Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>SaaS in its current dashboard—and workflow-centric form—built on the 2010s UX pattern of buttons, views, and user-driven actions—is being eclipsed by AI agents, with buyers of software increasingly expecting ChatGPT-style systems that can integrate &amp; reason over their data across all their tools via existing APIs, synthesize it, and drive outcomes.</li><li>While unified APIs promised fast integration for human engineers between your SaaS app and entire categories of tools like sales &amp; CRM (Salesforce/HubSpot), HRIS (Workday), and ERP (NetSuite) by flattening 3rd-party systems into the most common fields via a single integration point, AI agents threaten to render this abstraction unnecessary, as they can go deep—parsing arbitrary data structures, mapping to tenant-specific fields, and covering all edge cases—by default.</li><li>As Ampersand, Finch, Merge, and others all move to launch MCP servers and agent-facing SDKs betting MCP will become the HTTP of agentic SaaS, they’re aligning around a shared protocol that gives AI agents access to 3rd-party systems via declarative “tools” for reading and writing data layered over existing APIs—enabling agents to retrieve the live customer context they need to reduce hallucinations and take the best actions.</li></ul>

SaaS in its current dashboard—and workflow-centric form—built on the 2010s UX pattern of buttons, views, and user-driven actions—is being eclipsed by AI agents, with buyers of software increasingly expecting ChatGPT-style systems that can integrate &amp; reason over their data across all their tools via existing APIs, synthesize it, and drive outcomes.While unified APIs promised fast integration for human engineers between your SaaS app and entire categories of tools like sales &amp; CRM (Salesforce/HubSpot), HRIS (Workday), and ERP (NetSuite) by flattening 3rd-party systems into the most common fields via a single integration point, AI agents threaten to render this abstraction unnecessary, as they can go deep—parsing arbitrary data structures, mapping to tenant-specific fields, and covering all edge cases—by default.As Ampersand, Finch, Merge, and others all move to launch MCP servers and agent-facing SDKs betting MCP will become the HTTP of agentic SaaS, they’re aligning around a shared protocol that gives AI agents access to 3rd-party systems via declarative “tools” for reading and writing data layered over existing APIs—enabling agents to retrieve the live customer context they need to reduce hallucinations and take the best actions.

Ayan Barua, CEO Of Ampersand, On Infra For AI Agent Integrations

<ul><li>Despite billions flowing into ESG and climate tech startups during 2020-2021, most have failed to gain traction because they don’t deliver tangible financial and operational savings to owners &amp; operators of real estate.</li><li>Building-control incumbents—Honeywell, Johnson Controls, Siemens—still ship mostly hardware with thin software layers and sell through HVAC middlemen, while a new wave of vertically integrated platforms such as Runwise go direct to owners.</li><li>We&#39;ve created a way of putting a modern operating system - a new brain - into buildings that&#39;s 20-30 times cheaper than what historically existed because we do it completely wirelessly.</li></ul>

Despite billions flowing into ESG and climate tech startups during 2020-2021, most have failed to gain traction because they don’t deliver tangible financial and operational savings to owners &amp; operators of real estate.Building-control incumbents—Honeywell, Johnson Controls, Siemens—still ship mostly hardware with thin software layers and sell through HVAC middlemen, while a new wave of vertically integrated platforms such as Runwise go direct to owners.We&#39;ve created a way of putting a modern operating system - a new brain - into buildings that&#39;s 20-30 times cheaper than what historically existed because we do it completely wirelessly.

Lee Hoffman, co-founder Of Runwise, On The Operating System For Buildings

<ul><li>Sacra estimates that HoneyBook hit $140M ARR in March 2025, maintaining a 12% growth rate through 2024 and early 2025.</li><li>Sacra estimates that HoneyBook reached $140M in annualized recurring revenue (ARR) as of March 2025, showing a moderation in growth from 17% in 2023 to 12% in 2024 and early 2025 as the company shifts focus from user acquisition to monetization through new embedded financial services and AI-powered workflow enhancements.</li><li>HoneyBook's strategic expansion into embedded financial services through the launch of HoneyBook Finance in 2024—integrating a debit card, checking account, and money management tools—represents a significant evolution from its initial client management focus to a vertical ERP for independent service providers, mirroring a broader industry shift where vertically-focused software platforms increasingly absorb both workflow and cash flow to deliver higher-margin financial products to their users.</li></ul>

Sacra estimates that HoneyBook hit $140M ARR in March 2025, maintaining a 12% growth rate through 2024 and early 2025.Sacra estimates that HoneyBook reached $140M in annualized recurring revenue (ARR) as of March 2025, showing a moderation in growth from 17% in 2023 to 12% in 2024 and early 2025 as the company shifts focus from user acquisition to monetization through new embedded financial services and AI-powered workflow enhancements.HoneyBook's strategic expansion into embedded financial services through the launch of HoneyBook Finance in 2024—integrating a debit card, checking account, and money management tools—represents a significant evolution from its initial client management focus to a vertical ERP for independent service providers, mirroring a broader industry shift where vertically-focused software platforms increasingly absorb both workflow and cash flow to deliver higher-margin financial products to their users.

<ul><li>Tarro reached an $85M revenue run rate at the end of 2024, growing 118% YoY.</li><li>Tarro lands inside restaurants with outsourced phone order-takers who are 5-10% cheaper than domestic labor, and they expand by selling into additional services like marketing.</li><li>While recent "Shopify for restaurants" SaaS like ChowNow (General Catalyst, $94M raised) and Lunchbox (Coatue, $72M raised) focused on giving restaurants websites with online ordering & delivery to own and grow revenue through digital, the next wave of vertical SaaS built on voice AI —companies like Tarro, SoundHound, Presto and Hi Auto—look to save restaurants that run at 3-5% margins $30,000+ in labor costs per year.</li></ul>

Tarro reached an $85M revenue run rate at the end of 2024, growing 118% YoY.Tarro lands inside restaurants with outsourced phone order-takers who are 5-10% cheaper than domestic labor, and they expand by selling into additional services like marketing.While recent "Shopify for restaurants" SaaS like ChowNow (General Catalyst, $94M raised) and Lunchbox (Coatue, $72M raised) focused on giving restaurants websites with online ordering & delivery to own and grow revenue through digital, the next wave of vertical SaaS built on voice AI —companies like Tarro, SoundHound, Presto and Hi Auto—look to save restaurants that run at 3-5% margins $30,000+ in labor costs per year.

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>SailPoint is sponsor-backed by Thoma Bravo and is seeking a valuation north of $11b after taking the company private in August 2022 for $6.9bn</li>
<li>The sponsor will be only selling 2.5mm shares in this offering.</li>
<li>As of October 31, 2024, their annual recurring revenue was $813.2 million, reflecting an increase of 30% compared to October 31, 2023. </li>
</ul>


SailPoint is sponsor-backed by Thoma Bravo and is seeking a valuation north of $11b after taking the company private in August 2022 for $6.9bn
The sponsor will be only selling 2.5mm shares in this offering.
As of October 31, 2024, their annual recurring revenue was $813.2 million, reflecting an increase of 30% compared to October 31, 2023. 


SailPoint, Inc. (SAIL) -- First Software IPO of the Year: Thoma Bravo Seeking $11.5b IPO Valuation

United States

ServiceTitan, Inc. provides software solutions. The Company develops a trade platform that offers collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings tradespeople. ServiceTitan serves customers in the United States.

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ServiceTitan (TTAN US)

Ayan Barua, CEO Of Ampersand, On Infra For AI Agent Integrations

Last time we talked in October 2024, you mentioned AI agents, but we did not go into it deeply. What has changed in SaaS since we last spoke, both...

Sacra

Lee Hoffman, co-founder Of Runwise, On The Operating System For Buildings

In short, what is Runwise...

Sacra

HoneyBook At $135M ARR

TL;DR: HoneyBook continues to expand its business management platform for independent service providers with embedded financial services and AI...

Sacra

Scale AI For Chinese Restaurants

TL;DR: By routing phone-in orders to a Filipino call center, Tarro helps small Chinese restaurants save $30,000+ in annual labor costs. Sacra...

Sacra

SailPoint, Inc. (SAIL) -- First Software IPO of the Year: Thoma Bravo Seeking $11.5b IPO Valuation

SailPoint, backed by Thoma Bravo, seeks $11b valuation after going private for $6.9b in 2022, with ARR of $813.2m in 2024.

IPO Boutique

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52-week Range

Market Cap (USDm)

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Ayan Barua, CEO Of Ampersand, On Infra For AI Agent Integrations

Last time we talked in October 2024, you mentioned AI agents, but we did not go into it deeply. What has changed in SaaS since we last spoke, both...

Sacra

Lee Hoffman, co-founder Of Runwise, On The Operating System For Buildings

In short, what is Runwise...

Sacra

HoneyBook At $135M ARR

TL;DR: HoneyBook continues to expand its business management platform for independent service providers with embedded financial services and AI...

Sacra

Scale AI For Chinese Restaurants

TL;DR: By routing phone-in orders to a Filipino call center, Tarro helps small Chinese restaurants save $30,000+ in annual labor costs. Sacra...

Sacra

SailPoint, Inc. (SAIL) -- First Software IPO of the Year: Thoma Bravo Seeking $11.5b IPO Valuation

​SailPoint, backed by Thoma Bravo, seeks $11b valuation after going private for $6.9b in 2022, with ARR of $813.2m in 2024.

IPO Boutique

SailPoint, backed by Thoma Bravo, seeks $11b valuation after going private for $6.9b in 2022, with ARR of $813.2m in 2024.