The biggest risk for many SaaS companies is adoption. Some...

The biggest risk for many SaaS companies is adoption. Some started off with guns blazing but in the end there is no customer uptake. 1PG started off "signing" customers left right and centre and their mc went to a crazy $800 mil. What they failed to clarify was it was just a trial agreement - and in the end no one took up any subscription. RFN went to $200 mil mc. There are a few currently with crazy valuations and yet with little revenue to prove it. I put them in the extremely high risk category.

I like BTH and a few others as it looks like it started life at the bottom just like BIG. It is used and endorsed by very big customers with growing revenues to prove it. Again with SaaS if the customer uptake grows your margin increases as much of the overheads are static. BTH to me looks like it is growing, and with the resale agreements with the likes of Verizon the adoption is only going to accelerate.