Totally agree with the prevailing sentiment here. We are very open to software/SaaS based businesses as long as they generally meet the metrics of traditional search. There still has to be EBITDA but often the higher growth rates of these types of companies is such that, the absolute level of EBITDA can be initially slightly lower than would be needed for slower growth acquisitions. The downside is, as also mentioned in the comments above, the valuations tend to be higher multiples. Those multiples have begun to come down a bit but still often remain high.

Agreeing with all the above sentiments -- Yes it could be a great fit, but it depends on the operator experience, the protectability of the product, and how that aligns with capital needs. 90+% of the e-comm, SaaS, or digital product opportunities we see lack protectability or structure to really grow at the projected pace while maintaining margin and aren't established enough to access leverage that would make them more capital efficient. In a build vs buy decision it's a trade off of time or largely all equity deals.