These are Europe's 100 most valuable tech companies
Despite not the best PR lately, Europe does produce great tech companies, in particular across semiconductors and fintech.
ASML is Europe's largest and most valuable tech giant, valued at $608B as of October 2026, followed by SAP, valued at $278B.
SAP is the largest SaaS / software company in Europe, with a whooping $278B market cap tag
Revolut is the most valuable private tech company in Europe, and the region's biggest fintech, valued at $115B
Europe lacks capital markets depth - many large companies that originated in the EU (like Spotify or Klarna) chose to go public and trade on NASDAQ or NYSE
Median revenue multiple for the whole list is 7.2x
Full list - top 100 most valuable European tech companies
This list includes publicly listed, private and acquired European tech companies. Data as of October 2026.
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1
ASMLASML is the leader in lithography systems for manufacturing semiconductors with 90% market share. Lithography is the process in which a light source is used to expose circuit patterns from a photomask onto a semiconductor wafer. Lithography allows chipmakers to increase the number of transistors in the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML’s largest clients are TSMC, Samsung, Intel, SK Hynix, and Micron.
$608B
$36.7B
16.3x
43.1x
Public
2
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
21.3x
Public
3
ARMArm Holdings is the IP owner and developer of the ARM architecture, which is used in 99% of the world’s smartphone CPU cores, and it also has high market share in other battery-powered devices like wearables, tablets, or sensors. Arm licenses its architecture for a fee, offering different types of licenses depending on the flexibility the customer needs. Customers like Apple or Qualcomm buy architectural licenses, which allow them to modify the architecture and add or delete instructions to tailor the chips to their specific needs. Other clients directly buy off-the-shelf designs from Arm. Both off-the-shelf and architectural customers pay a royalty fee per chip shipped.
$225B
$4.9B
45.0x
170.8x
Public
4
SpotifySpotify is the leading global music streaming service, with over 750 million monthly active users and nearly 300 million paying subscribers, with the latter constituting the firm’s premium segment. Most of the firm’s revenue and nearly all its gross profit come from subscribers, who pay a monthly fee to access a music library that includes most of the most popular songs ever recorded, including all from the major record labels. The firm also offers access to audiobooks and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog, but cannot customize a similar on-demand experience.
$120B
$19.3B
5.7x
46.2x
Public
5
RevolutRevolut is a London-headquartered digital banking platform serving over 40 million customers across Europe, the United States, and Asia. It provides mobile app-based services including multi-currency accounts, debit cards, international transfers, cryptocurrency exchange, commission-free stock and commodities trading, and insurance products. Founded in 2015, Revolut holds banking licenses in Lithuania and the UK.
$115B
$6.0B
19.2x
50.0x
Private
6
ProsusProsus is a consumer internet group with listed and unlisted platforms across 100 countries. Around 80% of Prosus’ net asset value is derived from its Tencent holdings, the world’s largest game publisher and operator of WeChat, China’s super app with 1.3 billion users. Prosus has approximately a 23% stake in Tencent. The rest of the group’s businesses and investments are organized into classifieds, food delivery, payments and fintech, and edtech. This includes ownership of iFood, Brazil’s largest food delivery app, and a 25% stake in Swiggy, the second-largest delivery platform in India.In 2019, Prosus was spun out of South Africa-based parent company Naspers Ltd and listed on the Euronext exchange. Naspers holds approximately 75% of Prosus’ shares.
$80.1B
$9.7B
8.5x
77.9x
Public
7
InfineonInfineon Technologies headquartered in Munich, was spun off from German industrial conglomerate Siemens in 2000 and today is one of Europe’s largest chipmakers. The company is a leader in the automotive semiconductor market with prominent products used in active safety and powertrain content within vehicles. Infineon is also the market leader in power semiconductors used to deliver voltage within a wide variety of electrical systems. The company operates in four segments: automotive, or ATV, green industrial power, or GIP, power and sensor systems, or PSS, and connected secure systems, or CSS.
$71.0B
$16.4B
4.7x
20.1x
Public
8
RELXRELX is a global provider of information-based analytics and decision tools for professional and business customers in various industries. The company serves sectors such as science and medical research, risk management, and legal. In addition, RELX organizes large-scale digital and face-to-face events such as industry trade shows. Around 60% of revenue is generated in North America and about 20% in Europe.
$70.6B
$12.8B
6.4x
16.7x
Public
9
NXP SemiconductorsNXP Semiconductors is a Netherlands-based semiconductor company supplying chips and related technology for electronic systems. Its products include microcontrollers, processors, analog devices, connectivity components and secure identification technology. Automotive customers use its products in vehicle control, connectivity, infotainment and sensing applications. The company also supplies industrial and connected-device markets, mobile equipment and communications infrastructure. Its technology combines processing, mixed-signal electronics and security functions within embedded systems designed by equipment manufacturers. Revenue comes from the sale of semiconductor products to business customers, supported by software and development tools that help customers incorporate those chips into finished systems. NXP expanded its product range through the acquisition of Freescale Semiconductor in 2015. Its headquarters are in Eindhoven, and it operates as a publicly listed global supplier.
$59.2B
$12.3B
5.5x
17.7x
Public
10
NokiaNokia provides telecom equipment and services that are used to build wireless and fixed-line networks. It operates in four segments. The mobile networks segment sells equipment and services to telecom carriers to power public wireless networks. Network infrastructure focuses on fixed-line networks, including switching and routing equipment, optical components, and devices used in fiber-to-the-premises networks. The cloud and network services segment develops software used to operate the core of carrier wireless networks and build private networks for enterprises. Nokia also has a sizable research and patent business, where it licenses technology used by handset providers, consumer electronics firms, and other firms making electronic and Internet of Things products.
$46.3B
$22.3B
2.0x
20.9x
Public
11
STMicroelectronicsA merger between Italian firm SGS Microelettronica and the nonmilitary business of Thomson Semiconducteurs in France formed STMicroelectronics in 1987. STMicroelectronics is a leader in a variety of semiconductor products, including analog chips, discrete power semiconductors, microcontrollers, and sensors. It is an especially prominent chip supplier to the industrial and automotive industries.
$39.6B
$11.8B
3.2x
18.0x
Public
12
ASM InternationalASM International is a Dutch company that supplies deposition equipment for chip fabrication. It is the leader in atomic layer deposition, a precise deposition technique that is required in the most advanced semiconductors. ASM’s main clients are logic foundries TSMC, Samsung, and Intel, as well as memory foundries SK Hynix and Micron Technology. Foundries and wafer fab equipment providers like ASM work closely, which gives the firm insight into the customer’s innovation and product roadmaps. Once a machine is established in a fab, it can generate service revenue for decades.
$38.3B
$3.6B
10.4x
29.7x
Public
13
Schindler GroupSwitzerland-based Schindler is a top-four global supplier of elevators and escalators. The business generates revenue in three ways: selling new elevators and escalators, modernizing old equipment, and servicing existing installations. Most of the company's profit comes from the last activity, where contracts are rolled over annually with built-in price increases. Ninety percent of its business is in elevators, which are more numerous globally than escalators. Its business model is similar to that of closest competitors Otis, Kone, and TK Elevator.
$38.2B
$13.3B
2.7x
17.3x
Public
14
ExperianExperian is one of the leading credit bureaus in North America and the United Kingdom, providing the consumer information that is the basis for making lending decisions. The company also provides decision analytics, marketing data, and direct-to-consumer credit products and services. Roughly one quarter of the company's revenue is generated outside of North America and the United Kingdom, primarily in Latin America and Asia.
$36.5B
$8.4B
5.0x
13.8x
Public
15
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
15.7x
Public
16
EricssonEricsson is a networking equipment and software provider, primarily selling mobile networking equipment and services to wireless service providers. Ericsson operates in three segments: networks, cloud software and services, and enterprise. While large wireless carriers are its largest customers, Ericsson has expanded its offerings for large enterprises. These products and services include private 5G networking, contact centers as a service, and application performance interfaces. Ericsson aims to combine its 5G network expertise with cloud-native, as-a-service platforms offering a more comprehensive hardware and software package. Ericsson also monetizes its research and development investments by licensing patents to handset manufacturers.
$34.3B
$23.9B
1.4x
6.9x
Public
17
AdyenAdyen is a payment company that provides merchants with a single platform to accept e-commerce, mobile, and point-of-sale payments in multiple countries using various payment schemes and methodologies. Adyen started out providing only gateway and payment processing services to merchants but soon expanded into merchant acquiring services as well. Adyen obtained a banking license to improve settlement of merchant accounts.
$33.5B
$3.0B
6.9x
14.5x
Public
18
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
17.3x
Public
19
Bending SpoonsBending Spoons SpA acquires and operates digital businesses, focusing on business transformation and operational optimization. Its activities include acquiring companies, implementing operational improvements, and reinvesting in additional acquisitions. The company owns AOL, Brightcove, Eventbrite, Evernote, Harvest, Komoot, Meetup, Remini, StreamYard, Vimeo, and WeTransfer. The majority of revenue is derived from subscriptions, by selling term-based access to its products to individuals and organizations, and the rest from advertising and other sources.
$28.0B
$2.6B
12.3x
61.7x
Public
20
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
10.5x
Public
21
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
22
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
10.7x
Public
23
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
24
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
28.7x
Acquired
25
FNZFNZ is a wealth management platform technology company headquartered in London. It provides banks, insurers, asset managers and wealth managers with an end-to-end platform covering client onboarding, financial planning, order execution, custody, settlement and portfolio administration, delivered as a long-term outsourced service rather than as licensed software alone. The group operates in more than 20 countries, administers roughly US$2.5 trillion of assets for over 650 financial institutions and reaches more than 30 million end investors. It is majority owned by institutional investors including La Caisse, Generation Investment Management, CPP Investments and Motive Partners, alongside employee shareholders, and has expanded through a long sequence of acquisitions and, more recently, disposals of non-core banking and fund-platform units.
$20.0B
$1.4B
14.3x
–
Acquired
26
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
27
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
28
OPAPOPAP S.A. is the leading gaming and betting entertainment company in Greece and Cyprus, operating under the international brand umbrella of Allwyn. Founded in 1958 as a state-owned football pools organization, it privatized in 2013 and commands the vast majority of the Greek regulated gaming market.
$17.3B
–
–
8.4x
Acquired
29
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
30
TechnoprobeTechnoprobe is an Italian company that designs and manufactures probe cards, the interface tools used to test integrated circuits during semiconductor production. It was founded in 1996 in Merate by Giuseppe Crippa and is headquartered in Cernusco Lombardone, in the province of Lecco. The shares trade on Euronext Milan and the company belongs to the FTSE Italia Mid Cap index. It reported revenue of about 550 million euros in 2022 and employs around 2,700 people worldwide. Technoprobe serves manufacturers of non-memory and system-on-chip semiconductors. It has widened its range through acquisitions, among them the micro-scale additive manufacturing company Microfabrica in 2019, the printed circuit board maker Harbor Electronics in 2023 and the Device Interface Solutions business of Teradyne in 2024. In the 2024 transaction Teradyne also took a 10 percent stake in Technoprobe.
$17.0B
$705M
23.1x
82.3x
Public
31
LogitechLogitech was founded in 1981 and is headquartered in Lausanne, Switzerland. The company specializes in designing and manufacturing computer peripherals such as mice, keyboards, webcams, conference room cameras, headsets, and music-related products like wireless speakers.
$15.9B
$4.8B
3.0x
16.7x
Public
32
AllegroAllegro is a large Polish holding company with a suite of complementary online retail properties including Ceneo (price comparisons), EBilet (live events tickets), We|Do (courier services), and the Mall Group (online and offline retail in adjacent Central European markets). The firm is best known for its eponymous e-commerce marketplace, which generates predominantly third-party product sales across the home and garden, electronics, health and beauty, automotive, and supermarket categories. The operator boasts 45% to 50% share of the Polish e-commerce market by GMV, per our calculations and PWC data, and has built out a suite of ecosystem functionality that includes financial, logistics, and advertising services.
$15.0B
$2.9B
5.4x
19.5x
Public
33
NscaleNscale is an AI infrastructure company and global hyperscaler that builds, owns, and operates data centers and high-density GPU clusters. The neocloud startup integrates everything from renewable power generation to hardware and orchestration software to support AI training, fine-tuning, and inference workloads for enterprises and governments. Unlike traditional cloud providers, Nscale builds and operates its own data centers in regions with abundant, low-cost renewable energy (e.g., hydropower in Norway, renewables in Texas). In West Virginia, the company even owns behind-the-meter natural gas power plants to insulate operations from local grid fluctuations.
$14.6B
–
–
–
Private
34
Trade RepublicTrade Republic is a Berlin-headquartered mobile brokerage offering commission-free trading in stocks, ETFs, and derivatives. Launched in 2015, the app serves European retail investors with instant order execution and savings plans. It invests client cash in money market funds and supports fractional shares. Regulated by BaFin, it expands across Germany, France, and Spain.
$14.4B
$370M
38.9x
–
Private
35
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
15.6x
Public
36
Blockchain.comBlockchain.com is a cryptocurrency financial-services and infrastructure company founded in 2011. It began with a public Bitcoin block explorer and later developed consumer wallets, brokerage and exchange products for buying, selling, storing and transferring digital assets. The company also serves institutions through trading, custody and market-access capabilities. Its self-custody products allow users to control their own private keys, while custodial services operate under the company's compliance and licensing framework. Blockchain.com earns revenue from trading spreads, transaction and service fees, and institutional products rather than from the underlying public blockchains. The business has operated internationally from London and other offices, serving customers across numerous jurisdictions subject to local availability. Its financing history includes venture and strategic rounds used to expand products, regulatory coverage and institutional infrastructure through changing crypto-market cycles.
$14.0B
–
–
–
Private
37
Flutter EntertainmentIn 2016, Irish company Paddy Power merged with UK firm Betfair to form online gaming operator Flutter Entertainment. Today, Flutter has the top digital revenue share in the US, UK and Ireland, Australia, Italy, and many other countries. Some of its leading brands are FanDuel in the US, Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sportsbet (acquired by Paddy Power beginning in 2009) in Australia, and Sisal in Italy. As of Dec. 31, 2024, the company offered products in over 100 countries and had 13.9 million average monthly users. In 2024, sports betting was 56% of revenue, online gaming 40%, and fantasy sports, horse racing, and other 4%. The company is scheduled to launch a predictive sports betting platform in late 2025.
$13.9B
$16.4B
1.4x
12.3x
Public
38
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
39
AdevintaAdevinta is an Oslo-headquartered global operator of online classifieds marketplaces connecting buyers and sellers in Europe and Latin America. The company owns platforms like Leboncoin in France, Subito.it in Italy, and OLX in several countries, covering real estate, vehicles, jobs, and general goods. Listed on the Oslo Stock Exchange, Adevinta supports local brands with shared technology and data insights.
$13.2B
$1.8B
7.3x
21.9x
Acquired
40
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
41
BesiBE Semiconductor Industries supplies advanced packaging equipment for the semiconductor industry. Besi has a highly focused product portfolio coupled with a flexible business model, which allows it to maintain high gross and operating margins. Besi’s main clients include the world’s largest logic and memory foundries (TSMC, Samsung, Intel, and Micron) as well as integrated device manufacturers and outsourced assembly and test companies.
$12.9B
$663M
19.4x
57.7x
Public
42
Delivery HeroFounded in 2011, Delivery Hero is an online delivery demand aggregator. The company is headquartered in Germany and operates in over 70 countries across Latin America, Asia, Europe, the Middle East, and Africa. Delivery Hero creates a marketplace for merchants to establish an online presence, market their offerings, and meet demand through delivery. Nearly half of Delivery Hero’s revenue is commission fees from merchants. Through its applications, which vary by region, customers can order meals, grocery items, pharmacy products, and retail goods. In addition, Delivery Hero operates Dmarts.
$12.8B
$15.8B
1.0x
52.3x
Public
43
Checkout.comCheckout.com is a global payment processor supporting transactions in over 150 currencies through a unified API. It delivers in-country acquiring across more than 50 countries, advanced fraud detection powered by machine learning, and comprehensive reporting dashboards. The platform accepts all major credit and debit cards alongside local methods such as iDEAL, Alipay, and Klarna. Checkout.com maintains offices in London, New York, Singapore, and 16 other locations worldwide. Launched in 2012, it serves enterprises like Sony, Revolut, and McDonald's with scalable infrastructure for high-volume payments.
$12.0B
–
–
–
Private
44
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
41.3x
Acquired
45
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
16.8x
Public
46
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
47
OuraOura is a Helsinki-headquartered company founded in 2013 that manufactures the Oura Ring Gen3, a finger-worn sensor tracking heart rate, blood oxygen, temperature, and sleep stages. The companion app delivers readiness, activity, and recovery scores used by professional athletes and over 10 million app downloads worldwide. Available in the US, Europe, and Asia through direct sales and retailers like Best Buy.
$11.0B
$500M
22.0x
–
Private
48
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
20.1x
Acquired
49
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
285.2x
Public
50
WiseWise is a currency conversion platform that matches, where possible, offsetting currency transactions across borders to reduce costs. The group focuses primarily on private clients and small and midsize enterprises, but it is building out its platform business aimed at providing its services as a backend solution to banks. By operating local accounts in each jurisdiction Wise sends money to or receives money from, this fintech offers faster and cheaper currency transfer services than incumbents (banks). Wise has started to broaden its product offering, issuing its clients debit cards and allowing customers to invest funds in various asset management products.
$10.7B
$2.7B
4.0x
17.0x
Public
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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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