Cornerstone Global Enterprise SaaS (CGES) Index - a financial index of Top 30 emerging global Enterprise SaaS companies listed on stock exchanges. The index constituents have been carefully chosen to ensure balanced sectoral and market cap representation. This is a first of it’s kind initiative taken up by an Indian investor, in order to help create better awareness of these investment models in this ecosystem.
A one-of-its kind index, CGES is specifically designed to track the performance of the new breed of highly scalable companies that operate on the SaaS or SaaS-based business model. Even within SaaS, CGES Index is squarely focused only on the pure-play Enterprise (B2B) SaaS companies and does not include Consumer (B2C) SaaS companies like Netflix, Dropbox, etc.
The base value of the CGES Index was pegged at 1,000 as on 1st Jan 2019 (the base date).
|Sr No||Index Constituent||Segment||Description||Index Weight|
|1||Adobe||Core Operations Platform||Products for digital content designing, managing and collaborating; Ecommerce platform for creating & managing omni-channel store-fronts||16.3%|
|2||Alteryx||BI & Data Analytics||Self-service data analytics software||0.3%|
|3||Appian||Process Automation||Low-code PaaS for building enterprise software applications, automations and business process management||0.4%|
|4||Atlassian||Enterprise Collaboration||Products for software developers for improving software development, project management, collaboration, and code quality.||5.9%|
|5||BigCommerce Holdings||Core Operations Platform||SaaS platform for cross-channel commerce targeted at SMB retailers||0.2%|
|6||Ceridian HCM Holding||Support Functions Platform||Enterprise grade Human Resource Management (HRM) software||1.0%|
|7||Change Healthcare||Core Operations Platform||Revenue and payment cycle management software for healthcare industry||0.4%|
|8||Coupa Software||Support Functions Platform||Cloud-based business spend management (BSM) platform||1.0%|
|9||Crowdstrike Holdings||IT Infra & Security Management||Cloud-delivered cyber security solution for the endpoint protection||3.4%|
|10||Datadog||IT Infra & Security Management||SaaS-based monitoring platform for cloud applications||2.7%|
|11||DocuSign||Support Functions Platform||Digital transaction management (DTM) platform for managing documented business transactions||3.0%|
|12||Duck Creek Technologies||Core Operations Platform||Enterprise P&C Insurance Software||0.3%|
|13||Dynatrace||BI & Data Analytics||Software intelligence platform for the enterprise cloud||1.2%|
|14||Fastly||IT Infra & Security Management||Real-time content delivery network (CDN) for delivery, security, streaming media, e-commerce and private CDN||0.3%|
|15||HubSpot||Sales, Marketing & CRM||Cloud-based marketing and sales software platform||1.9%|
|16||MongoDB||IT Infra & Security Management||Source-available cross-platform document-oriented database program||1.9%|
|17||Q2 Holdings||Core Operations Platform||Cloud-based digital banking solutions for financial institutions||0.3%|
|18||Salesforce||Sales, Marketing & CRM||End to end cloud-based Customer Relationship Management (CRM) software||16.0%|
|19||ServiceNow||Process Automation||Enterprise cloud-based services that automate workflow within and between departments in an enterprise||7.4%|
|20||Shopify||Core Operations Platform||An easy to use online store builder that helps retailers to sell online, on social media or in person||10.0%|
|21||Snowflake||BI & Data Analytics||Cloud data platform enabling customers to drive business insights, build data-driven applications and share data||5.4%|
|22||Splunk||BI & Data Analytics||Business Intelligence platform that enables enterprises to store, review and analyze data effectively and efficiently||1.4%|
|23||Sprout Social||Sales, Marketing & CRM||Deep social media listening and analytics, social management and advocacy solutions to brands and agencies||0.4%|
|24||Twilio||Sales, Marketing & CRM||Programmatic communications platform for software developers using service APIs||3.4%|
|25||UiPath||Process Automation||Robotic Process Automation and Enterprise Workflow Automation platform||1.6%|
|26||Unity Software||Core Operations Platform||The Company offers graphic tools to create, run, and monetize real-time 2D and 3D content||2.1%|
|27||Veeva Systems||Core Operations Platform||Cloud-based ERP solutions for the global life sciences industry||2.6%|
|28||Workday||Support Functions Platform||Enterprise cloud applications for finance and human resources||3.7%|
|29||Zendesk||Sales, Marketing & CRM||Cloud-based CRM and contact centre solutions||0.8%|
|30||Zoom Video Communications||Enterprise Collaboration||Video-first communication platform and web conferencing services||4.7%|
SaaS companies have certain unique characteristics that are popularly called the SaaS Economics. These are difficult to be captured by the traditional financial & operational metrics, hence we use several specifically designed indicators to best assess the health and growth potential of Enterprise SaaS companies. We call them the “SaaS Metrics”.
Considering the nuances of business model of the constituents of CGES Index, we have divided them across two Cohorts for better representation of metrics:
These are classic SaaS products like Slack, Zoom, Hubspot, etc. that a customer can sign-up and start using immediately. They are typically priced on PUPM (per user per month) basis with average pricing in the range of $10,000 per enterprise per annum.
These are core platforms that require integrations with existing enterprise software to function seamlessly, like Dynatrace, Five9, Salesforce, etc. These products are priced either basis PUPM or LPA (license fee per annum) depending on the complexity of the solution. The typical pricing per enterprise works out to be above $100,000 per annum.
The data provided on this website (www.csvpfund.com) is for informational purpose only.
Any information provided on this website or any of the other digital assets owned & maintained by Cornerstone Venture Partners Fund, Mumbai, India (“CSVP”) and managed by the Investment Manager, Cornerstone Ventures Investment Advisers LLP, Mumbai India, does not constitute investment advice or investment recommendation nor does it constitute an offer to buy or sell or a solicitation of an offer to buy or sell shares or units in any of the investment funds or other financial instruments.
The Cornerstone Global Enterprise SaaS Index (“CGES Index”) ™ is a trademark of CSVP. The CGES Index is created & maintained using a proprietary algorithm and is to be used for informational purpose only. It is not to be construed as an investment advice or investment recommendation in any of the constituent companies / stocks that are directly or indirectly part of the Index. The Index is created using publicly available data published on the websites of the respective companies. All data presented is as per our internal research and analysis leveraging publicly available data and is being presented only for academic deliberation and discussion purposes and is not to be viewed as any specific commentary / recommendation / evaluation / conclusion on any of the companies / stocks that are directly or indirectly part of the CGES Index.
CSVP also analyses, maintains, and publishes certain financial and non-financial metrics (“SaaS Metrics”) on the Index at an aggregate level, and not at a specific company / stock level that constitute the CGES Index. These SaaS Metrics are provided purely for informational purpose and CSVP assumes no liability for accuracy, suitability, or completeness of the SaaS Metrics. The SaaS Metrics are created using publicly available third-party information and CSVP does not claim any ownership of the sourced data. CSVP is not responsible for the accuracy, suitability or completeness of the information originally disclosed by the owner of the information and any information provided herein. CSVP accepts no liability and offer no guarantee as to whether the information is up to date, correct or complete.