B2B GTM software trades at a fraction of infrastructure valuations

Salesforce’s $5.66 billion acquisition of Braze at a 6.8x trailing-revenue multiple sparked a comparison that shows public GTM software trading at a fraction of infrastructure and security peers (SaaStr). The GTM and front-office group has a median enterprise-value-to-revenue multiple of about 2.7x, while Cloudflare, Datadog and Snowflake sit at a median of 22.6x—roughly eight times higher. Growth rates overlap: Braze, Klaviyo and CrowdStrike all posted 26% YoY revenue growth, yet CrowdStrike trades at 42.6x versus Braze’s 3.7x.

ZoomInfo, listed under the ticker “GTM,” illustrates the low-multiple environment with a 2.0x EV/revenue ratio and a market cap of $1.14 billion against $1.26 billion of trailing revenue. The gap is attributed to investor expectations that AI agents will shrink seat-based usage in GTM tools, reducing future revenue streams. Twilio, which charges per usage, trades at 6.8x, underscoring the premium for consumption-based models.

Private valuations tell a different story: Clay raised at a $7.1 billion valuation (~35x revenue), Sierra at over 100x, and Rox at about 150x, all funded for agent-centric products that avoid per-seat pricing.

Our read: Public markets penalize GTM firms that rely on seat licenses, betting AI will erode those metrics, while strategic buyers and private investors are willing to pay premium multiples for usage-oriented or agent-driven models.