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classic SAS companies

3 statements across 1 episodes · 1 bullish · 2 bearish · 1 people on the record · first statement Oct 22, 2025 by Jason Lemkin · across every show →

Everything said about classic SAS companies, oldest first

Oct 22, 2025 bearish
Assertion Not checkable as stated
PE Acquisitions of Classic SaaS at 6-10x Multiples Have Disappeared
“Private equity firms aren't interested either. And there used to be from 2012, 2013 until 2023. So there was a decade where if your growth was decent, but not great in SAS, but your burn rate was low and your NRR was high, maybe VCs wouldn't touch you, but a p…”
Jason Lemkin Oct 22, 2025 ▶ 40:50 The State of AI + Software: Where It’s Going - Fast
Oct 22, 2025 positive
Assertion Contradicted
AI-Native Burn Multiples Fall to 0.4x at $100M ARR
“At a hundred million ARR, the burn multiple falls to 0.4 X for AI native companies versus 1.6 for classic SAS companies. They're four times more efficient in adding ARR.”
Jason Lemkin Oct 22, 2025 ▶ 7:27 The State of AI + Software: Where It’s Going - Fast
Oct 22, 2025 bearish
Opinion
VCs Have Zero Interest in Classic SaaS Companies Growing 80%
“There is no interest in classic SAS companies from VCs growing at pretty good rates. If you're growing 80% at twenty million or 70% at fifty million, it's not cool, dude, but there, no one's going to fund you. Nobody.”
Jason Lemkin Oct 22, 2025 ▶ 40:14 The State of AI + Software: Where It’s Going - Fast
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