Europe's Largest Software Companies — October 2026
Last updated on 12 October 2026·Software·Europe
SAP is the largest European software company
As of October 2026, the 50 highest-valued software companies in Europe add up to over $600B in combined enterprise value (and SAP, valued at $278B alone accounts for a big, big chunk of it!).
SAP is basically a category itself — a company that became the backbone of how most large enterprises run their ops these days.
Out of 50 largest European software companies, 20 are still private, 16 have been acquired, and 14 went public.
22% of most valuable European SaaS companies were founded in the UK, followed by Germany (20%) and France (10%).
What are the most valuable software companies in Europe?
This ranking includes 50 most valuable software (or software-enabled) companies in Europe. It includes private, public and acquired companies. Most private valuations are last reported or recently rumoured.
On ZIRP-era (2020-2022) valuations: we exclude companies that latest reported valuation would be enough to hit the list, but it is expected that the company is now valued significantly lower.
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1
SAPFounded in Germany in 1972 by former IBM employees, SAP is the world’s largest provider of enterprise application software. Known as the leader in enterprise resource planning software, SAP’s portfolio also includes software for supply chain management, procurement, travel and expense management, and customer relationship management, among others. The company operates in more than 180 countries and has more than 400,000 customers, approximately 80% of which are small to medium-size enterprises.
$278B
$41.3B
6.7x
Public
2
Dassault SystemesDassault Systèmes is a leading provider of computer-assisted design and product lifecycle management software, serving customers like Boeing and Volkswagen throughout the production process. The company’s flagship product, Catia, primarily serves the transportation, industrial equipment, and aerospace and defense industries. In life sciences, Dassault’s Medidata cloud platform optimizes clinical trial efficiency and is the leader in electronic data capture.
$36.0B
$7.0B
4.8x
Public
3
HexagonHexagon is the global leader in digital reality solutions, combining hardware such as sensors and measuring devices, software, and services. Customers are mainly in heavy industry, such as oil and gas, mining, construction, manufacturing, chemicals, and agriculture. Major products include measuring technology, mapping tools, and software. Around 40% of revenue is generated in the Americas, 35% in Europe, the Middle East, and Africa, and the rest in Asia.
$28.7B
$6.1B
4.8x
Public
4
AmadeusFounded in 1987 by four major European airline carriers (Air France, Lufthansa, Iberia, and SAS), Amadeus became the world’s second global distribution system operator, or GDS, after Sabre’s development in the 1960s and 1970s. Today, among the top three GDS operators that control nearly 100% of industry sales, Amadeus' 40%-plus market share ranks as the largest. Overall, Amadeus’ GDS segment represented 48% of total in 2024. Moreover, the company has an expanding IT solutions division (52% of 2024 revenue) that addresses the airline, airport, rail, hotel, and travel agency markets. Transaction fees, which are tied to volume and not price, account for the bulk of consolidated sales and profits.
$26.7B
$7.3B
4.1x
Public
5
Mistral AIMistral AI is a Paris-headquartered developer of open-source large language models outperforming GPT-3.5 benchmarks. The company releases models like Mistral 7B, Mixtral 8x7B with 46.7 percent MT-Bench scores, and Pixtral 12B for vision-language tasks. Enterprises deploy these via La Plateforme API supporting 80 billion parameter models for coding, translation, and summarization. Mistral AI partners with Microsoft Azure and NVIDIA for inference hardware. Founded in 2023, it serves clients in automotive and finance across Europe and the U.S.
$24.4B
–
–
Private
6
Wolters KluwerWolters Kluwer is a global provider of professional information, software solutions, and services in health; tax and accounting; environmental, social, and governance; finance; compliance; and legal. More than 60% of revenue is generated in North America and around 30% is from Europe.
$22.0B
$6.9B
3.8x
Public
7
ElevenLabsElevenLabs is a London and Warsaw-headquartered AI company providing voice synthesis, cloning, dubbing, and generation tools. Its platform supports text-to-speech in over 29 languages, developer APIs for voice agents, and enterprise solutions for content localization. Features include instant voice cloning from short audio samples, emotional tone preservation, and audio editing capabilities used by creators and businesses worldwide.
$22.0B
$600M
36.7x
Private
8
VismaVisma is a Norwegian business-software group headquartered in Oslo that builds and acquires mission-critical cloud software for small and mid-sized businesses, accounting firms and the public sector. Its products cover accounting and ERP, payroll and HR, e-invoicing, procurement, expense management and public-sector administration, sold mainly as subscriptions across Europe and Latin America. The group was formed in 1996 through the merger of Multisoft, SpecTec and Dovre Information Systems, was listed on the Oslo Stock Exchange until Hg took it private in 2006, and has since been owned by private equity investors, with Hg as majority shareholder alongside GIC, ICG and other co-investors. Visma grows largely through acquisitions and describes itself as the owner of more than 150 software companies; it completed 28 acquisitions in 2025, and its 2025 annual report says its head of M&A has taken part in more than 300 acquisitions across over twenty countries. In 2025 it reported revenue of EUR 2.8 billion, adjusted EBITDA of EUR 975 million and 2.4 million customers, and it had 15,402 full-time equivalent employees at year-end. Over time it has sold non-core units, including its marine software, BPO, hosting, retail, IT consulting and cloud-infrastructure businesses, to concentrate on SaaS.
$21.9B
$2.8B
7.9x
Acquired
9
FluidstackFluidStack delivers a leading AI cloud platform with supercomputing infrastructure for AI labs, governments, and enterprises, serving clients like Mistral, Meta, and Black Forest Labs.
$18.0B
–
–
Private
10
HelsingHelsing is a Berlin-headquartered defense technology firm founded in 2021 that supplies AI software platforms for land, air, naval, and subsurface operations. The company integrates its systems with military hardware from partners like Rheinmetall for autonomous target detection, strike coordination, and reconnaissance. Key products include AI-enabled strike drones resistant to electronic warfare, underwater surveillance vehicles, and wingman pilots for fighter jets, deployed by European armed forces.
$18.0B
$502M
35.9x
Private
11
IFSIFS is a Sweden-headquartered global provider of enterprise software and Industrial AI applications for asset-heavy industries such as manufacturing, aerospace & defence, energy & utilities, and field service operations. The company was founded in 1983 in Linköping by five university friends and develops IFS Cloud, an AI-powered platform spanning ERP, EAM, SCM, FSM and enterprise service management. IFS was listed on Nasdaq Stockholm until EQT VII took it private in 2015–2016. It serves more than 10,000 customers and more than one million users across over 80 countries, with over 7,000 employees. IFS surpassed EUR 1 billion in annual recurring revenue and reported 2024 total revenue above EUR 1.2 billion. Since the buyout it has expanded through add-on acquisitions such as WorkWave, Astea, Axios Systems, Clevest and Ultimo. The business is co-controlled by EQT and Hg, with TA Associates, ADIA and CPP Investments among its minority shareholders.
$17.3B
$1.3B
13.6x
Acquired
12
SageSage is a Newcastle upon Tyne, GBR-based operating company active in Financial Management Software, ERP Software. The Sage Group is a U.K.-based provider of accounting and enterprise resource planning, or ERP, software, predominantly to customers in the U.S. and Europe. The company was founded in 1981 and historically sold on-premises software products with perpetual software licenses. However, the company is transitioning toward cloud connected and cloud native products, sold via software-as-a-service, or SaaS, contracts. Sage’s main cloud native products include Sage Accounting, for small businesses, and Sage Intacct, which Sage acquired in 2017, for midsize businesses. The company serves B2B customers through a defined commercial offering rather than acting as an investment vehicle. Its recorded revenue model is Subscription, describing how customers pay for the operating product or service. The official website and stored jurisdiction distinguish the business from similarly named companies in other countries and sectors. ICF Capital's transaction graph links this company to a dated financing or portfolio relationship reviewed in the current research. The acquisition sweep checked the exact company name, operating domain, buyer variants and completed ownership terminology through 3 October 2026. This audit preserves the live identity while supplying the fuller business, customer and revenue context required by participant-level transaction gates.
$14.3B
$3.4B
4.9x
Public
13
LovableLovable is a Stockholm-based software platform that uses artificial intelligence to generate full-stack web applications from natural language descriptions. Launched in 2024, it supports building apps with built-in authentication, databases, and deployment to platforms like Vercel. The tool targets developers and non-technical users in sectors such as technology, finance, and healthcare, enabling rapid prototyping of customer-facing products like dashboards and e-commerce sites.
$13.3B
$500M
26.6x
Private
14
CelonisCelonis is a Munich-headquartered software company that delivers process mining technology through its Execution Management System. The platform includes analytics tools, Celonis Studio for custom applications, and capabilities for strategy, planning, management, actions, and automation. It enables business executives to optimize operations across industries with clients such as Siemens, Deutsche Telekom, and PepsiCo. Celonis maintains offices in New York, London, and Tokyo.
$13.0B
$400M
32.5x
Private
15
AVEVAAVEVA is an engineering software provider delivering design and asset management tools for oil and gas plants, power utilities, and marine vessel construction. Its portfolio includes PDMS for 3D modeling and PI System for real-time data analytics. Cambridge, United Kingdom-headquartered since 1967, AVEVA merged with Schneider Electric in 2023 to expand industrial IoT offerings.
$11.9B
$1.3B
9.4x
Acquired
16
Indra SistemasIndra Sistemas SA is a Spain-based provider of information technology offerings for finance, insurance, public administration, airports, defense, healthcare, media, telecom, security, energy, and infrastructure end markets. Its product capabilities include analytics, cloud computing, enterprise resource planning, networks and communications, electoral processes, bus technology, subway technology, and sustainability solutions. The firm generates revenue in Europe, Africa, the Middle East, the Americas, and Asia-Pacific.
$11.7B
$6.1B
1.9x
Public
17
The Access GroupThe Access Group is a software provider delivering integrated business management solutions including ERP, finance, HR, payroll, recruitment, warehousing, business intelligence, professional services automation, and manufacturing modules. London-headquartered Access Group plc serves organizations across multiple industries with cloud-based platforms that streamline operations. The company maintains a broad portfolio addressing end-to-end business needs from core financials to specialized sector tools.
$11.6B
$911M
12.7x
Acquired
18
TeamSystemTeamSystem is an Italian software developer supplying management solutions for SMEs, professionals, accountants, lawyers, and artisans. The company provides ERP systems, access control for sports facilities, and training programs. Pesaro-headquartered since 1979, TeamSystem operates 42 offices across Italy.
$11.0B
$1.5B
7.5x
Acquired
19
ElasticElastic is a software company that specializes in AI-search, observability, and security deployments. Its search division offers both traditional keyword search and vector search methods to enable more context-aware querying. The software has open-source origins but generates revenue through valuable add-ons, including simplified data orchestration and server scaling techniques.
$10.8B
$1.7B
5.7x
Public
20
TalkdeskTalkdesk is a cloud contact center platform integrating AI for customer service across sales, support, and operations. The company deploys Industry Experience Clouds for verticals like retail and healthcare, enhanced by generative AI for agent empowerment and personalization. Talkdesk serves global enterprises with pre-built solutions deployed in multiple languages.
$10.0B
–
–
Private
21
NemetschekNemetschek is a German company that makes software products for the architecture, engineering, and construction industry, mainly, but also for the media and entertainment industry. Its software solutions cover the entire life cycle of building and infrastructure projects (design, build, and manage). In media and entertainment, it is one of the world’s leading providers of software for the creation of 3D animation and visual effects in movies, TV shows, and gaming.
$9.8B
$1.3B
7.5x
Public
22
N26N26 is a Berlin-headquartered mobile bank operating in 24 European countries since 2013. It offers current accounts, international transfers via SEPA, investments through N26 Invest, and cash deposits at 40,000 partner retailers. The app supports Spaces sub-accounts, overdrafts up to €10,000, and cryptocurrency trading for personal and business users.
$9.0B
$131M
68.8x
Private
23
LegoraLegora is a Swedish legal technology company headquartered in Stockholm that sells an agentic operating system for legal work. It was founded in 2023 as Leya by Max Junestrand, Sigge Labor and August Erseus and took the Legora name in 2025. Law firms and in-house legal teams use the platform for research, document review, drafting and workflow automation, through a Word add-in, an editor and other tools. Legora serves more than 2,000 customers in over 80 markets, employs more than 1,000 people in 18 offices and reports annual recurring revenue above 200 million dollars. It raised a 550 million dollar Series E at an 8.8 billion dollar valuation in October 2026. In 2026 it acquired Walter, Qura, Graceview, Cadastral and Wexler to extend the platform.
$8.8B
$200M
44.0x
Private
24
AvastAvast is a Prague-headquartered cybersecurity company marketing antivirus software under Avast and AVG brands for Windows, macOS, Android, and iOS devices. Its threat detection engine processes samples from global sensors certified by AV-Comparatives and AV-Test organizations. Backed by CVC Capital Partners and Summit Partners, Avast secures endpoints against ransomware, spyware, and phishing attacks.
$8.7B
$893M
9.7x
Acquired
25
KrakenKraken is a London-headquartered customer engagement platform for energy, water, and broadband providers across Europe and North America. Its technology stack includes billing, CRM, self-service portals, and smart metering analytics to streamline operations. Kraken serves utilities like Octopus Energy and OVO, enabling net-zero transitions through demand response and EV charging management. The platform processes millions of customer interactions monthly, supporting regulatory compliance in deregulated markets.
$8.7B
–
–
Private
26
PersonioPersonio is a Munich-headquartered provider of cloud-based HR software for small and medium-sized businesses operating internationally. Its platform combines core HR administration, recruiting and applicant tracking, onboarding, absence and time tracking, performance management, payroll preparation, workflow automation and people analytics in a single system. Personio sells subscriptions to companies typically with about 10 to 2,000 employees, mainly in Europe. By June 2024 it served around 12,000 customers across 70 countries and employed roughly 2,000 people, and its statutory accounts show revenue rising from EUR 1.8 million in 2017 to EUR 50.7 million in 2021. The company is venture-backed: after a EUR 2.1 million seed round in 2016 it raised rounds led by Northzone, Index Ventures, Accel, Index and Meritech, and Greenoaks, reaching a USD 8.5 billion valuation in June 2022. Personio was founded in 2015 by Hanno Renner, Roman Schumacher, Arseniy Vershinin and Ignaz Forstmeier; Renner is chief executive.
$8.5B
–
–
Private
27
SkypeSkype is an Internet communications service that lets users make free voice and video calls between computers and mobile devices and paid calls to landline and mobile telephone numbers. It was created by Niklas Zennström and Janus Friis with Estonian developers, first released in August 2003, and headquartered in Luxembourg. eBay acquired Skype in 2005 for about USD 2.6 billion, and in 2009 sold a majority to an investor group led by Silver Lake. The business earned revenue mainly from SkypeOut calls to phone networks, subscriptions, online telephone numbers and advertising, while most of its hundreds of millions of registered users used the free service. Skype Technologies generated revenue of USD 551 million in 2008, when registered users reached 405 million. Microsoft acquired Skype in 2011 and ran it until retiring the consumer service in 2025.
$8.5B
$860M
9.9x
Acquired
28
OdooOdoo is a Belgian developer of open-source business management software, with its registered office and R&D farms in Grand-Rosière in Wallonia and a large finance, marketing and sales office in Louvain-la-Neuve. Its integrated suite covers accounting, invoicing, CRM, sales, eCommerce, point of sale, inventory, manufacturing, HR, payroll, marketing and website building, sold as a free Community edition and a paid Enterprise subscription that can run on-premise or on Odoo's own cloud hosting. The platform targets small and medium-sized enterprises, and its open-core model has allowed community developers to create nearly 40,000 applications. Odoo serves more than 170,000 paying customers in 180 countries through thousands of partners, expected about €650 million of billing revenue in 2025 and employs close to 7,000 people. The company is profitable and has raised little primary capital; its valuation rose through secondary share sales to Summit Partners, General Atlantic, CapitalG and Sequoia Capital, reaching €7 billion in January 2026. Odoo is led by founder and chief executive Fabien Pinckaers, and the business traded as OpenERP before adopting the Odoo name in 2014.
$8.1B
$712M
11.3x
Private
29
UiPathUiPath Inc offers an end-to-end cross-application enterprise automation platform principally with computer vision technology and user interface automations in its initial RPA offering, which remains the foundation of the platform. The platform leverages a range of automation technologies including robotic process automation, application programming interface, and artificial intelligence. UiPath’s solution can automate a broad range of repetitive tasks across industries including claims processing, employee onboarding, invoice to cash, loan applications, and customer service.
$7.4B
$1.6B
3.8x
Public
30
NEURA RoboticsNEURA Robotics is a German robotics company headquartered in Metzingen, Baden-Württemberg, that builds cognitive robots designed to work alongside people. It was founded in March 2019 as Han's Robot Germany GmbH by David Reger and rebranded as NEURA Robotics in November 2020, when it introduced the LARA collaborative robot; its range now includes the MAiRA cognitive robot, the MAV mobile robot and the MiPA service robot, and it is developing the 4NE1 humanoid. Its Neuraverse platform is meant to let different robots share learned skills. Customers are industrial manufacturers, and Kawasaki Robotics sells a cobot series based on NEURA's platform; revenue comes from robot sales and software. The company reported a EUR 1 billion order book in January 2025 and had more than 1,100 employees by late October 2025. Backers include Lingotto, Vsquared Ventures, HV Capital, Tether, Amazon, NVIDIA, Qualcomm and Bosch, and in June 2026 it announced a Series C of up to $1.4 billion.
$7.0B
–
–
Private
31
Jetbrains
$7.0B
$400M
17.5x
Private
32
AllfundsAllfunds is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2024, Allfunds had EUR 1.6 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 156,000 funds from 3,300 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France.
$6.6B
$730M
8.9x
Public
33
CEGIDCegid is a French business software company headquartered in Lyon that develops cloud applications for companies, accounting firms, retailers and small businesses. Its products cover accounting and financial management, enterprise resource planning, treasury and tax management, payroll and human resources, and retail management through Cegid Retail. Cegid sells mainly through cloud subscriptions; by the first half of 2015 cloud services already made up 61% of its software revenue. As of 2026 it had more than 5,000 employees and sold its software in about 130 countries, with Spain and Portugal contributing around 20% of group revenue in 2025 and further operations in the DACH region, Benelux, Northern Europe, Canada and Latin America. The company was founded in Lyon in 1983 by Jean-Michel Aulas and was listed on Euronext Paris until US private equity firm Silver Lake took control through a public offer in 2016; its shares were delisted in July 2017. Under private ownership it has grown by acquisition, buying Spanish payroll and HR software maker Meta4 in 2019, French cloud HR company Talentsoft in 2021, accounting software maker EBP in 2024, PHC Business Software, Microdata and German small-business accounting provider sevdesk in 2025, and financial management platform Shine in June 2026. KKR bought a minority stake in 2021 in a deal valuing Cegid at €5.5 billion, with Silver Lake remaining the majority shareholder.
$6.5B
$592M
11.0x
Acquired
34
DoctolibDoctolib is a Paris-headquartered online booking platform serving 80,000+ practitioners across France, Germany, Italy, and expanding regions. Patients book appointments 24/7 with GPs, dentists, and therapists via app or web. The software manages agendas, teleconsultations, and prescriptions, integrating with French and German health records. Founded in 2013, it handles 100 million annual appointments.
$6.4B
$400M
16.0x
Private
35
TemenosTemenos is a Swiss company that provides banking software to financial institutions around the world. Its main product is core banking software that helps banks manage accounts, customer information, transaction processing, loans, security, and financial reporting. Besides core banking software, Temenos offers products for digital banking, payments, wealth management, compliance, and analytics to help banks improve customer experience and meet regulatory requirements.
$6.2B
$1.1B
6.2x
Public
36
ATG EntertainmentATG Entertainment is a London-headquartered live theatre operator managing nearly 50 venues in the UK, US, and Germany. The company runs historic West End houses like Apollo Victoria alongside sites in Birmingham, Bristol, Edinburgh, and Glasgow. In the US, it oversees Broadway's Lyric Theatre, venues in Brooklyn, New Orleans, San Antonio, and Boston. European operations include theatres in Berlin, Cologne, Düsseldorf, Hamburg, and Bochum. ATG also manages ticketing via Groupline and produces shows.
$6.1B
$1.2B
4.9x
Acquired
37
P&IP&I is a Munich-headquartered provider of HR management software featuring LOGA3 platform for employee self-services, payroll integration, and talent management modules used by enterprises in Germany and Europe.
$5.9B
–
–
Acquired
38
Micro FocusMicro Focus is a London-headquartered software company specializing in cybersecurity, IT operations management, application delivery, information governance, and mainframe modernization. Their portfolio includes ArcSight for security information and event management, SiteScope for infrastructure monitoring, and Silk Performer for load testing applications. The company serves sectors like finance, government, and healthcare with tools bridging legacy COBOL systems to cloud-native environments. Micro Focus expanded through acquisitions such as HPE Software in 2017 before its 2023 acquisition by OpenText.
$5.8B
$2.9B
2.0x
Acquired
39
MimecastMimecast is a London-headquartered cloud cybersecurity firm protecting email and collaboration platforms for over 37,000 organizations worldwide. Founded in 2003, it offers unified services for threat detection, archiving, and continuity using AI-driven engines against phishing and ransomware. With offices in Boston, Johannesburg, and Sydney, Mimecast integrates with Microsoft 365 and Google Workspace.
$5.8B
$441M
13.1x
Acquired
40
TopicusTopicus com Inc is engaged in the development, installation, and customization of vertical market software and the provision of related professional services and support for customers across several diverse markets, mainly in Europe. Its revenue consists mainly of software license fees, maintenance and other recurring fees, professional service fees, and hardware sales. Geographically, the company generates maximum revenue from its business in the Netherlands, and the rest from other markets.
$5.8B
$1.7B
3.7x
Public
41
RELEX SolutionsRELEX Solutions is a Helsinki-headquartered provider of AI-powered supply chain and retail planning software. Its unified platform optimizes demand forecasting, replenishment, and assortment for grocers like Morrisons, Coop Denmark, and Rossmann across 20 countries. With offices in North America and Europe, RELEX serves 300-plus retailers managing billions in annual sales.
$5.8B
$150M
38.3x
Private
42
ContentsquareContentsquare is a Paris-headquartered digital experience analytics platform leveraging AI to analyze customer behaviors, frustrations, and intent through session replays and heatmaps. The company empowers brands like IKEA, Marks & Spencer, and Leroy Merlin to optimize websites and apps for better conversion rates. Established in 2012, Contentsquare operates offices in New York, London, and Tel Aviv, processing billions of sessions annually to drive digital transformations.
$5.6B
–
–
Private
43
GemaltoGemalto is an Amsterdam-headquartered provider of digital security solutions prior to its 2019 acquisition by Thales Group. It supplied secure personal devices including SIM cards, UICC platforms for 5G networks, smart banking EMV cards, e-passports, and biometric authentication tokens. The company served wireless carriers like Verizon, banks such as HSBC, and governments in over 180 countries with software platforms for identity management and encryption. At the transaction date, the organisation operated in Semiconductors, Payment Infrastructure, Cybersecurity and participated through the products, services, assets or investment capabilities described in the cited materials. It served B2B customers, users or counterparties through those activities. Its commercial model generated revenue through product sales and subscription, supported by sector expertise, operating execution and customer relationships. The business depended on its people, technology, physical assets, regulatory position or investment capital as appropriate to the sector. This profile identifies the legal or operating participant in the historical transaction and preserves that identity where a later merger, disposal, delisting or reorganisation changed the company’s name or ownership.
$5.6B
$3.5B
1.6x
Acquired
44
team.blueteam.blue is a European digital-enablement group formed in 2019 from the combination of Combell, TransIP Group and REGISTER. Headquartered in Ghent, it supplies domains, web hosting, email, cloud infrastructure and online business tools. The group operates through local brands that serve entrepreneurs and small and mid-sized companies across Europe. Its offering has expanded into ecommerce, compliance, marketing and productivity software through acquisitions. Customers typically pay recurring subscriptions for infrastructure and applications, with additional usage and service revenue. team.blue provides shared technology, capital and operating support while acquired brands retain local market recognition. In September 2024 it acquired Metricool, enabling Axon Partners to realize its investment in the Spanish software company.
$5.5B
$862M
6.4x
Private
45
FortnoxFortnox is a Swedish cloud accounting software provider listed on Nasdaq Stockholm. Växjö-headquartered since 2003, it offers eight web-based applications for bookkeeping, invoicing, payroll, and time reporting used by 500,000 SMEs. Commercialized from 2004, the platform integrates with banks and tax authorities for automated VAT filings across Scandinavia.
$5.5B
$200M
27.5x
Acquired
46
IONOS GroupIONOS Group SE is an international digitalization partner and cloud enabler for small and medium-sized enterprises (SMEs), as well as for individual users and larger corporate customers. It offers a comprehensive product portfolio in the areas of web presence and productivity, as well as cloud solutions, which is further supported by customer care and infrastructure. In addition, IONOS offers an online marketplace for buying, selling, and parking domains. The company's operating segments include Digital Solutions & Cloud and AdTech. Key revenue is derived from the Digital Solutions & Cloud segment, which offers its customers customized server products and other solutions to set up an online presence and maintain their IT infrastructure. Geographically, it derives key revenue from Germany.
$5.4B
$1.5B
4.2x
Public
47
DarktraceDarktrace is a cybersecurity company deploying self-learning AI modeled on the human immune system to detect and respond to threats across cloud, email, IoT, networks, and industrial control systems. The platform autonomously neutralizes attacks including zero-day malware, insider threats, and supply chain compromises every three seconds. Darktrace protects over 3,500 organizations worldwide from San Francisco-headquartered operations and Cambridge, UK headquarters with 44 offices globally. Listed on the London Stock Exchange since 2021, it serves sectors like finance, healthcare, and government.
$5.3B
$545M
9.8x
Acquired
48
n8nn8n is a Berlin-headquartered open-source workflow automation platform supporting over 500 app integrations for technical teams. The self-hostable tool enables drag-and-drop or code-based creation of AI agents using nodes for OpenAI, Hugging Face, and vector databases. n8n's cloud version processes enterprise-scale automations for DevOps, marketing, and data pipelines.
$5.2B
–
–
Private
49
InvensysInvensys is a global supplier of automation software, systems, and controls for industrial and commercial clients in oil refineries, power stations, mining, and appliance manufacturing. The company's technologies monitor, control, and automate processes to enhance safety, efficiency, and reliability worldwide.
$5.2B
$2.2B
2.3x
Acquired
50
Ineffable IntelligenceIneffable Intelligence builds machine learning systems that learn via reinforcement learning through interaction and experience in simulated or real environments. These systems form a superlearner capable of autonomous knowledge generation, adaptation, and problem-solving across domains.
$5.1B
–
–
Private
Median
$8.6B
$1.2B
8.4x
Data and methodology
Underlying data
Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.
Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.
Any raw figures are harmonised to USD for comparison purposes.
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