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

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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.

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