It is busy time in technology, with billions of dollars worth of value burned in recent days: FTX is on the brink of death, while Twitter, recently sold at a price that no longer made sense once the trade was closed, either slouching toward insolvency or notdepending on how you view the new owner’s recent comments.

But while there are a lot of shiny things vying for our attention, the bigger (and duller) world of B2B software is having a fascinating year. Remember, when COVID-19 first swept the world, there were doubts that tech companies would perform well. Those concerns were misplaced; It turned out that companies of all sizes still needed tech solutions to run their businesses, meaning that while much of the economy suffered, tech companies gained additional momentum.

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The market went a little too far with the idea last year, pushing valuations into the stratosphere and betting that a large number of smaller tech companies would be the next Microsoft, when in reality the number of really huge winners in an enterprise context will be limited.

Regardless, valuations have fallen and growth reported by some public tech companies has slowed. But looking at third quarter results, it’s not that hard to see strengths amid executive warnings that the economy could remain rather shaky in the coming quarters.

Investors are getting stricter with their numbers this year, so we’re getting more detailed. Today let’s take a look at some recent technical results – with a focus on gross retention – from companies selling to both large and small businesses. We’ll also be weaving notes from a chat with Appian’s CEO last week, as well as some new data from GGV on where SMEs plan to spend. This gives us a modest well-rounded perspective on where the software market — which accounts for much of the larger tech industry itself — is today, and where it could go next year.