quartile, a nearly 5x re-rating gap.
- The Federal Reserve funds range holds at 3.50% to 3.75% after the April 2026 FOMC, with the March 2026 dot plot signalling one further cut in 2026.
- The Cass Freight Index has been year-over-year negative for 14 consecutive quarters, capping volume-linked revenue acceleration across freight marketplace and brokerage models.
Methodology
This report synthesises primary data from PitchBook comparable-company databases, CB Insights State of Supply Chain Technology research, and S&P Global Market Intelligence M&A and dry-powder analyses. Macro and spend forecasts draw on Gartner SCM software projections, McKinsey supply chain risk and digital logistics research, BCG logistics AI and M&A outlook studies, Bain & Company Global Private Equity Report 2026, EY-Parthenon Deal Barometer, KPMG supply chain M&A landscape, PwC US Deals 2026 Outlook, and Federal Reserve FOMC statements and dot-plot projections. Public-company financial data references Samsara FY26 filings, Manhattan Associates Q1 2026 Form 8-K, and Descartes Systems Group Form 40-F disclosures. Windsor Drake applied its proprietary valuation framework to calibrate subsector multiples, Rule of 40 performance tiers, and the valuation methodology matrix presented in this report.
Frequently asked questions
What multiples are logistics and supply chain SaaS companies trading at in Q2 2026?
The broad supply chain technology cohort clusters near 6.8x NTM EV/Revenue as of April 2026, down from 7.7x in January. High-growth names above 15% growth clear 8.1x, low-growth peers compress to 4.4x, and AI-native visibility platforms in private rounds price at 10x to 15x, while freight marketplaces and digital brokerage sit at 3x to 6x.
How are logistics and supply chain SaaS companies valued in 2026?
Valuation in 2026 centres on a multi-factor model anchored by the Rule of 40, where revenue growth plus EBITDA margin must reach at least 40%. Unit economics benchmarks include LTV/CAC above 3:1, payback inside twelve months, and net revenue retention above 120%. Only an estimated 15% of public SaaS companies clear the Rule of 40 on an EBITDA basis, and top performers command 50% to 100% premiums over the median.
Which valuation metric should apply to supply chain SaaS companies?
EV/Revenue suits high-growth recurring-revenue businesses such as visibility, WMS, planning, and procurement SaaS. EV/EBITDA fits mature, slower-growth suites where cash flow is the primary driver, with Descartes' roughly 40% EBITDA margin as the cohort exemplar. EV/Gross Profit is the preferred lens for freight marketplaces and digital brokerage where pass-through revenue inflates the topline.
Who is buying supply chain SaaS companies right now?
Strategic cross-border buyers are the most active acquirers, as demonstrated by WiseTech (Australia) acquiring e2open (US) for $2.1B in August 2025 and IFS (Sweden) acquiring Softeon (US) in March 2026. Older private logistics SaaS companies without a clear AI position are increasingly prime candidates for strategic M&A or take-private outcomes as the private-market premium has nearly disappeared.
What is driving supply chain SaaS valuation expansion and compression in 2026?
Expansion drivers include agentic AI integration commanding premiums for orchestration-capable platforms, industrial AI re-rating cloud-native WMS, and tariff complexity pulling through fresh demand for trade and customs software. Compression comes from freight-cycle drag on volume-linked names, top-line growth normalisation across the cohort, and tariff uncertainty causing buyers to delay greenfield digitisation investments.
How does geography affect supply chain SaaS valuations in 2026?
North America commands an innovation premium and represents approximately 40% of the global supply chain software market, supported by deep capital markets and AI leadership. Europe accounts for roughly 28% of the market and trades at steadier multiples anchored by trade compliance and regulatory moats. APAC represents about 24% share and is the fastest-growing region, driven by China-plus-one footprint reconfiguration.
How long does a supply chain SaaS M&A or IPO process take in 2026?
A full process runs 12 to 18 months end to end. Windsor Drake advises that founders who intend to engage the market while today's alignment of strategic-buyer demand, capital availability, and AI-led platform consolidation still holds are, in practice, preparing now. Listing thresholds demand scale, growth, and a clear path to profitability, and private valuations are converging on public-market standards.
Companies covered
Public and private companies referenced in this report.