Investment in cloud firms plunged 42% in Q3, says venture capitalist Accel

STOCKHOLM : The amount of money invested in private cloud-computing companies in Europe, Israel and the United States dropped 42 per cent in the third quarter of 2022, indicating an industry in the midst of a"reset", showed a report from venture capital firm Accel.

The valuation of publicly listed cloud companies has also dropped to $1.2 trillion from $2.8 trillion in the last 12 months, Accel said. Among software-as-a-service companies, U.S. data analytics software maker Snowflake Inc has the highest enterprise value-to-revenue multiple over the next 12 months. Last month, however, the multiple was 20 times versus 61 times in September last year, the report showed.

"But we firmly believe that strong secular trends, like the shift to cloud, will continue to propel European and Israeli SaaS forward."

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Amazon to boost Thailand cloud infrastructure with US$5 billion investmentAmazon Web Services (AWS), the cloud computing division of Amazon.com, said on Monday (Oct 17) it plans to invest US$5 billion in Thailand over the next 15 years to strengthen its infrastructure in the country. The investment would include the construction of data centres and the purchase of goods and serv
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Hyundai Motor and Kia say Q3 earnings to reflect $2 billion costs hitSEOUL -Hyundai Motor and affiliate Kia Corp's third-quarter earnings will reflect provisions totalling a combined 2.9 trillion won ($2.04 billion), they said on Tuesday.The costs include provisions related to their Theta GDI engines, the South Korean automakers said in regulatory filings. Hyundai Moto
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »