Ann: SiteMinder IPO - Priority Offer Now Open, page-11

I've had a deeper read of the prospectus and will post my detailed thoughts shortly.

Very similar thoughts to you, will be participating in the IPO for the fun of it and selling quite quickly.

I'm similarly getting the sense of an opportunistic exit purposefully listing prior to the full travel recovery to leave the forecasts to the imagination with two useless historical periods (2020 & 2021) and only one financial period with normal business operations (not enough to establish trends).
It seems the SaaS segment is starting to mature with the number of properties only growing at 15% between 2015 to 2019.
The transactions segment is the only driver of growth and will likely dominate the sales mix especially once booking volumes fully recover.

The issue is that the business has attracted a high revenue growth and high margin SaaS multiple. It will probably achieve the revenue growth in the near term with the recovery of booking volumes boosting the transaction segment. On the flipside as the transaction segment becomes increasingly dominant of the sales mix, gross margin will drift lower (30% transaction segment vs 85% SaaS segment, currently about 74%) and therefore the SiteMinder belongs to a different set of comparables.