May 2026
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Largest B2B SaaS Public Companies in Spain
Benchmark revenue and EBITDA valuation multiples for public comps like
Amadeus, Indra Sistemas, CAF, Squirrel Media and Aeternal Mentis.
 | Founded 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. | $61 | -28% | $26B | $29B | 3.8x | 9.7x | ||
| Indra 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. | $60 | +42% | $10B | $13B | 2.1x | 14.6x | ||
| Construcciones y Auxiliar de Ferrocarriles SA is a Spain-based company that offers comprehensive railway solutions. The company's train-related products comprise high-speed rolling stock, wheelsets, traction and communication systems, signaling systems, and related services including vehicle maintenance, vehicle upgrading and refurbishment, and aftersales technical supports. In addition to supplying train-related products, the company also helps customers conduct viability studies, civil work, electrification projects, and system operation. The company operates under concession or turnkey models. Construcciones y Auxiliar de Ferrocarriles has a global presence, with Europe and Brazil being the two largest markets. | $73 | +31% | $3B | $3B | 0.5x | 6.5x | ||
| Squirrel Media SAis a website designing and hosting company and offers a range of great hosting and web-design packages to suit any home or business. | $3 | +3% | $265M | $307M | 1.1x | 10.2x | ||
| Aeternal Mentis SA is a technology services company dedicated to providing other businesses with the infrastructure and services needed for the development of AI models and their subsequent implementation for everyday use. Its business activity is centered around the leasing of computational capacity for the generation and training of Artificial Intelligence models, as well as aiding and advising in their development. Its services include Computing Capacity, Model Generation and Training, Development Support, and Consulting. | $10 | +2% | $133M | $133M | 466.1x | (839.0x) | ||
| Making Science Group SA is engaged in the business of technology and marketing solutions for the e-commerce and digital transformation business. The company provides solutions in the areas of digital marketing, data analytics, e-commerce, and cloud. The company carries out its professional activity in the United States, Spain, Italy, France, and other. The Company obtains its income mainly from advertising and public relations services. | $10 | -10% | $86M | $94M | 0.2x | 5.7x | ||
| Facephi Biometria SA is engaged in developing and marketing face recognition software and mobile biometrics technology. The company's software is used in online banking, mobile banking, social networks, ATM's, single sign-on and automotive sector. Its product offerings include SDK, Selphi, Me and PhiVox. The Company’s main activity consists of marketing and implementation of biometric facial recognition software. The company derives majority of the revenue d from the sale of the rights to use (licensing, maintenance and support) of the recognition technology software by facial biometrics. | $3 | +2% | $72M | $78M | 1.8x | 8.2x | ||
| Seresco SA specialized in software solutions and services in Information and Communication Technology (ICT). The company is providing services in the areas of personnel and payroll administration, digital transformation, cartography and cadastre, IT infrastructures and services, cybersecurity, and software development. | $8 | +1% | $71M | $81M | 1.2x | 7.0x | ||
| Pangaea Oncology SA is a medical services company. The company provides a wide range of services to cancer patients, as well as global pharmaceutical and biotech clients, in the fields of molecular diagnostics, clinical trials, in vitro drug profiling, dx platform validation, and biomarker discovery. The company has aggregated its operations into two segments, Clinical Care division and Diagnostic and Research and Development services division. Clinical Care division delivers medical oncology services and related activities. Diagnostic and Research and Development services division provides diagnostic and in-vitro services. | $2 | -7% | $66M | $70M | 4.1x | (62.5x) | ||
| Agile Content SA is a technology company that offers in cloud solutions to media companies, telecom enterprises and corporations. It provides solutions that enables publishers and brands to curate, deliver and monetize their content, audiences, video and other content online. The company provides content management, editorial tools and a scalable platform for delivering content as a service. | $2 | -16% | $55M | $84M | 0.9x | 5.1x | ||
| Gigas Hosting SA provides and markets cloud computing services and infrastructure as a service (cloud server hosting or laas), as well as all types of telecommunications services. The company offers various services, including Cloud services for business, Cloud Data Centers, Firewalls, Cloud security services, VPN, g-Cloud CRM, g-Cloud ERM, SMS Broadcast, Mobile Gigas, Gigas Fibers, and others. Its geographical services are: Iberia (Spain and Portugal), which derives maximum revenue, Latin America (LATAM), and the Rest of the world. | $3 | -47% | $43M | $102M | 1.2x | 8.5x | ||
| ISPD Network operates in the online marketing industry. The company specializes in performance and brand marketing. It has two business activities: The online Advertising is managed within the group, covering the advertising activities provided to the company's customers; and Technology services, this activity relates to the servicing of email and SMS platforms, media, consumer intelligence, and e-commerce consultancy platforms. The company offers advertising, content marketing, and cross-channel technology solutions. It generates a majority of its revenue from the Online Advertising Segment. | $2 | -20% | $33M | $35M | 0.2x | 7.8x | ||
| Holaluz-Clidom SA is a renewable energy company providing green energy. The company's main activity is the commercialization of energy in general. Its Holaluz Cloud is a system that allows surplus energy, i.e. energy produced by customers' solar panels that cannot be consumed at the moment, to be deducted from the electricity bill. Its business segments are; Commercialization (Electricity & Gas), Representation (Electricity), and Solar. | $1 | -36% | $32M | $72M | 0.2x | (3.8x) | ||
| Substrate Artificial Inteligence SA is an Artificial Intelligence company in Spain. Its software is applied in agritech, energy, industry, fintech, human resources, or health sectors. Its technology is easy to implement and allows it to address all the problems faced by companies in the digitization and streamlining of their processes, optimizing decision-making and generating great cost savings. | $0 | -50% | $30M | $33M | 1.6x | 2.4x | ||
| Median | $3 | -9% | $72M | $89M | 1.2x | 6.8x |
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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