


Capstone Headwaters has published its Q3 2019 Human Capital Management (HCM) SaaS Coverage Report with insights from Managing Director David Michaels and Director Teak Murphy. The report highlights merger and acquisition (M&A) activity which jumped to a record level in Q3’19 following two-quarters of declining deal volume, suggesting buyer appetite remains strong. The target companies were valued at a median revenue multiple of 3.7x LTM, up from 2018. In addition, the report highlights: