Marketing Tech
Marketing technology SaaS includes email, CDP, SEO, and ad-tech platforms. MarTech is more budget-sensitive than developer or infrastructure SaaS — customers cut MarTech subscriptions faster in downturns, making NRR a critical signal for evaluating platform stickiness. Track 6 public marketing tech companies here.
What drives multiples in Marketing Tech
MarTech multiples are compressed relative to infrastructure SaaS due to budget volatility — CMO budgets are among the first cut in downturns. Companies that command premium multiples in this category do so through platform lock-in (owning the CDP or email layer), cross-sell into adjacent channels, and NRR that exceeds 110% despite the category's churn pressure.
Top performers in this sector
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Sector vs. all public SaaS
EV / Revenue3.4x vs 3.5x all-SaaS avg
Gross Margin77% vs 75% all-SaaS avg
Rule of 4036% vs 33% all-SaaS avg
Revenue Growth YoY15% vs 15% all-SaaS avg
At or above all-SaaS median
Below all-SaaS median
All-SaaS median
6 Companies
AI
Adobe Inc.
ADBE
Largest in sectorarrow_outward
Market Cap
$104.8B
EV / Rev
4.2x
Rule of 40
45
Gross Margin
89%
BI
Braze, Inc.
BRZE
Fastest growtharrow_outward
Market Cap
$2.9B
EV / Rev
3.8x
Rule of 40
37
Gross Margin
67%
HI
HubSpot, Inc.
HUBS
arrow_outward
Market Cap
$11.3B
EV / Rev
3.4x
Rule of 40
37
Gross Margin
84%
SI
Sprinklr, Inc.
CXM
arrow_outward
Market Cap
$1.3B
EV / Rev
1.3x
Rule of 40
26
Gross Margin
67%
SS
Sprout Social, Inc.
SPT
Lowest multiplearrow_outward
Market Cap
$449.6M
EV / Rev
0.9x
Rule of 40
26
Gross Margin
77%
TT
The Trade Desk, Inc.
TTD
Most efficientarrow_outward
Market Cap
$10.1B
EV / Rev
3.2x
Rule of 40
44
Gross Margin
77%
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