Great analysis from Accel Partners on the state of the SaaS universe in Europe, with a map of the top 100 European SaaS companies. The conclusion is that the market in Europe is maturing, with particular strengths in data/analytics and security. It's also interesting to see confirmation that European companies are more capital efficient than their US counterparts - it takes a similar time period to reach $10mn in annual recurring revenues, but they consume an average of $7-15mn in funding to get there, vs $15-20mn for US companies.