There is a common belief software vendors benefit from richer valuation multiples when they are listed in the US than when they are listed on a European stock exchange. This belief is fuelled by the stellar valuation multiples of many software-as-a-service (SaaS) players listed in the US, and the constant flow of software IPOs which has taken place on the Nasdaq (and the NYSE) over the last few years. The fact more than two-thirds of software companies listed in the US are SaaS players, while two-thirds of software firms listed in Europe still have a classic or a “hybrid” business model, adds up to the prejudice.

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