The HRTech Wire
HR SaaS 2026 Q2 Public Markets Update
HR SaaS is starting to look less like a growth category and more like a group of mature software businesses, argues Kyle Getsiv in his Q2 2026 public-markets update — though demand has not collapsed: payroll vendors described stable employment and HCM buyers continue to invest. The sector's median forward revenue multiple of 4.6x sits below its historical median, while its growth-adjusted multiple is above it, suggesting investors are pricing dependable cash flows rather than a new growth cycle. Corporate learning remains the clearest area of budget pressure, and AI spending is increasingly tied to specific workflows with measurable returns. Getsiv points to consolidation and private equity — Coursera's merger with Udemy and Thoma Bravo taking Dayforce private — as routes to reworking business models, alongside Workday's move toward Flex Credits and consumption and SAP's talk of outcome-based AI pricing.
Read the original at Kyle Getsiv (Substack)Verified vendor profiles for the companies named above.
Workday provides an enterprise AI platform for managing people, money, and AI agents across human resources, finance, spend, and planning.
Dayforce provides a global AI-powered people platform for HR, payroll, time, talent, workforce management, benefits, and analytics.
Online learning company operating a consumer course marketplace and Udemy Business, an enterprise upskilling subscription.
Online learning platform offering courses and degrees from universities and companies, with a Coursera for Business enterprise upskilling arm.