October 2026
Largest B2B SaaS Public Companies in Brazil
Benchmark revenue and EBITDA valuation multiples for public comps like
TOTVS, Vtex, Locaweb, Valid and CSU Digital.
 | Totvs SA is a provider of information technology solutions to small and medium enterprises in the education, government, healthcare, and retail end markets. The Company's business purpose is to provide business solutions for companies of all sizes, through the development and sale of management software, productivity platforms, collaboration, and data intelligence, digital marketing, as well as the provision of implementation, consulting, advisory, maintenance services, e-commerce, and mobility. The Company operates in three reportable segments, which include the TOTVS Management segment, the RD Station segment, and the TOTVS Techfin segment. The majority of its revenues is generated from the TOTVS Management segment. | $8 | +2% | $4.8B | $5.4B | 4.7x | 16.5x | ||
| Vtex provides a software-as-a-service digital commerce platform for enterprise brands and retailers. Its platform enables customers to execute their commerce plan, including building online stores, integrating and managing orders across channels, and creating marketplaces to sell products from third-party vendors. It generates maximum revenues from Brazil followed by Latin America and the rest of the world. | $4 | -15% | $656M | $478M | 2.0x | 21.6x | ||
| Locaweb is a Brazilian internet services and e-commerce software company headquartered in São Paulo and listed on the B3 exchange. It was founded in 1998 by cousins Gilberto Mautner and Claudio Gora as a pioneer of website hosting in Brazil, a year after they started the textile-sector portal Intermoda. Its Be Online and SaaS segment sells web hosting, cloud servers, domain registration, email, email marketing and site-builder software to small and mid-sized businesses under brands including Locaweb and KingHost. The Commerce segment, built largely through acquisitions after the company's February 2020 IPO raised about R$1.03 billion, includes the Tray e-commerce platform, Bling ERP for online sellers, Melhor Envio freight software, the Vindi and Yapay payment and subscription-billing services and Wake, alongside acquired businesses such as Social Miner, Etus and Ideris. In 2025 consolidated net revenue rose 10.3% to R$1,488.5 million and adjusted EBITDA reached R$329.7 million, a 22.1% margin, with free cash flow of R$224.8 million. The group earns recurring subscription fees from merchants and small businesses plus transaction-based fees on payments and shipping. | $1 | +56% | $647M | $598M | 2.0x | (19.0x) | ||
| Valid Solucoes SA Formerly Valid Solucoes eServicos de Seguranca em Meios de Pagamento e Identificacao is engaged in the printing industry, which includes systems that include electronic, plastic, and magnetic cards, card encoding, and development, implementation, and execution of electronic document management projects. The reporting segment is Means Of Payment, which consists of cards for purposes like payments, identification, and customization. The identification segment provides physical and electronic solutions. The mobile segment offers solutions like instant lottery tickets, digital certification that offers products, services, consulting, and technology for the issue, and the use of private and Brazilian government-certified digital certificates. | $4 | -2% | $317M | $353M | 0.9x | 4.1x | ||
| CSU Digital SA operations comprise the provision of credit card processing and multiple-use services, management and operationalization of telemarketing and telesales (contact centers), telebilling, credit analysis, development and operational management relationship, loyalty, and customer acquisition programs. It has two operating segments: CSU Pays and CSU DX and the majority of the revenue comes from CSU Pays. | $3 | +5% | $144M | $158M | 1.3x | 4.4x | ||
| Xp Industrial Fundo Investimento Imobiliario is a closed-end fund with an indefinite term. The fund's investment objective is to generate income and capital gains through the operation of one or more real estate ventures, by acquiring industrial and/or logistics real estate assets, including properties for later construction, properties under construction, or completed properties, for subsequent sale, lease, or rental. | $12 | -13% | $86M | $89M | 10.0x | - | ||
| Infracommerce Caxaas SA is the largest full service company for digital businesses and works with the modular concept, bringing together platform, marketing, content, payment, logistics and SAC in three core competence cores: Omnichannel Platform, Marketing and Sales and Operations. | $0 | -85% | $9M | $101M | 0.7x | (4.4x) | ||
| Nvni Group Ltd is a holding company that conducts all of its business through Nuvini SA and Nuvini acquired companies. Nuvini S.A. acquires and operates software companies within SaaS markets in Brazil. Nuvini S.A. is the private serial software business acquirer in Brazil and intends to use funding and capital markets access to continue expanding its acquisition plans in Brazil and Latin America. The Company has determined that it has a single operating and reportable segment which is multi-vertical SaaS solution model. | $0 | -95% | $2M | $12M | 0.3x | (3.4x) | ||
| Semantix is a Brazilian enterprise data, analytics and artificial-intelligence software and services company founded in 2010. The São Paulo-based business designs data foundations, integrations, analytical applications and AI systems for large corporate and public-sector customers. Its offering combines proprietary software with API integration, cloud and application engineering, technology consulting and management of business-critical environments. Revenue is generated through software subscriptions, licenses, implementation projects and continuing managed services. Semantix expanded from Brazil into other Latin American markets and the United States through organic growth and acquisitions. Its current materials report more than 500 enterprise customers and operations across multiple Latin American countries after the Atos South America transaction. Crescera Capital backed Semantix and supported a buy-and-build program spanning commerce, healthcare, integration, machine learning, consulting and regional IT operations. | $0 | -- | $0K | $0K | 0.0x | 0.0x | ||
| Median | $3 | -8% | $144M | $158M | 1.3x | 2.0x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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