Human Capital Management SaaS - Coverage Report Q1 2020

Published on: 06/19/2020

Capstone Headwaters has published its Q1 2020 HCM SaaS Coverage Report, available to download below. Last twelve month (LTM) merger and acquisition (M&A) activity in the HCM SaaS industry continued its upward trend with 150 deals. Deal volume in Q1 2020 reached a quarterly record of 48 deals as COVID-19 didn’t slow deal activity. M&A targets were valued at a healthy median revenue multiple of 5.4x LTM, slightly below the 5.7x and 5.8x peaks we saw in 2016 and 2019, respectively.

Report highlights include:

  • Key Industry Takeaways
  • M&A Activity & Multiples
  • Public Company Valuation & Operating Metrics
  • Capstone Headwaters’ Technology, Media & Telecom Team

To learn more about the report or Capstone’s range of advisory services, please contact Managing Director David Michaels and Director Teak Murphy.

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Key Contacts

Teak Murphy


David Michaels

Managing Director