According to a recent Software Equity Group report:

“The software industry’s median exit valuation, measured as a multiple of trailing twelve months revenue, was 2.2x in 2010, a marked increase over 2009’s median exit valuation of 1.8x TTM revenue, and the highest annual median multiple we’ve witnessed since 2000. Among the eleven product categories we tracked in 2010, Security software garnered the highest category exit valuation. From a deal activity standpoint, Wireless software led all other product categories in 2010.”

The executive summary is available here. Registration is required.