October 2026
Largest B2B SaaS Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
TGS, Pexip, SmartCraft, Nordhealth and Carasent.
 | TGS ASA provides data, intelligence, ocean bottom node (OBN) acquisition services, processing, analytics, cloud-based data applications, and other specialized services and solutions to energy companies across the energy spectrum, whether it is oil and gas, carbon capture and storage, or wind development. Its reportable segments are divided into six overall business units: Contract, Multi-client, New Energy Solutions (NES), Imaging, Shared Services. It generates the majority of its revenue from Multi-client sales. | $15 | +68% | $2.9B | $3.6B | 2.3x | 5.5x | ||
| Pexip Holding ASA is a technology company that provides video communication solutions and virtual meeting solutions for businesses and individuals. Geographically, it derives a majority of revenue from Europe, the Middle East, and Africa and also has a presence in the Americas and the Asia Pacific. It serves Government; Healthcare; Education and Finance industries. | $8 | +30% | $841M | $798M | 6.8x | 27.4x | ||
| SmartCraft ASA is a software company that provides modern SaaS solutions to help craftsmen and construction companies become more efficient and profitable. Geographically, it operates in Norway, Sweden, Finland, and UK. | $1 | -46% | $233M | $222M | 4.2x | 13.0x | ||
| Nordhealth AS is a cloud-based healthcare Software-as-a-Service business. Its flagship products are Provet Cloud and EasyPractice, both cloud-based Practice Management Software for veterinarians and therapists, respectively. It builds software that empowers healthcare professionals to improve patient care, increase efficiency and expand their business. The company has two operating segments namely: Veterinary and Therapy. It operates geographically in Norway, which derives maximum revenue, Finland, the United Kingdom, Sweden, Denmark, Germany and Other countries. | $3 | -23% | $218M | $203M | 3.6x | (174.7x) | ||
| Carasent AB (publ) Formerly Carasent AB is in the businesses that develop entrepreneurial and e-health solutions. It delivers cloud based EHR solutions, with Webdoc as the platform, and a ecosystem of platform services, including solutions for patient communication and business intelligence. The ecosystem of solutions makes Carasent a one-stop shop for clinics and can cover all needs. | $3 | -6% | $191M | $188M | 5.4x | 20.5x | ||
| Omda AS has built software tools exclusively for health and emergency professionals. Its Integration Engine and APIs enable its products to successfully merge with existing systems of all types and specifications. The company provides solutions in domains such as Emergency, Connected Imaging, Laboratory Information Management Systems, Medication Management, Health Analytics, and Women & Child. Geographically, the company generates the majority of its revenue from Norway, while it also has its presence in Sweden, Denmark, Finland, and Rest of the world. | $5 | +5% | $100M | $148M | 2.8x | 10.2x | ||
| StrongPoint ASA is a retail technology company that provides solutions to make shops smarter, shopping experiences and online grocery shopping more efficient. It provides in-store cash management and payment solutions, electronic shelf labels, self-checkouts, task and labor management software, click and collect temperature-controlled grocery lockers, in-store and drive-thru grocery pickup solutions and grocery order picking solutions. | $1 | +5% | $47M | $58M | 0.4x | 12.2x | ||
| Elliptic Laboratories ASA develops and sells technical solutions that enable the interaction and information exchanges between individuals and technical devices, based on ultrasound software technology. Such devices include mobile phones, IoT devices, and other devices that could deploy the group's software technology to enhance the user experience. Its patented artificial intelligence (AI) software platform combines ultrasound and sensor fusion algorithms to deliver intuitive proximity, presence, and gesture sensing experiences. Its scalable AI Virtual Smart Sensor Platform creates software-only sensors that are sustainable, eco-friendly, and already deployed in hundreds of millions of devices around the world. | $0 | -66% | $43M | $38M | 3.6x | (10.3x) | ||
| Huddlestock Fintech AS is a WealthTech company. It develops Investment as a Service solutions for digitizing work processes for custody banks, asset managers and retail trading venues. The open, compliance optimized and data centric-platform allows its customers to offer a differentiated real-time product that reduces cost and increases efficiency. The group has its presence in Norway, Sweden, Denmark and Germany. Huddlestock serves customers across banks, neobanks, wealth managers, fund companies, and investment platforms. The solutions provided by the group are Investment as a Service; and Investment Service designer. Geographically, it operates in Norway, Sweden, Denmark and Germany, of which it derives maximum revenue from Sweden. | $0 | +24% | $25M | $26M | 4.7x | (3.2x) | ||
| Techstep ASA is a Nordic enabler of the mobile workplace, delivering a full range of devices and services to facilitate mobile workplaces. The company bundles mobile devices, software, information security, and expertise for its customers. Its Device Lifecycle Management Platform enables IT vendors to scale and optimise their Device-as-a-Service business, enhancing efficiency, control, and user experience at every lifecycle stage. In addition, the company offers various workplace devices and services such as mobile devices and accessories, laptops, device management and security services, and others. A majority of its revenue is generated from the provision of workplace devices for its clients. Geographically, it derives maximum revenue from Norway, followed by Sweden, Denmark, and Poland. | $0 | -86% | $12M | $23M | 0.2x | 2.4x | ||
| Ayfie International AS formerly Ayfie Group AS is a search company offering intelligent knowledge discovery products and search solutions. The firm is a software company specializing in text analytics and smart research based on natural language processing and machine learning. Its core products are ayfie Inspector and ayfie Locator which is used in the legal, financial, corporate, and compliance markets. The company generates a majority of its revenue from subscriptions and geographically, it generates from Norway. | $0 | -23% | $10M | $9M | 6.4x | (3.4x) | ||
| Induct AS is engaged in the business of software development. It offers a digital platform for work and collaboration, for individuals, Homes, Organizations, and Work. | $0 | -79% | $3M | $4M | 2.5x | 5.0x | ||
| Median | $1 | -14% | $73M | $103M | 3.6x | 5.3x |
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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