Exits by @ttunguz

Exits by @ttunguz

Venture Capitalist at Theory

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Exits

2025

The Implications of the Wiz/Google Deal	March 18
The Mirage in the Software Clouds	March 14

2024

How M&A Fosters Innovation	October 8
Will We See a Better Exit Market Next Year?	September 20
Massive Acquisitions in Software Startups	April 29
The Fastest Growing Software Sectors in 2024	January 29
Make Hay When the Sun Shines : Liquidity in Startup Exits	January 7

2023

Why Startup M&A in 2024 Will Rebound	December 20
The Impact of Anti-trust on M&A in Startupland	October 31
What Loom & Klaviyo Indicate about Exit Valuations	October 15
Cisco & Splunk Continue the Trend of SaaS Take Privates	September 21
How Will a Venture Capital Recovery Feel? Observations from 2008	August 7
What the New Relic Sale Means for SaaS	July 31
How Markets Value Software Companies in 2023	July 5
High-Flying SaaS Startups' Surge Won't Change the Valuations in Ventureland	May 22
The Implications of Increased Regulatory Scrutiny for Startup Acquisitions	February 26
The Most Acquisitive Acquihirers in Software	January 16
The Startup M&A Market Fell 94% Year over Year - But One Segment Thrives	January 5

2022

What the $6B Coupa Acquisition Means for Software Startups	December 12
How Low Could Valuations Go?	October 13
Figma's 50x ARR Multiple & What it Means for Startup Fundraising	September 15
Growth is No Longer the Best Predictor of a Software Company's Value	August 10
Do PE Acquisitions of Public Startups Imply We've Hit a Pricing Bottom?	August 8
PE in VC in 22	July 19
10 Lessons Learned after $5B of M&A	February 17

2021

The Velocity of Money in Startupland	July 30
The Figures that Will Move the Venture Capital Market in the Next 3-5 Years	June 6
The Missing Insight Around Software Multiples for Valuing Companies	January 11

2020

The Supercharger Boosting Startupland Fundraising and Exits

November 20

2019

The State of the Startup IPO Market	September 30
The SaaS Correction of Late 2019	September 16
Setting the Salesforce/Tableau Acquisition in Context	June 11
What a Valuation Implies About a Business	May 6
Viewing Valuation as a Discount of Future Value	April 4

2018

Just Where Are SaaS Companies Priced After the 2018 Correction?	December 26
SAP Buys Qualtrics; 2018 Catapulted to $65B in $1B+ M&A Volume	November 11
Red Hat's Acquisition - A Triumph of Open Source	October 28
Three Observations About the Adobe/Marketo Acquisition	September 24
Does Winner Take Most in SaaS?	July 8
The Blockbuster Software M&A Market of 2018	June 12
Seven Strategic Rationales for the Microsoft/Github Acquisition	June 10
The 5 Forces Driving Startup Valuations Today	June 3
The Salesforce/Mulesoft Acquisition is a Bellwether for the 2018 M&A Market	March 20
Where are We in the SaaS Valuation Cycle?	March 18
Private Equity as an Exit Option for SaaS Startups	February 27

2017

The Latent Purchasing Power in the SaaS Acquisition Market	November 8
Patterns in Startup M&A Processes	July 7
Why Amazon's Acquisition of Whole Foods Matters for Startupland	June 19
The Bustling IPO Market of 2017	May 5
A Tale of Two Go To Market Strategies	April 24
When Should You Sell Your Startup?	March 23
The Narrowing of SaaS Valuations	March 1
The Biggest M&A Multiple in Software History	January 24

2016

What is Your SaaS Startup Worth in an Acquisition?	December 7
How Big is a Typical Software Company Acquisition?	October 17
The Quirky M&A Environment for SaaS Companies in 2016	July 29
How Healthy is the SaaS IPO Market?	July 1
The Impact to Startups of the LinkedIn Acquisition	June 13
The Beginning of Consolidation in SaaS	June 2

2015

The Biggest Buyers of Software Companies in 2016	November 30
2015 Software Startup IPOs and M&A - What Does the Data Imply for 2016?	November 9
At Some Point, You Have to Move Out of Your Parent's Basement	July 15
The Most Successful SaaS Sectors	July 8
Trends In Startup Acquisition Market in 2015	June 30
The Early Winners in the Consumer Hardware Wave	June 18
The Health of the SaaS IPO Market	May 28
Should You Take Cash or Stock to Sell Your Startup?	May 27
What an Acquisition of Salesforce Means for Startups	April 30
How Many Unicorns Sell Each Year?	April 14
Are SaaS Startups Today Worth More than Ten Years Ago?	April 5
Trends in the Startup Acquihire Market	March 5

2014

The Concur Acquisition in Context: A SaaS MegaExit	December 14
Benchmarking Box's Updated S-1 - How 7 Key SaaS Metrics Stack Up	December 11
The Acquisition Environment for Startups in 2015	December 10
Benchmarking New Relic's S-1 - How 7 Key SaaS Metrics Stack Up	November 17
The Four Key Trends of the Startup Acquisition Market	October 14
Benchmarking Zendesk's S-1 - How 7 Key SaaS Metrics Stack Up	September 3
Benchmarking Hubspot's S-1 - How 7 Key SaaS Metrics Stack Up	August 27
The Impact of a Startup's Location on its Acquisition Potential	August 25
Are Tech IPOs Dying?	August 15
How Much is Your Business Worth?	July 24
Trends in the Startup Acquisition Market	July 10
Why There's Never Been a Better Time to Found a SaaS Startup	March 11
Which Acquirer Pays the Most for Startups?	February 26
Three Important Trends in the Startup Exit Market	January 20
The Average Value of a Tech Company is Decreasing	January 16
How Healthy is the Public Technology Market?	January 6

2013

How Much Does It Cost to Take Your Startup Public?	December 10
The Typical Billion Dollar Startup Acquisition	December 9
How Much Cash Does Your Startup Need To Go Public?	November 18
The Single Biggest Determinant of Startup Valuations at IPO	November 5
The Relationship Between Margins and Acquisition Prices	February 26

2012

Profitability and the IPO Market

September 10