October 2026
Largest Horizontal SaaS Public Companies in New Zealand
Benchmark revenue and EBITDA valuation multiples for public comps like
Xero, Serko, PaySauce, Black Pearl Group and Solution Dynamics.
 | Xero is a publicly listed software company founded in Wellington in 2006. It provides cloud accounting software for small businesses, accountants and bookkeepers, with products for invoicing, bank reconciliation, payroll, expenses, payments, inventory and financial reporting. The platform connects customers with banks, payment providers and a large ecosystem of third-party business applications. Xero sells primarily recurring software subscriptions, with plan tiers and additional services varying by market. The company reports 4.9 million customers in its current corporate profile and identifies Australia, New Zealand and the United Kingdom as core cloud-accounting markets. Its offices span Australia, New Zealand, the United Kingdom, the United States, Canada, Singapore and South Africa, while Wellington remains the global headquarters. Xero Limited is listed on the Australian Securities Exchange and continues to operate independently. | $40 | -58% | $7.1B | $7.2B | 4.7x | 16.2x | ||
| Serko Ltd is engaged in the provisioning of computer software solutions for corporate travel. The company's products are Serko Online and Serko Expense which are cloud-based enterprise-grade solutions that help corporates manage their travel and expense programs. Geographically, it derives a majority of its revenue from Australia and also has a presence in New Zealand, the US, India, Singapore, and Others. The company generates revenue from Serko Online, Serko Zeno, Serko Mobile, and Serko Expense technology platforms. | $1 | -56% | $86M | $60M | 0.9x | 1748.8x | ||
| PaySauce Ltd is a New Zealand-based software company. It is a Software as a Solution (SaaS ) fintech platform providing solutions for people at work. The technology enables small employers to digitally onboard, pay, and manage employees from any device. The platform includes rosters, mobile timesheets, payroll calculations, banking integration, automated payments, PAYE filing, labour costing, automated general ledger entries, and digital employment contracts. It generates maximum revenue in the form of processing fees, which are the monthly or annual subscription customers pay for PaySauce payroll products. Geographically, the company generates a majority of its revenue from its business within New Zealand. | $0 | -8% | $22M | $9M | 2.6x | (16.3x) | ||
| Black Pearl Group Ltd is a data technology company that builds, acquires, and markets data-driven cloud services, consisting of a suite of productivity and demand generation applications for small and medium-sized businesses. The company had two reportable segments based on the company's product subscriptions available during the year: Pearl Diver and Newoldstamp. The company makes the majority of its revenue from subscriptions to Pearl Diver. | $0 | -80% | $13M | $11M | 1.4x | (1.2x) | ||
| Solution Dynamics Ltd is a company engaged in providing customer communications solutions. Its products and services are represented by revenue streams: Digital Printing & Document Handling Services; and Software and Technology, Outsourced services. Services include digital print and mail house processing for mail items like invoices, statements, and promotional materials. Software and Technology develop and markets its software products related to multi-channel marketing communications including digital asset management, communication templates, campaign management, document archiving, document composition, and desktop mail solutions among others. Its outsourced services elements are the post, freight, paper, and envelopes. | $0 | -14% | $5M | $1M | 0.0x | 0.4x | ||
| Median | $0 | -56% | $22M | $11M | 1.4x | 0.4x |
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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