We’re not digging into another IPO filing today. You can read all about AppLovin’s filing here, or ThredUp’s document here. This morning, instead, we’re talking about an old favorite: software valuations. The folks over at Battery Ventures have compiled a lengthy dive into the 2020 software market that’s worth our time — you can read along here; I’ll provide page numbers as we go — because it helps explain some software valuations. The Exchange explores startups, markets and money.