May 2026
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Largest B2B SaaS Public Companies in Finland
Benchmark revenue and EBITDA valuation multiples for public comps like
Tieto, Qt Group, F-Secure, WithSecure and Etteplan.
 | Tieto Oyj is a software and technology consulting company. The company provides software and digital engineering services to customers across multiple industries. Its operations include specialized software businesses such as Tieto Caretech, Tieto Banktech, and Tieto Indtech, as well as a technology consulting business. The company offers services in areas including software development, design, cloud, and artificial intelligence. | $24 | +29% | $3B | $3B | 1.5x | 7.3x | ||
| Qt Group PLC is engaged in Qt product development, commercialization and licensing under commercial and open-source licenses. It is used for developing cross-platform applications and graphical user interfaces for desktops, embedded systems, and mobile devices. The Group reports one business segment that provides its customers with software development tools. This technology is used in various devices and applications, including consumer electronics, vehicles, airplanes and industrial automation applications. Geographically, it has a presence in the Rest of Europe and APAC and North America. It derives revenue from License sales and consulting and others. | $32 | -53% | $818M | $920M | 3.6x | 14.0x | ||
| F-Secure Corp is engaged in designing and providing a comprehensive range of Cyber-security products and services related to data security, privacy protection as well as privacy protection and digital identity protection of consumer terminal devices, networks, and devices connected to a network, sold in each case either directly or indirectly to consumers. Geographically the company earns a majority of its revenue from Europe followed by the Nordic Countries. Its products are F-Secure Total, F-Secure Internet Security, F-Secure VPN, F-Secure ID Protection, and F-Secure Scam Protection. | $2 | +1% | $402M | $567M | 3.3x | 9.3x | ||
| WithSecure Corp, formerly F-Secure Corp is a cyber security products and services company The Company has one segment which is security. Its solutions help to protect thousands of businesses from security threats. Geographically, WithSecure is focused on Europe and the United States, and the company's products are sold by thousands of resellers. The company's revenue is split into three categories. Cloud revenue includes the Elements platform cloud-based products, Managed Detection and Response (MDR) and Cloud Protection for Salesforce (CPSF) revenue. Onpremise revenue includes the Elements portfolio on-premise product (Endpoint protection) and other legacy products. Consulting revenue includes the cyber security consulting services. | $2 | +66% | $350M | $374M | — | — | ||
| Etteplan Oyj is engaged in providing engineering services. The company's operating segment includes Engineering Solutions; Software and Embedded Solutions and Technical Documentation Solutions. It generates maximum revenue from the Engineering Solutions segment. The company serves Aerospace and Defense; Consumer Products; Energy and Power Transmission; Automotive and Transportation; Forest, Pulp and Paper; Industrial Machinery and Components; Lifting and Hoisting; Medical Technology; Metal; Mining and Materials Handling; Offshore and Marine and other industries. Geographically, it derives a majority of its revenue from Finland and also has a presence in Scandinavia; China and Central Europe. | $8 | -34% | $214M | $295M | 0.7x | 6.7x | ||
| Admicom Oyj provides software solutions and related services for the construction industry, covering the construction value chain as well as services that support its customer's operations. Its ERP system supports management of operations, finances, and projects. The company also offers a project management product suite for managing the lifecycle of a building. | $35 | -42% | $172M | $164M | 3.7x | 11.4x | ||
| SSH Communications Security Oyj is a provider of enterprise cybersecurity solutions that monitor, control, and automate trusted access to critical data. The company secures communications and access for and between humans, systems, and networks. The company provides software and professional services. The company products consist of Secure Mail, PrivX Hybrid PAM, Tectia SSH, and others. Geographically, the company provides its services to America, APAC, Europe, the Middle East and Africa (EMEA), and Finland. The company derives maximum revenue from Finland. The company serves to customers from Finance, Retail, Industrial, Critical Infrastructure, Healthcare, and Government sectors. | $3 | +121% | $155M | $132M | 5.2x | 71.9x | ||
| Tecnotree Corp is a supplier of telecom IT solutions, providing products and services for charging, billing, customer care, and messaging and content services to communication providers. Its product offerings consist of IT solutions related to partner and customer lifecycle management, digital marketplace, business analytics, real-time convergent billing, and order management, among others. Geographically, the company operates in Europe and the Americas (Europe, North, Central, and South America), MEA, and APAC (the Middle East and Africa and the Asia Pacific ). It derives key revenue from the MEA and APAC geographical divisions. | $7 | +63% | $149M | $134M | 1.6x | 5.1x | ||
| Lemonsoft Oyj is a Finnish software company that designs, develops, and sells ERP software solutions to streamline its customers' processes across different business lines and administration. The Company operates in the ERP software market in Finland as a service provider for SMEs. | $6 | -33% | $102M | $110M | 3.2x | 10.1x | ||
| Loihde PLC is a service company for digital development and security solutions, which provides business continuity services to its customers. In digital development, the company offers its customers digital consulting, business intelligence, and data analytics services, solutions for promoting digitalization in service and software development, and services related to change management and implementation of cloud technologies. The company's security solutions cover a wide range of corporate security areas, from cybersecurity and secure network connections to locking and electronic security technology services. Geographically, the company generates a majority of its revenue from Finland and the rest from other countries. | $15 | +10% | $84M | $86M | 0.5x | 6.4x | ||
| Aiforia Technologies PLC equips pathologists and scientists in preclinical and clinical labs with powerful deep learning artificial intelligence software for translating images into discoveries, decisions, and diagnoses. The cloud based Aiforia products and services plan to escalate the efficiency and precision of medical image analysis beyond current capabilities, across a variety of fields from oncology to neuroscience and more. | $2 | -42% | $77M | $74M | 18.0x | (10.6x) | ||
| Tamtron Group Oyj is a provider of weighing solutions consisting of weighing equipment, dosing technologies, lifecycle services, and modern cloud-based digital services. It has one of the broadest product and service portfolios and is known for its reliable, accurate, and robust scales, as well as its customer-centricity, excellent service, and technical competence. The company have wide scale offering for several industrial needs with high connectivity and is committed to high-quality and reliable service. The weighing solutions provided by Tamtron make customers' everyday operations easier and more efficient in all industries, including construction, mining, forestry, waste management and recycling, ports, transport and logistics, and process and manufacturing industries. | $6 | +5% | $47M | $55M | 0.9x | 8.0x | ||
| LeadDesk Oyj offers cloud service for sales and customer-service needs, such as contact centers. The company's major customer industries includes media, security services, energy, telecommunications, financial services, and market research. | $5 | -45% | $26M | $38M | 0.8x | 4.7x | ||
| Vincit PLC is engaged in providing software development services. The company offers digital transformation, design and development, digital platform services, data & AI capabilities, and extensive platform expertise in SAP ecosystem technologies, VincitEAM, and others. The firm operates in Finland, Poland, Portugal, Sweden, and the United States. | $1 | -45% | $18M | $15M | 0.2x | 4.5x | ||
| Netum Group Oyj is a fast-growing information technology service house. The company serves public administration and corporate customers with the legacy of digi concept, which combines existing traditional information technology solutions with the latest digital applications. Netum's services include digital services development, system continuity services, data and analysis services, integration services, cyber security services, and management consulting services. | $1 | -41% | $17M | $26M | 0.6x | 10.4x | ||
| Median | $6 | -33% | $149M | $132M | 1.5x | 7.6x |
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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