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Date of Award

Spring 2018

Degree Name

Bachelor of Science



First Advisor

Adam Grossberg

Second Advisor

Nicholas Woolley


SaaS is a software deployment method that allows customers to access software via the Internet. In the market today, SaaS firms consistently have higher market values than their non-SaaS competitors. This thesis hypothesizes that the structure of a SaaS firm is a driver of market value. Using a theoretical and empirical approach, this thesis identifies and analyzes key characteristics of SaaS firms in order to answer my research question: what about firm structure, if anything, is driving market value? An existing body of academic literature is helpful in defining the structure of the firm, while industry-specific literature provides assistance in showcasing trends and observing firm behavior. Additionally, an econometric analysis is run using a panel data set consisting of 67 firms and the popular valuation multiple EV/Revenue as a dependent variable to represent market value. The independent variables act as proxies for different aspects of firm structure. This thesis found evidence that the independent variables included have a significant and causal effect on EV/Revenue, which supports my hypothesis that SaaS firm structure drives value.


Senior thesis completed at Trinity College for the degree of Bachelor of Science in Economics. Full text access is limited to the Trinity community.