All Posts

This Week in SaaS - Dec 9 - 15, 2025

Top exits, deals, news, and blog posts of the week

By
Ryan Allis
December 15, 2025

📚 New Blog Posts

  1. Launch a Successful Outbound Email & LinkedIn Campaign
  2. Outbound Email + LinkedIn to Achieve Brand Omnipresence
  3. Use HeyReach to Automate LinkedIn Outreach to Engaged Leads
  4. Set Up Outbound Campaigns in Instantly the Right Way
  5. Example B2B Outbound Email Sequences That Work
  6. CEO Mastermind Recaps for the Week of December 8-11, 2025

💸 Big SaaS VC Rounds

  1. Saviynt (AI-era identity security and access governance for enterprises; SaaS) – raised a $700M Series B on Dec 9, 2025; funds will accelerate product development of its unified identity security cloud, deepen AI-driven governance capabilities, and expand global go-to-market and integrations as it scales at a roughly $3B valuation.
  2. Harness (AI-powered software delivery and observability platform for enterprises; SaaS) – raised a $240M Series E on Dec 11, 2025; funds will accelerate its AI-first software delivery platform, support further product expansion and M&A, and scale global go-to-market as the company pushes deeper into enterprise DevOps and security.
  3. PolyAI (enterprise conversational AI voice agents for customer service; SaaS) – raised an $86M Series D on Dec 15, 2025; funds will expand its lifelike multilingual voice agents, grow deployments across high-volume verticals like banking, healthcare, and hospitality, and invest in R&D as the company surpasses $200M in total funding and scales globally.
  4. Serval (AI agents for IT and enterprise service management; SaaS) – raised a $75M Series B on Dec 11, 2025; funds will grow its AI automation platform beyond IT into HR, legal, and finance, hire aggressively across engineering and GTM, and build out a full AI-native IT service management suite after passing the $1B unicorn valuation mark.
  5. OnCorps AI (agentic AI platform for fund operations and capital-markets workflows; SaaS) – raised $55M in growth capital on Dec 11, 2025; funds will accelerate product innovation for AI-driven reconciliation and exception handling, expand into adjacent capital-markets operations, and scale sales and customer-success teams serving asset managers.
  6. Imper.ai (real-time AI-driven impersonation and deepfake-attack prevention; SaaS) – raised $28M in funding (as part of a large Series A structure) on Dec 10, 2025; funds will scale its impersonation-risk platform across channels such as Zoom, Teams, Slack, and email, invest in AI models that analyze behavioral and network signals, and expand internationally as AI-driven fraud accelerates.
  7. Crisp (vertical AI platform for retail and supply-chain data; SaaS) – raised a $26M Series B on Dec 11–12, 2025; funds will expand its AI analytics platform that connects retailer, distributor, and brand data, deepen use cases across demand forecasting and inventory optimization, and scale its commercial footprint in CPG and retail.
  8. Shapes (AI-native “PeopleOS” for HR and people operations; SaaS) – raised $24M across Seed and Series A (including a $15M Series A) on Dec 10, 2025; funds will more than double headcount, enhance its modular HR app store of AI agents, and expand into new international markets as it replaces fragmented HR stacks with a unified people-operations operating system.
  9. Safebooks AI (financial data governance and revenue-integrity automation for enterprise CFO teams; SaaS) – raised a $15M Seed on Dec 9, 2025; funds will scale its AI platform that continuously validates revenue data across systems, build out the intelligence layer for quote-to-revenue operations, and expand sales and customer success targeting large enterprises.
  10. Evertrust (digital trust, PKI, and certificate lifecycle management platform; SaaS) – raised a $11,7M Series A on Dec 9, 2025; funds will strengthen its sovereign PKI and CLM software suite, triple headcount, and drive expansion across Europe as it positions its platform as core digital-trust infrastructure.
  11. Equixly (agentic-AI platform for automated API security testing; SaaS) – raised a $11.7M Series A on Dec 9–10, 2025; funds will scale its autonomous AI-driven API testing platform, expand go-to-market in fintech and enterprise sectors, and grow its R&D team as it addresses complex API business-logic vulnerabilities traditional scanners miss.

🤝 SaaS M&A Deals

  • Veeam completed the acquisition of Securiti AI (~$1.725B; data security posture management, privacy automation & AI-trust SaaS, US) – announced on Dec 11, 2025; this acquisition combines Veeam’s enterprise data-resilience platform with Securiti’s cloud-native data-security SaaS, creating an integrated “trusted data platform” for AI workloads and strengthening Veeam’s position in security, compliance, and automated data governance.
  • Azul agreed to acquire Payara (undisclosed; enterprise Java EE/Jakarta EE application server & microservices cloud platform SaaS, UK) – announced on Dec 10, 2025; this acquisition expands Azul’s enterprise Java ecosystem by integrating Payara’s subscription-based application server and cloud-native platform, enhancing modernization paths for SaaS and hybrid-deployed Java applications across global enterprise customers.
  • Rentsync agreed to acquire Spacelist (undisclosed; commercial real-estate listing marketplace & property-tech software platform, Canada) – announced on Dec 10, 2025; this acquisition extends Rentsync’s SaaS footprint beyond rental-housing software into commercial property search and data services, creating a unified software-plus-marketplace network across residential and commercial real estate in Canada.
  • Tekpon agreed to acquire The Next Web (TNW) (undisclosed; SaaS marketplace, tech-media & events platform, Netherlands) – announced on Dec 9, 2025; this acquisition accelerates Tekpon’s strategy to build a global SaaS and AI ecosystem hub by integrating TNW’s media, content, and technology events into its software-discovery platform, expanding its reach across founders, operators, and SaaS buyers.
  • Osapiens agreed to acquire Lucent AI (undisclosed; AI-driven compliance, ESG reporting & risk-management SaaS, Germany) – announced on Dec 12, 2025; this acquisition enhances osapiens’ compliance cloud by adding Lucent AI’s agentic risk-quantification and anomaly-detection capabilities, strengthening its platform ahead of large European regulatory frameworks such as CSRD and CSDDD.

🚀 SaaS IPOs & S-1 Filings

  • Wealthfront (automated investing, financial-planning & wealth-management fintech software; US) – priced its proposed IPO on Dec 11, 2025, with trading expected to begin on Dec 12, 2025. The offering supports Wealthfront’s expansion of its automated investment platform, strengthens its financial-planning software capabilities, and accelerates customer-growth initiatives across its digital wealth-management ecosystem as it enters the public markets.
  • Shipwaves Online (digital freight, logistics management & SME online shipping platform; India) – launched its proposed IPO between Dec 10–12, 2025. The offering aims to fund platform expansion for small and mid-sized exporters, enhance its software-driven logistics and freight services, and support the company’s growth ahead of its planned listing on the BSE on Dec 17, 2025.

🧠 Key Takeaways

  • Startups love to boast about ‘ARR.’ AI could bring this to an abrupt end. This article examines how the traditional SaaS valuation metric Annual Recurring Revenue (ARR) is being challenged by AI-driven usage and transactional outcome-based models. With AI adoption, fixed-seat licenses are losing relevance, and investors are shifting toward hybrid valuation frameworks that reward demonstrable productivity gains and efficient AI adoption. Founders should rethink their pricing and valuation narratives around actual value delivered, not just subscription revenue forecasting.
  • AI Summit 2025 Takeaways. This post distills the top 10 key insights from AiSummit 2025, including how AI agents are becoming co-workers, not just tools, the emergence of agent trainers and managers as new roles, and the shift from seat-based pricing to outcome-based models that reflect true value delivery. Founders building AI products should treat AI agents as accountable members of workflows and design pricing around measurable outcomes rather than traditional head-count-based models — strategies likely to shape successful go-to-market execution in 2026 and beyond. 

📈 SaaS Key Multiples & Benchmarks


Public SaaS Medians:

  • 6.1x TTM Revenue
  • 5.5x Forward Revenue
  • 38x EBITDA
  • 75% Gross Margin
  • 19.8% Annual Revenue Growth
  • 19% Net Profit/FCF
  • 8% EBITDA margin

Private SaaS M&A Medians:

  • 4.7x TTM Revenue, 22.4x TTM EBITDA

📰 Community News

See you next week with the next edition ofThis Week in SaaS.

-Ryan Allis, CEO of SaasRise