CGES Index

CGES Index

The Cornerstone Global Enterprise SaaS (CGES) Index is a financial index comprising the top 30 emerging global Enterprise SaaS companies listed on stock exchanges. Its constituents have been carefully selected to ensure balanced sectoral and market capitalization representation. This first-of-its-kind initiative by an Indian investor aims to raise awareness of these investment models within the ecosystem.

CGES Index Value
check
February 11, 2025

Performance of CGES Index

graph

[ { "0": "", "1": "2018", "2": "2019", "3": "2020", "4": "2021", "5": "2022", "6": "2023", "7": "2024", "8": "2025" }, { "0": "CGES Index", "1": "100%", "2": "151%", "3": "330%", "4": "368%", "5": "177%", "6": "311%", "7": "370%", "8": "416%" }, { "0": "EM CLOUD", "1": "100%", "2": "140%", "3": "294%", "4": "286%", "5": "139%", "6": "194%", "7": "209%", "8": "196%" }, { "0": "NASDAQ", "1": "100%", "2": "135%", "3": "194%", "4": "236%", "5": "158%", "6": "226%", "7": "291%", "8": "350%" }, { "0": "S&P 500", "1": "100%", "2": "129%", "3": "150%", "4": "190%", "5": "153%", "6": "191%", "7": "235%", "8": "274%" } ]

Constituents of CGES Index

Sr No.Index ConstituentSegmentIndex Weight
01SalesforceSales, Marketing & CRM18.1%
02AdobeCore Operations Platform16.3%
03IntuitSupport Functions Platform11.5%
04ServiceNowProcess Automation8.7%
05ShopifyCore Operations Platform5.6%

Sr. No

Index Constituent

Segment

Description

1
Palantir Technologies
BI & Data Analytics
Intelligence products to augment human driven analysis.
2
Salesforce
Sales, Marketing & CRM
End-to-end cloud-based CRM software.
3
Intuit
Support Functions Platform
AI-based accounting and financial management solutions .
4
ServiceNow
Process Automation
Cloud-based automated workflow management for Enterprise.
5
Shopify
Core Operations Platform
Easy-to-use platform to build online stores for retailers.
6
Adobe
Core Operations Platform
Platform for digital content design, management and collaboration
7
CrowdstrikeHoldings
IT Infra & Security Management
Cloud-delivered cyber security solution for the endpoint protection.
8
Snowflake
BI & Data Analytics
Cloud data platform enabling customers to drive business insights.
9
Cloudflare
IT Infra & Security Management
Cloud based CDN infrastructure management software.
10
Workday
Support Functions Platform
Enterprise cloud applications for finance and human resources.
11
Atlassian Corporation
Enterprise Collaboration
Cloud based enterprise collaboration suite solutions.
12
Datadog
IT Infra & Security Management
SaaS-based monitoring platform for cloud applications.
13
Veeva Systems
Core Operations Platform
Cloud-based ERP solutions for the global life sciences industry.
14
HubSpot
Sales, Marketing & CRM
Cloud-based marketing and sales software platform.
15
Toast
Core Operations Platform
Cloud-based platform offering operations management solutions.
16
Zoom Video Communications
Enterprise Collaboration
Video-first communication platform and web conferencing services.
17
Twilio
Sales, Marketing & CRM
Programmatic communications platform for software developers.
18
Samsara
Process Automation
AI-powered vehicle tracking solutions for fleet owners.
19
MongoDB
IT Infra & Security Management
Cross-platform database and security management solution .
20
Dynatrace
BI & Data Analytics
Software intelligence platform for the enterprise cloud.
21
DocuSign
Support Functions Platform
Digital agreements management for business transactions.
22
Unity Software
Core Operations Platform
Graphic tools to create, run, and monetize real-time 2D and 3D content.
23
Procore Technologies
Core Operations Platform
Provider of cloud based construction management software.
24
Ceridian HCM Holding
Support Functions Platform
Enterprise grade Human Resource Management (HRM) software.
25
Klaviyo
Marketing Automation Platform
Marketing automation platform for email and SMS marketing.
26
Q2 Holdings
Core Operations Platform
Cloud-based digital banking solutions for financial institutions.
27
Waystar
Support Functions Platform
Cloud-based healthcare revenue cycle management solution.
28
UiPath
Process Automation
Robotic Process Automation and Enterprise Workflow Automation.
29
Asana
Process Automation
Cloud-based platform offering project management software.
30
DigitalOcean Holdings
IT Infra & Security Management
Cloud based integrated application development platform.
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Introduction to SaaS Metrics

SaaS companies have unique economic characteristics not fully captured by traditional financial metrics. To assess their health and growth, we use specialized “SaaS Metrics.” Given the business model nuances in the CGES Index, we’ve divided them into two cohorts for better representation.
Considering the nuances of business model of the constituents of CGES Index, we have divided them across two cohorts for better representation of metrics:
vector

Self-serve Enterprise SaaS

These are classic SaaS products like Slack, Zoom, Hubspot, etc. that a customer can sign-up and start using immediately. They are typically priced on PUPM (per user per month) basis with average pricing in the range of $10,000 per enterprise per annum.

vector image

Serviced Enterprise SaaS

These are core platforms that require integrations with existing enterprise software to function seamlessly, like Dynatrace, Five9, Salesforce, etc. These products are priced either basis PUPM or LPA (license fee per annum) depending on the complexity of the solution. The typical pricing per enterprise works out to be above $100,000 per annum.

vector

Serviced Enterprise SaaS

These are core platforms that require integrations with existing enterprise software to function seamlessly, like Dynatrace, Five9, Salesforce, etc. These products are priced either basis PUPM or LPA (license fee per annum) depending on the complexity of the solution. The typical pricing per enterprise works out to be above $100,000 per annum.

vector

Self-serve Enterprise SaaS

These are classic SaaS products like Slack, Zoom, Hubspot, etc. that a customer can sign-up and start using immediately. They are typically priced on PUPM (per user per month) basis with average pricing in the range of $10,000 per enterprise per annum.

Saas

Serviced Enterprise SaaS

These are core platforms that require integrations with existing enterprise software to function seamlessly, like Dynatrace, Salesforce, etc. These products are priced either basis PUPM or LPA (license fee per annum) depending on the complexity of the solution. The typical pricing per enterprise works out to be above $100,000 per annum.

Self serve Enterprise Saas

Self-serve Enterprise SaaS

These are classic SaaS products like Zoom, Hubspot, etc. that a customer can sign-up and start using immediately. They are typically priced on PUPM (per user per month) basis with average pricing in the range of $10,000 per enterprise per annum.

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Introduction to CGES Index

Cornerstone Global Enterprise SaaS (CGES) Index - a financial index of Top 30 emerging global Enterprise SaaS companies listed on stock exchanges. The index constituents have been carefully chosen to ensure balanced sectoral and market cap representation. This is a first of it’s kind initiative taken up by an Indian investor, in order to help create better awareness of these investment models in this ecosystem.

CGES Index Value
2517.95
check
Live
11-Jul-2023
5.72

Performance of CGES Index

graph
[ { "0": "", "1": "Self-Serve SaaS", "2": "Serviced SaaS", "3": "CGES Index" }, { "0": "2025", "1": "107%", "2": "115%", "3": "110%" } ]
[ { "0": "", "1": "Self-Serve SaaS", "2": "Serviced SaaS", "3": "CGES Index" }, { "0": "2025", "1": "5.71", "2": "16.26", "3": "11.57" } ]
[ { "0": "", "1": "Self-Serve SaaS", "2": "Serviced SaaS", "3": "CGES Index", "4": "", "5": "", "6": "", "7": "", "8": "", "9": "", "10": "", "11": "", "12": "", "13": "title 1", "14": "title 2", "15": "title 3", "16": "SubTitle" }, { "0": "2024", "1": "0.94", "2": "1.18", "3": "1.07", "4": "", "5": "", "6": "", "7": "", "8": "", "9": "", "10": "", "11": "", "12": "", "13": null, "14": null, "15": null, "16": null }, { "0": "2025", "1": "0.95", "2": "1.69", "3": "1.35", "4": null, "5": null, "6": null, "7": null, "8": null, "9": null, "10": null, "11": null, "12": null, "13": null, "14": null, "15": null, "16": null } ]
[ { "0": "", "1": "Self-Serve SaaS", "2": "Serviced SaaS", "3": "CGES Index", "4": "", "5": "", "6": "", "7": "", "8": "", "9": "", "10": "", "11": "", "12": "", "13": "title 1", "14": "title 2", "15": "title 3", "16": "SubTitle" }, { "0": "2024", "1": "0.69", "2": "0.67", "3": "0.68", "4": "", "5": "", "6": "", "7": "", "8": "", "9": "", "10": "", "11": "", "12": "", "13": null, "14": null, "15": null, "16": null }, { "0": "2025", "1": "0.67", "2": "0.64", "3": "0.65", "4": null, "5": null, "6": null, "7": null, "8": null, "9": null, "10": null, "11": null, "12": null, "13": null, "14": null, "15": null, "16": null } ]
[ { "0": "", "1": "2023", "2": "2024", "3": "2025", "4": "", "5": "", "6": "", "7": "", "8": "", "9": "", "10": "", "11": "", "12": "title 1", "13": "title 2", "14": "title 3", "15": "Subtitle", "16": null }, { "0": "Self-Serve SaaS", "1": "21560", "2": "28827", "3": "36524", "4": "", "5": "", "6": "", "7": "", "8": "", "9": "", "10": "", "11": "", "12": null, "13": null, "14": null, "15": null, "16": null }, { "0": "Serviced SaaS", "1": "967794", "2": "1155337", "3": "1393881", "4": null, "5": null, "6": null, "7": null, "8": null, "9": null, "10": null, "11": null, "12": null, "13": null, "14": null, "15": null, "16": null }, { "0": "CGES Index", "1": "517206", "2": "521675", "3": "669957", "4": null, "5": null, "6": null, "7": null, "8": null, "9": null, "10": null, "11": null, "12": null, "13": null, "14": null, "15": null, "16": null } ]
[ { "0": "", "1": "2019", "2": "2020", "3": "2021", "4": "2022", "5": "2023", "6": "2024", "7": "2025", "8": "", "9": "", "10": "", "11": "", "12": "", "13": "title 1", "14": "title 2", "15": "title 3", "16": "SubTitle" }, { "0": "Self-Serve SaaS", "1": "49.13%", "2": "47.28%", "3": "81.27%", "4": "24.13%", "5": "19.20%", "6": "19.71%", "7": "20.52%", "8": "", "9": "", "10": "", "11": "", "12": "", "13": null, "14": null, "15": null, "16": null }, { "0": "Serviced SaaS", "1": "35.05%", "2": "23.28%", "3": "47.43%", "4": "18.84%", "5": "10.97%", "6": "19.86%", "7": "18.29%", "8": null, "9": null, "10": null, "11": null, "12": null, "13": null, "14": null, "15": null, "16": null }, { "0": "CGES Index", "1": "37.92%", "2": "28.58%", "3": "55.99%", "4": "20.38%", "5": "13.46%", "6": "19.81%", "7": "19.00%", "8": null, "9": null, "10": null, "11": null, "12": null, "13": null, "14": null, "15": null, "16": null } ]
[ { "0": "", "1": "2019", "2": "2020", "3": "2021", "4": "2022", "5": "2023", "6": "2024", "7": "2025", "8": "", "9": "", "10": "", "11": "", "12": "", "13": "title 1", "14": "title 2", "15": "title 3", "16": "SubTitle" }, { "0": "Self-Serve SaaS", "1": "15.35", "2": "25.59", "3": "28.55", "4": "9.39", "5": "12.63", "6": "12.33", "7": "10.86", "8": "", "9": "", "10": "", "11": "", "12": "", "13": null, "14": null, "15": null, "16": null }, { "0": "Serviced SaaS", "1": "12.98", "2": "26.87", "3": "21.76", "4": "8.18", "5": "11.93", "6": "14.07", "7": "14.6", "8": null, "9": null, "10": null, "11": null, "12": null, "13": null, "14": null, "15": null, "16": null }, { "0": "CGES Index", "1": "13.94", "2": "26.38", "3": "24.7", "4": "8.7", "5": "12.38", "6": "13.26", "7": "12.85", "8": null, "9": null, "10": null, "11": null, "12": null, "13": null, "14": null, "15": null, "16": null } ]

Oneliner about what this table is

Sr No.Index ConstituentSegmentDescriptionIndex Weight
01AdobeCore Operations PlatformProducts for digital content designing, managing and collaborating; Ecommerce platform for creating & managing omni-channel store-fronts16.3%
02AlteryxBI & Data AnalyticsSelf-service data analytics software0.3%
03AppianProcess AutomationLow-code PaaS for building enterprise software applications, automations and business process management0.4%
04AtlassianEnterprise CollaborationProducts for software developers for improving software development, project management, collaboration, and code quality.5.9%
05BigCommerce HoldingsCore Operations PlatformSaaS platform for cross-channel commerce targeted at SMB retailers0.2%
View More

Introduction to SaaS Metrics

SaaS companies have certain unique characteristics that are popularly called the SaaS Economics. These are difficult to be captured by the traditional financial & operational metrics, hence we use several specifically designed indicators to best assess the health and growth potential of Enterprise SaaS companies. We call them the “SaaS Metrics”.
Considering the nuances of business model of the constituents of CGES Index, we have divided them across two Cohorts for better representation of metrics:
vector

Self-serve Enterprise SaaS

These are classic SaaS products like Slack, Zoom, Hubspot, etc. that a customer can sign-up and start using immediately. They are typically priced on PUPM (per user per month) basis with average pricing in the range of $10,000 per enterprise per annum.

vector

Serviced Enterprise SaaS

These are core platforms that require integrations with existing enterprise software to function seamlessly, like Dynatrace, Five9, Salesforce, etc. These products are priced either basis PUPM or LPA (license fee per annum) depending on the complexity of the solution. The typical pricing per enterprise works out to be above $100,000 per annum.

Self-serve Enterprise SaaS

These are classic SaaS products like Slack, Zoom, Hubspot, etc. that a customer can sign-up and start using immediately. They are typically priced on PUPM (per user per month) basis with average pricing in the range of $10,000 per enterprise per annum.

vector

Serviced Enterprise SaaS

These are core platforms that require integrations with existing enterprise software to function seamlessly, like Dynatrace, Five9, Salesforce, etc. These products are priced either basis PUPM or LPA (license fee per annum) depending on the complexity of the solution. The typical pricing per enterprise works out to be above $100,000 per annum.

vector

SaaS metrics

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ARR Growth

Measure of absolute growth in Annualized Recurring Revenue.
Self serve SaaS
30
Services SaaS
2.3

EV/ARR Ratio

Enterprise Valuation as a multiple of the ARR.
Self serve SaaS
23
Services SaaS
25

ARPA

Measure of impact-scale of a product as Average Revenue per Account.
Self serve SaaS
43
Services SaaS
21

NER

Measure of product stickiness via revenue growth from existing customers.
Self serve SaaS
32
Services SaaS
64

MRV

Measure of revenue visibility in terms of the no of months’ worth of contracted revenue.
Self serve SaaS
34
Services SaaS
87

DSDE

Measure of operational efficiency as Dollars Spent for every Dollar Earned.
Self serve SaaS
21
Services SaaS
34

SER

Measure of sales efficiency as revenue generated for every dollar spent on sales & marketing.
Self serve SaaS
43
Services SaaS
12