CGES Index

CGES Index

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.

CGES Index Value
4048.8
-14.87
-14.87
radio button
CLOSED
February 11, 2025

Performance of CGES Index

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CGES Index has consistently outperformed all major benchmark indices like NASDAQ and SaaS focused indices like EMCLOUD.

CGES Index has managed to recovery sharply compared to the other indices primarily due to its inherent antifragility and inately sustainable business models of its constituent companies.

Constituents of CGES Index

Sr No.Index ConstituentSegmentIndex Weight
01SalesforceSales, Marketing & CRM18.1%
02AdobeCore Operations Platform16.3%
03IntuitSupport Functions Platform11.5%
04ServiceNowProcess Automation8.7%
05ShopifyCore Operations Platform5.6%

Sr. No

Index Constituent

Segment

Description

1
Salesforce
Sales, Marketing & CRM
End-to-end cloud-based CRM software
2
ServiceNow
Process Automation
Cloud-based automated workflow management for Enterprise
3
Adobe
Core Operations Platform
Platform for digital content design, management and collaboration
4
Intuit
Support Functions Platform
AI-based accounting and financial management solutions
5
Shopify
Core Operations Platform
Easy-to-use platform to build online stores for retailers
6
CrowdstrikeHoldings
IT Infra & Security Management
Cloud-delivered cyber security solution for the endpoint protection
7
Atlassian Corporation Plc
Enterprise Collaboration
Cloud based enterprise collaboration suite solutions
8
Workday
Support Functions Platform
Enterprise cloud applications for finance and human resources
9
Snowflake
BI & Data Analytics
Cloud data platform enabling customers to drive business insights
10
Datadog
IT Infra & Security Management
SaaS-based monitoring platform for cloud applications
11
HubSpot
Sales, Marketing & CRM
Cloud-based marketing and sales software platform
12
Veeva Systems
Core Operations Platform
Cloud-based ERP solutions for the global life sciences industry
13
Samsara
Process Automation
AI-powered vehicle tracking solutions for fleet owners
14
Zoom Video Communications
Enterprise Collaboration
Video-first communication platform and web conferencing services
15
Toast
Core Operations Platform
Cloud-based platform offering operations management solutions
16
Twilio
Sales, Marketing & CRM
Programmatic communications platform for software developers
17
MongoDB
IT Infra & Security Management
Cross-platform database and security management solution
18
DocuSign
Support Functions Platform
Digital agreements management for business transactions
19
Kaspi
Support Functions Platform
Banking services and products for retail and commercial banking
20
Dynatrace
BI & Data Analytics
Software intelligence platform for the enterprise cloud
21
Klaviyo
Marketing Automation Platform
Marketing automation platform for email and SMS marketing
22
Unity Software
Core Operations Platform
Graphic tools to create, run, and monetize real-time 2D and 3D content
23
UiPath
Process Automation
Robotic Process Automation and Enterprise Workflow Automation
24
Waystar
Support Functions Platform
Cloud-based healthcare revenue cycle management solution
25
Q2 Holdings
Core Operations Platform
Cloud-based digital banking solutions for financial institutions
26
Asana
Process Automation
Cloud-based platform offering project management software
27
DigitalOcean Holdings
IT Infra & Security Management
Cloud based integrated application development platform
28
Fastly
IT Infra & Security Management
Cloud based CDN infrastructure management software
29
Ceridian HCM Holding
Support Functions Platform
Enterprise grade Human Resource Management (HRM) software
30
Palantir Technologies
BI & Data Analytics
Intelligence products to augment human driven analysis
View More
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Introduction to SaaS Metrics

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:
Considering the nuances of business model of the constituents of CGES Index, we have divided them across two cohorts for better representation of metrics:
Image

Self-serve Enterprise SaaS

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.

image

Serviced Enterprise SaaS

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.

Image

Self-serve Enterprise SaaS

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.

image

Serviced Enterprise SaaS

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.

Image

Self-serve Enterprise SaaS

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.

Image

Self-serve Enterprise SaaS

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.

Self-serve Enterprise SaaS

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.

image

Serviced Enterprise SaaS

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.

Image

Introduction to CGES Index

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.

CGES Index Value
2517.95
radio button
Live
11-Jul-2023
5.72

Performance of CGES Index

img
[{"0":"","1":"Self-Serve SaaS","2":"Serviced SaaS","3":"CGES Index","4":"","5":"","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"title 1","14":"title 2 ","15":"title 3","16":"Subtitle"},{"0":"2023","1":"110%","2":"118%","3":"114%","4":"","5":"","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"Typically globally leading Enterprise SaaS companies expand their revenues from existing companies ~10-20% Y-o-Y. ","14":"We believe this is a very critical metric to ascertain the anti-fragility of Enterprise SaaS businesses as it measures their growth endurance. ","15":"","16":"Revenue growth from existing customers - a measure of “Growth Endurance”."}]
[{"0":"","1":"Self-Serve SaaS","2":"Serviced SaaS","3":"CGES Index","4":"","5":"","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"title 1","14":"title 2","15":"title 3","16":"Subtitle"},{"0":"2023","1":"5.76","2":"15.17","3":"11.18","4":"","5":"","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"Due to its 'serviced' nature the Serviced-SaaS models has a much higher revenue visibility compared to Self-SaaS' revenue visibility","14":"This is again a very critical metric for measuring anti-fragility as it measures innate sustainbility of the business model.","15":" ","16":"Basis outstanding signed contracts - measures “Innate Sustainability”."}]
[{"0":"","1":"Self-Serve SaaS","2":"Serviced SaaS","3":"CGES Index","4":"","5":"","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"title 1","14":"title 2","15":"title 3","16":"Subtitle"},{"0":"2023","1":"1.14","2":"1.20","3":"1.18","4":"","5":"","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"The Sales Efficiency Ratio (SER) denotes the dollar revenue generated per dollar of sales & marketing spend. ","14":"The difference in the SER for the two model is intuitive and reaffirms the high capital-efficiency of Serviced & Vertical SaaS models.","15":"","16":"Revenue generated for every dollar spent on sales & marketing."}]
[{"0":"","1":"Self-Serve SaaS","2":"Serviced SaaS","3":"CGES Index","4":"","5":"","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"title 1","14":"title 2","15":"title 3","16":"SubTitle"},{"0":"2023","1":"0.74","2":"0.72","3":"0.74","4":"","5":"","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"For every dollar earned in revenue the Enterprise SaaS companies should spend <$1 to deliver that revenue.","14":"This metric further refines a measure of anti-fragility as it often is the best indicator of profitability.","15":" ","16":"A measure of “Profitability”."}]
[{"0":"","1":"2022","2":"2023","3":"","4":"","5":"","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"title 1","14":"title 2","15":"title 3","16":"Subtitle"},{"0":"Self-Serve SaaS","1":"22025","2":"21560","3":"","4":"","5":"","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"There is a significant difference in the ARPA of Self-Serve SaaS companies via-a-vis Serviced SaaS companies.","14":"Naturally Serviced SaaS companies take longer to sell their products and platforms but definitely tend to have higher contract values.","15":"","16":"Average Revenue per Account - an indicator of the “Impact-Scale” of the product."},{"0":"Serviced SaaS","1":"879069","2":"967794","3":null,"4":null,"5":null,"6":null,"7":null,"8":null,"9":null,"10":null,"11":null,"12":null,"13":null,"14":null,"15":null,"16":null},{"0":"CGES Index","1":"506442","2":"517206","3":null,"4":null,"5":null,"6":null,"7":null,"8":null,"9":null,"10":null,"11":null,"12":null,"13":null,"14":null,"15":null,"16":null}]
[{"0":"","1":"2019","2":"2020","3":"2021","4":"2022","5":"2023","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"title 1","14":"title 2","15":"title 3","16":"SubTitle"},{"0":"Self-Serve SaaS","1":"49.13%","2":"47.28%","3":"81.27%","4":"24.13%","5":"19.20%","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"The ARR growth captures the Year-on-Year growth and helps call out exceptional years such as 2020-21 which was a reaction of Covid-19. ","14":"Understandbly self-serve business models scale much faster than the serviced SaaS models given high adoption rates. ","15":" ","16":"Measure of absolute growth in Annualized Recurring Revenue."},{"0":"Serviced SaaS","1":"35.05%","2":"23.28%","3":"47.43%","4":"18.84%","5":"10.97%","6":null,"7":null,"8":null,"9":null,"10":null,"11":null,"12":null,"13":null,"14":null,"15":null,"16":null},{"0":"CGES Index","1":"37.92%","2":"28.58%","3":"55.99%","4":"20.38%","5":"13.46%","6":null,"7":null,"8":null,"9":null,"10":null,"11":null,"12":null,"13":null,"14":null,"15":null,"16":null}]
[{"0":"","1":"2019","2":"2020","3":"2021","4":"2022","5":"2023","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"title 1","14":"title 2","15":"title 3","16":"SubTitle"},{"0":"Self-Serve SaaS","1":"15.35","2":"25.59","3":"28.55","4":"9.39","5":"12.63","6":"","7":"","8":"","9":"","10":"","11":"","12":"","13":"The average EV/ARR multiple has stablized to pre-covid levels, given the corrections we have seen over the last few years.","14":"Historically we notice the EV/ARR multiple for Serviced SaaS companies is typically lower than Self-Serve SaaS companies by ~15-20%, again drive by scale capabilities. Interestingly, Services SaaS companies have always seen a lower swing in the multiples. ","15":"","16":"Valuation Multiple - Enterprise Valuation as a multiple of the ARR."},{"0":"Serviced SaaS","1":"12.98","2":"26.87","3":"21.76","4":"8.18","5":"11.93","6":null,"7":null,"8":null,"9":null,"10":null,"11":null,"12":null,"13":null,"14":null,"15":null,"16":null},{"0":"CGES Index","1":"13.94","2":"26.38","3":"24.7","4":"8.7","5":"12.38","6":null,"7":null,"8":null,"9":null,"10":null,"11":null,"12":null,"13":null,"14":null,"15":null,"16":null}]

Oneliner about what this table is

Sr No.Index ConstituentSegmentDescriptionIndex Weight
01AdobeCore Operations PlatformProducts for digital content designing, managing and collaborating; Ecommerce platform for creating & managing omni-channel store-fronts16.3%
02AlteryxBI & Data AnalyticsSelf-service data analytics software0.3%
03AppianProcess AutomationLow-code PaaS for building enterprise software applications, automations and business process management0.4%
04AtlassianEnterprise CollaborationProducts for software developers for improving software development, project management, collaboration, and code quality.5.9%
05BigCommerce HoldingsCore Operations PlatformSaaS platform for cross-channel commerce targeted at SMB retailers0.2%
View More

Introduction to SaaS Metrics

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:
Image

Self-serve Enterprise SaaS

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.

image

Serviced Enterprise SaaS

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.

Self-serve Enterprise SaaS

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.

image

Serviced Enterprise SaaS

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.

Image

SaaS metrics

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ARR Growth

Measure of absolute growth in Annualized Recurring Revenue.
Self serve SaaS
30
Services SaaS
2.3

EV/ARR Ratio

Enterprise Valuation as a multiple of the ARR.
Self serve SaaS
23
Services SaaS
25

ARPA

Measure of impact-scale of a product as Average Revenue per Account.
Self serve SaaS
43
Services SaaS
21

NER

Measure of product stickiness via revenue growth from existing customers.
Self serve SaaS
32
Services SaaS
64

MRV

Measure of revenue visibility in terms of the no of months’ worth of contracted revenue.
Self serve SaaS
34
Services SaaS
87

DSDE

Measure of operational efficiency as Dollars Spent for every Dollar Earned.
Self serve SaaS
21
Services SaaS
34

SER

Measure of sales efficiency as revenue generated for every dollar spent on sales & marketing.
Self serve SaaS
43
Services SaaS
12
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