TABLE OF CONTENTS M&A Overview: 01 Current State of the Market FE SaaS Deals 2022 03 SaaS Valuations: 04 Public vs. Private Comps Value of Private Equity Dry Powder 06 VC and PE fundraising for SaaS 07 Notable Transactions 09 Where Will Valuations Go in 2023? 10 The Rule of 40 11 Key Takeaways 13 FE International: Who We Are 14 Meet The SaaS M&A Team 15