May 2026
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Largest Horizontal SaaS Public Companies in Netherlands
Benchmark revenue and EBITDA valuation multiples for public comps like
Nebius Group, Wolters Kluwer, Elastic, CM.com and Azerion Group.
 | Nebius is a vertically integrated cloud provider focusing on AI and high-performance computing. It is a carve-out of the previous Russian tech firm Yandex, following the Russian sanctions since the Ukraine-Russia war. Nebius designs and operates its own data centers and servers across Europe and the US, with a total capacity of several hundred megawatts. In September 2025, Microsoft became a major Nebius client under a multiyear $17 billion revenue agreement to provide computing capacity. | $261 | +371% | $66B | $66B | 125.3x | 122.0x | ||
| Wolters Kluwer is a global provider of professional information, software solutions, and services in health; tax and accounting; environmental, social, and governance; finance; compliance; and legal. More than 60% of revenue is generated in North America and around 30% is from Europe. | $75 | -55% | $17B | $21B | 3.0x | 8.2x | ||
| Elastic is a software company that specializes in AI-search, observability, and security deployments. Its search division offers both traditional keyword search and vector search methods to enable more context-aware querying. The software has open-source origins but generates revenue through valuable add-ons, including simplified data orchestration and server scaling techniques. | $68 | -20% | $7B | $6B | 4.2x | 1041.0x | ||
| CM.com provides cloud software for conversational commerce that enables businesses to deliver a superior customer experience. Its operating segments consist of Connect, Engage, Pay, and Live. Connect consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering. Engage consists of a portfolio of services that contribute to the optimization of its client’s mobile business journey with their (potential) clients. Pay consists of online and in-person payments and settlement and start-rate fees, hardware sales, and service-level agreements. Live involves ticketing and related services. The company derives maximum revenue from Connect Segment. | $8 | +5% | $281M | $368M | 1.2x | 12.3x | ||
| Azerion Group NV is engaged in providing a digital entertainment and media platform. It is engaged in providing technology solutions to automate the purchase and sale of digital advertising inventory for advertisers, publishers, and game creators as well as developing, publishing, distributing, and operating online social and casual games and digital content. The group’s reportable segments are Platform and Premium Games. | $1 | -13% | $149M | $413M | 0.7x | 12.4x | ||
| Unith Ltd is a digital human brand. The company is engaged in sale of information, entertainment and content, and utility services for mobile phones and tablets, and the development of conversational commerce technology. The segments of the company are Subscription, Digital Humans, and Other Segments. The company generates the majority of its revenue from Subscription, which is a subscription-based, broad content offering of products such as mobile security, games, and video portals via a mobile payments network and the underlying AI-driven technology platform. | $0 | +1% | $9M | $9M | 2.2x | (3.6x) | ||
| Median | $38 | -6% | $4B | $3B | 2.6x | 12.4x |
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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