October 2026
Largest Horizontal SaaS Public Companies in Brazil
Benchmark revenue and EBITDA valuation multiples for public comps like
TOTVS, Vtex, Locaweb, Infracommerce and Semantix.
 | TOTVS is a Brazilian software company headquartered in Sao Paulo and listed on the B3 under the ticker TOTS3. It was founded in 1983 as Microsiga by Laercio Cosentino and Ernesto Haberkorn and took its present name after the merger with Logocenter in 2005. It sells enterprise resource planning software, financial technology services through its Techfin unit, a joint venture with Itau Unibanco, and marketing and sales automation through RD Station. It serves more than 70,000 clients in twelve segments of the Brazilian economy, has about 12,000 employees and reported revenue of BRL 5.38 billion in 2024. It has made more than fifty acquisitions, including Datasul in 2008, Bematech in 2015, RD Station in 2021 and Linx in 2025. | $8 | +1% | $4.7B | $5.3B | 4.6x | 16.3x | ||
| VTEX is a Brazilian cloud commerce company that sells a software-as-a-service platform for enterprise retail and brand commerce, listed on the New York Stock Exchange under the ticker VTEX. The platform covers storefront and marketplace management, order management, and, since its acquisitions of Weni and Newtail, conversational customer service and retail media advertising. Its website reports more than 3,500 enterprise customers in 43 countries and more than USD 15 billion of gross merchandise value processed each year, with clients such as Sony, Whirlpool, Stanley Black & Decker and Colgate. Portuguese Wikipedia says the company was founded in Rio de Janeiro in 1999, is headquartered in Sao Paulo and began expanding into neighbouring Latin American markets in 2012 and into the United States and Europe in 2017. It raised USD 140 million in November 2019 and USD 225 million in September 2020, the latter at a USD 1.7 billion valuation. The founders and co-chief executives are Mariano Gomide de Faria and Geraldo Thomaz. | $4 | -10% | $698M | $519M | 2.2x | 23.5x | ||
| Locaweb is a Brazilian internet services company based in Sao Paulo that sells web hosting, domain registration, professional email, cloud servers and website builders to small and medium-sized businesses. It was started by the cousins Gilberto Mautner and Claudio Gora and launched in 1998, and it later added e-commerce, payments, logistics, enterprise software and marketing units through a series of acquisitions beginning with Tray in 2012. It listed on the Sao Paulo stock exchange in February 2020 and the listed group is now called LWSA, whose brands include Locaweb, Tray, Melhor Envio and Bling. Its own site reports more than 285,000 customers, more than 340,000 hosted websites and more than five million mailboxes. The group reported consolidated net revenue of BRL 1,488.5 million for 2025. Silver Lake invested in the company in 2010, and General Atlantic bought a block of its shares in 2022. The company has recorded more than twenty acquisitions of its own since 2012. | $1 | +51% | $623M | $575M | 1.9x | (18.4x) | ||
| 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 | -86% | $8M | $100M | 0.7x | (4.3x) | ||
| Semantix is a Brazilian artificial intelligence and data company based in Sao Paulo. It was founded in 2010 to structure and manage large volumes of data and today sells a proprietary platform, the Semantix Intelligent Platform, together with data engineering, AI engineering and managed operations services for enterprises in finance, industry, healthcare, retail and telecom. Bradesco's Inovabra fund became a strategic investor in 2017 and Crescera Investimentos joined in 2019. The company listed on Nasdaq in 2022 and describes itself as the first deep tech company in Latin America to do so. It has grown through acquisitions, among them LinkAPI in 2021, Elemeno in 2023, GAVB Consulting in 2025 and, in 2026, the South American operations of the French group Atos. The firm earns revenue from software subscriptions and technology services. | $0 | -- | $0K | $0K | 0.0x | 0.0x | ||
| Median | $1 | -4% | $623M | $519M | 1.9x | 0.0x |
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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