Hedberg & Jaluria Weekly Software Recap/Preview

研报英文原文证据摘录

Hedberg & Jaluria Weekly Software Recap/Preview

roduction? We surveyed 107 IT

professionals (CIOs and CTOs/Heads of Tech) from companies with revenues ranging from <$250M-

$25B+ and IT budgets ranging from <$50M-$2B+. Overall, we came away encouraged by broad-based

enterprise spending momentum into 2H 2026, with AI adoption beginning to transition from pilot

to production. Read-throughs are most positive for CRM, CRWD, DDOG, HUBS, MSFT, NET, NOW,

PANW, PEGA, ORCL, SHOP, SNOW & WDAY and least positive for BOX, DBX, FIVN, FSLY, GTM, NICE,

OTEX & ZM.

• Varonis could be exploring a sale according to an unsubstantiated Bloomberg report: While we have

no knowledge of a potential transaction, we've previously thought Varonis could be an interesting

M&A candidate as we think a sale to a potential PE buyer could make sense. Historically, software

PE M&A has occurred at an average FTM EV/S multiple of ~6x, as a multiple in-line with that could

point to a $46 stock price.

• European Marketing Highlights: Investor Sentiment/Interest Slowly Recovering: The most asked

about names were MSFT, CRM, MDB, ORCL, INTU.

• Additional research highlights: Jaluria Software Download 37, Adobe entered into a definitive

agreement to acquire Topaz Labs, Adobe kicks off Cannes with new agency and technology

partnerships, COUR x UDMY Post-Merger Considerations, DV expands Authentic AdVantage to

Meta and TikTok, Elastic announces a 7% RIF and departure of CPO Ken Exner, Figma Config

2026 highlights, IBM Announces World's First Sub-1 Nanometer Chip Technology, IBM and OpenAI

Bring Frontier AI to Cyber Defense, Thoughts from Samsara Beyond and Investor Day 2026,

ZETA announces strategic partnership with Palantir, Follow-up thoughts from our call with ZETA

management around the partnership