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.