As of June 2026, the 50 highest-valued software companies in Europe add up to over $600B in combined enterprise value (and SAP, valued at $188B 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, 24 are still private, 14 have been acquired, and 12 went public.
24% of most valuable European SaaS companies were founded in United Kingdom, followed by Germany (18%) 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.
$188B
$43.9B
4.2x
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.
$29.3B
$7.4B
3.6x
Public
3
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.
$24.8B
$7.7B
3.6x
Public
4
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.
$22.1B
$6.5B
3.7x
Public
5
VismaVisma is an Oslo-headquartered SaaS group delivering accounting, HR, and administration software across Northern Europe and beyond. Organized into Software SMB, Software Government & Large Accounts, and Business Process Outsourcing divisions, it powers operations for 1.7 million customers in 13 countries with products like Visma.net ERP and eAccounting. The company maintains a presence in Norway, Sweden, Finland, Denmark, and expanding markets.
$21.9B
$2.8B
7.9x
Acquired
6
Aleph AlphaAleph Alpha is a Heidelberg, Germany-headquartered AI company developing generative models for enterprises and governments. Its solutions support multimodal large language models like Luminous, enabling custom intelligent products in sectors including defense, energy, and manufacturing. Founded in 2019, it serves clients through Heidelberg's AI research hub.
$20.0B
–
–
Acquired
7
IFSIFS is a Sweden-headquartered global provider of enterprise software for manufacturing, asset-intensive industries, and service operations. Linköping-based IFS develops IFS Cloud, an AI-powered platform covering ERP, EAM, SCM, ITSM, and FSM modules. Serving over 10,000 customers including Rolls-Royce, Nestlé, and Boeing, IFS enables real-time analytics and predictive maintenance. Acquired by EQT in 2022, the company expanded through acquisitions like Infor's EAM business.
$17.3B
$1.3B
13.6x
Acquired
8
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.
$16.3B
$7.2B
2.9x
Public
9
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.
$13.8B
–
–
Private
10
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.
$13.5B
$400M
33.6x
Private
11
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
12
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.
$12.2B
$911M
13.4x
Acquired
13
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
14
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.
$11.1B
$6.4B
1.6x
Public
15
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.
$11.0B
$500M
22.0x
Private
16
SageThe 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.
$10.2B
$3.4B
3.6x
Public
17
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.
$9.2B
$1.1B
8.7x
Acquired
18
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
$506M
17.8x
Private
19
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
$2.2B
3.9x
Private
20
Blue YonderBlue Yonder is a Scottsdale-headquartered supply chain management software provider, acquired by Panasonic in 2021. It offers cloud platforms for demand forecasting, inventory optimization, and warehouse execution using AI and machine learning. The company serves retailers like Walmart and Heineken across 80 countries with solutions deployed on AWS and Azure.
$8.5B
$1.1B
7.7x
Acquired
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.
$8.2B
$1.4B
6.0x
Public
22
OdooOdoo is a Grand-Rosière-headquartered open-source suite of integrated business applications. Founded in 2005, it encompasses CRM, eCommerce, accounting, inventory, manufacturing, and HR modules that interconnect for streamlined operations. The platform powers small to large enterprises globally, with community and enterprise editions deployable on-premises or in the cloud.
$8.1B
$712M
11.3x
Private
23
PersonioPersonio is a comprehensive HR platform designed for small and medium-sized businesses throughout Europe. Founded in 2015 and headquartered in Munich, Germany, the company delivers integrated tools for recruiting, payroll processing, performance reviews, time tracking, and employee onboarding. It supports localized compliance in countries including Germany, France, the United Kingdom, Spain, the Netherlands, Austria, Switzerland, and Ireland. Personio connects with applications such as Microsoft Teams, Slack, and Google Workspace to streamline workflows. The platform processes payroll for over 1 million employees monthly and maintains ISO 27001 certification for data security.
$8.0B
$500M
16.0x
Private
24
THG IngenuityTHG Ingenuity is the technology division of THG plc powering the parent company's e-commerce ecosystem. Manchester-headquartered, it supplies a proprietary cloud platform handling site management, personalization, logistics, and payments for brands including Myprotein, Lookfantastic, and Dermstore. The service supports peak traffic exceeding one million orders daily across 160 countries, enabling scalable online retail operations.
$8.0B
–
–
Private
25
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.
$7.5B
$180M
41.7x
Private
26
Jetbrains
$7.0B
$400M
17.5x
Private
27
Grupo PrimaveraGrupo Primavera is a Portuguese ERP software provider offering cloud solutions for accounting, invoicing, payroll, and business management. Headquartered in Braga, it serves SMEs in Iberia and Latin America with modules integrated to SEPA payments and Spanish SII reporting. The platform supports over 100,000 users across retail and services.
$6.9B
–
–
Acquired
28
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.
$6.6B
$200M
33.0x
Private
29
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
30
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.
$6.3B
$1.8B
3.6x
Public
31
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.
$6.3B
$1.7B
3.2x
Public
32
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
33
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
34
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
–
–
Private
35
LegoraLegora is a London-headquartered AI platform designed for legal professionals to review documents, perform research, and generate drafts. The tool automates contract analysis and case law searches while integrating with firm workflows for junior lawyers and partners. Founded in 2023, it emphasizes collaborative features that align with client-specific implementations across litigation and corporate practices.
$5.6B
$100M
56.0x
Private
36
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
37
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.
$5.6B
$3.5B
1.6x
Acquired
38
team.blueteam.blue is a Belgium-headquartered web hosting and cloud services provider operating across Europe. The company offers domain registration, shared hosting, VPS, and Microsoft 365 solutions under brands like Yourwebhoster and Combell. With data centers in Ghent and Amsterdam, team.blue supports small businesses with email services, website builders, and cybersecurity tools.
$5.5B
$862M
6.4x
Private
39
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.
$5.4B
$1.1B
5.6x
Public
40
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
41
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
42
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
43
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
44
QontoQonto is a digital banking platform for European SMEs, freelancers, and startups, offering business accounts, cards, invoicing, and expense management via mobile app and web. It supports multi-currency transfers, SEPA payments, and integrations with accounting software like Xero and QuickBooks. Paris-headquartered, Qonto operates in France, Germany, Italy, Spain, and Belgium, holding banking licenses through partnerships with Solarisbank and Trees. Founded in 2017, the neobank serves over 450,000 businesses with real-time notifications and automated reconciliation.
$5.1B
$183M
27.7x
Private
45
SportradarSportradar Group AG is a technology platform enabling next-generation engagement in sports, and a provider of B2B solutions to the sports betting industry. It generates revenue through two primary sources: subscription-based revenue and revenue sharing. Geographically, it operates in North America, Africa, AsiaPac & Middle East, Europe, and LATAM & Caribbean.
$5.0B
$1.5B
3.2x
Public
46
SonarSonarSource is a Geneva-headquartered provider of code quality and security analysis tools. Its SonarQube platform scans applications in over 30 programming languages including Java, JavaScript, C++, and Python, integrating with CI/CD pipelines like Jenkins and GitHub Actions. Adopted by more than 400,000 organizations and Fortune 500 firms such as Cisco, Deutsche Bank, and Samsung, the open-source Community Edition and commercial Enterprise Edition detect 5,000+ coding rules to minimize vulnerabilities and technical debt.
$4.7B
$175M
26.9x
Private
47
PleoPleo is a Copenhagen-headquartered spend management platform founded in 2015 for European businesses. The app automates expense tracking, reporting, and approvals for teams, integrating with accounting software like Xero and QuickBooks. Available in multiple countries including the UK, Germany, and France, Pleo issues corporate cards and handles reimbursements for SMBs.
$4.7B
$100M
47.0x
Private
48
Modal LabsModal Labs is a Stockholm and New York-headquartered cloud platform for running machine learning workloads. Developers deploy models, parallel jobs, task queues, and web applications using Python code that automatically scales across GPU and CPU containers. The serverless infrastructure handles orchestration without manual DevOps.
$4.7B
$300M
15.5x
Private
49
Recursive SuperintelligenceRecursive Superintelligence is an AI research firm building systems that autonomously improve via recursive self-learning. Its frameworks automate the AI development lifecycle, including experiment design, model training, evaluation, and optimization in feedback loops. The technology reduces manual engineering for scalable applications in research, enterprise deployment, and data-driven settings.
$4.7B
–
–
Private
50
SimCorpSimCorp is a Copenhagen-headquartered provider of integrated investment management software, with SimCorp Dimension serving over 150 clients managing more than 10 trillion euros in assets. The platform covers front-to-back office operations including portfolio management, risk analytics, compliance, and reporting for asset managers, pension funds, and sovereign wealth funds. Listed on Nasdaq Copenhagen since 2005 and founded in 1977, SimCorp operates globally from 20 offices spanning Europe, North America, and Asia Pacific.
$4.3B
$397M
10.9x
Acquired
Median
$7.3B
$1.1B
9.4x
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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