April 2026
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 | Secunet Security Networks AG is an IT and telecommunications security provider. It offers public-sector clients and private-sector companies a comprehensive portfolio of products and consulting services for the protection of data, infrastructures, and digital identities as well as for information transmission, storage, and processing. Its services include consulting on IT security, software development, development, integration, operations, maintenance, and support of products. The company operates through two divisions, Public Sector, and Business Sector. The company generates maximum revenue from Public Sector. | $211 | -11% | $1B | $1B | 2.4x | 14.6x | ||
| CANCOM SE is a hybrid IT service provider. The group's range of IT solutions includes consulting, implementation, services and the operation of IT systems. As a hybrid IT integrator and service provider, the company delivers a range of services and solutions that includes business solutions and managed services such as cloud computing, analytics, enterprise mobility, IT security, hosting or as-a-service offerings. In geographical terms, the company operates in Germany, Austria as well as Switzerland, Romania and Belgium. | $29 | -11% | $879M | $757M | 0.4x | 5.4x | ||
| Audius SE is a medium-sized information technology and software company. | $13 | +5% | $65M | $57M | 0.6x | 6.7x | ||
| Cyan AG is a provider of intelligent IT security solutions and telecommunication services in the IT industry. The main business of the company involves cybersecurity solutions for the end customers of mobile and fixed-line internet providers (MNO, ISP), financial service providers, mobile virtual network operators (MVNO) as well as the convergent BSS/OSS platform (Business Support System and Operations Support System) as a mobile virtual network enabler (MVNE). With the BSS/OSS business, services such as connection to the network operator, billing, provisioning, and similar services relating to the operational aspects of running an MVNO are offered. The company has two segments: Cybersecurity, and BSS/OSS platform. Its products include a Seamless BSS/OSS Platform. | $2 | -23% | $51M | $50M | 6.0x | (30.6x) | ||
| OTRS AG is engaged in open-source software solutions. The service portfolio includes process design, implementation, customizations, application support, corporate security, and managed OTRS services. The company generates maximum revenue from IT Services and support. Geographically, it derives a majority of its revenue from Germany. | $22 | +1% | $42M | $39M | 2.8x | (213.5x) | ||
| Median | $22 | -11% | $65M | $57M | 2.4x | 5.4x |
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