June 2026
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Largest Industry 4.0 Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Saab, Hexagon, NIBE Industrier, Vitec Software and Mildef Group.
 | Saab supplies products and services for military, defense, and civil security. The company operates in four segments: aeronautics, dynamics, surveillance, and Kockums. Aeronautics involves the manufacturing and support of defense and commercial aerial systems. Dynamics produces combat weapons and defense training and management systems. Surveillance supplies security services, and creates traffic management technology and aviation parts. Kockums offers solutions for naval missions. Over three fourths of Saab’s sales are from the defense sector. The company sells to multiple geographic regions, but over half of its sales come from Europe. | $56 | -2% | $30B | $30B | 3.5x | 24.4x | ||
| Hexagon is the global leader in digital reality solutions, combining hardware such as sensors and measuring devices, software, and services. Customers are mainly in heavy industry such as oil and gas, mining, construction, manufacturing, chemicals, and agriculture. Major products include measuring technology, mapping tools, and software. Around 40% of revenue is generated in the Americas, 35% in Europe, the Middle East, and Africa, and the rest in Asia. | $9 | -9% | $25B | $26B | 4.1x | 11.2x | ||
| NIBE Industrier AB manufactures and sells energy-efficient products for industrial and consumer use. The firm is organized into three segments by product type. The climate solutions segment, which generates the majority of revenue, sells HVAC systems and hot water heaters to homes, apartment buildings, and other large properties. The elements segment sells components and elements to multiple industries, including appliance manufacturers, home remodelers, energy, and automotive. The stoves segment sells energy-efficient stoves and chimney systems to residential and commercial customers. The vast majority of revenue comes from Europe. | $4 | -10% | $8B | $10B | 2.1x | 13.7x | ||
| Vitec Software Group AB is a software company in Vertical Market Software in the Nordic region. The company provides software for the pharmacy market, automotive and machine industry, banks and insurance companies, healthcare companies, real estate agents, and the education sector. Its segments comprise Auto, Energy, Real Estate, Finance and insurance, Environment, Estate Agents, and Education and health. | $28 | -46% | $1B | $1B | 3.5x | 8.9x | ||
| Mildef Group AB is a multinational systems integrator and full-spectrum provider specializing in rugged IT for military, government and critical infrastructure sectors. The company provides hardware, software, and services that shield and protect critical information streams and systems, when and where the stakes are the highest. Its products are sold to customers through companies in Sweden, Norway, Finland, Denmark, the United Kingdom, Germany, Switzerland, the United States, and Australia, and through partner networks in more than 40 countries. The company generates the majority of its revenue from Sweden and Europe (excl. the Nordics). | $20 | -7% | $941M | $991M | 4.4x | 28.0x | ||
| Zaptec ASA is a technology company within Electronic vehicle (EV) charging systems in Europe. The company develops EV charging systems for multi and single-family homes and office buildings. The product portfolio enables a large number of charging points at a low cost and includes Zaptec Pro, Zaptec Go, Charge365 payment services, Charging columns, Zaptec Portal, and Zaptec APM. The company accelerates the electrification of the transport sector to assist European countries in reducing CO2 emissions from light-duty cars. | $6 | +158% | $488M | $441M | 2.7x | 34.7x | ||
| Prevas AB is a Sweden-based information technology (IT) company that offers solutions, services, and products to customers who develop products with high IT content and need to streamline and automate their operations. The company's products are segmented as automotive, products and units, steel and minerals, defense, energy, life science, manufacturing, engineering, and telecom industries. The company has two geographical segments, namely Sweden, Finland, Denmark, and Other. It derives maximum revenue from Sweden. | $8 | -20% | $106M | $133M | 0.7x | 7.0x | ||
| Firefly AB is a supplier of spark detection, fire and dust explosion protection systems in Sweden. The company develops, manufactures and sells high-tech systems, which detect and minimise the risk of fires and dust explosions. It has two business areas: Industrial applications and Infra systems. Industrial applications include customized fire prevention systems, which monitor industrial processes in areas such as tissue, food, woodworking, bioenergy, and recycling. The business area of Infra systems includes early fire detection in subway-, train-, road or cable tunnel systems by means of multiple-gas detection. | $18 | -13% | $105M | $97M | 1.8x | 13.7x | ||
| BIMobject AB is a provider digital content management system for BIM objects. The company's solutions help manufacturers to develop, host, maintain, syndicate and publicise digital replicas of manufactured products - BIM objects. Its products include BIMobject API, BIMobject EVO, Object Creation & Process, BIMsupply, BIMobject Marketing Campaign, BIMscript, BIMobject Mosquito and BIMobject Cloud, among others. | $1 | -30% | $74M | $58M | 3.2x | (10.5x) | ||
| Terranet AB develops software for radio-based solutions and three-dimensional image analysis for driver-assistance systems and autonomous vehicles (ADAS and AV). It is pioneering breakthrough safety technology for the ADAS and AV industries in Lund, Sweden, and its development sites in Kiev, Ukraine, and Stuttgart, Germany. | $0 | +18% | $35M | $33M | - | (7.5x) | ||
| Freemelt Holding AB is engaged in the production, marketing, sales, and service of Freemelt ONE, a 3Dprinter for material development at research scale. | $0 | -38% | $28M | $25M | 4.2x | (7.9x) | ||
| Greater Than AB is a driving data analytics company that uses artificial intelligence to convert GPS data into driver scores that predict crash probability and climate impact. Insurance companies, underwriters, fleet solution providers, mobility providers and other owners of GPS data use Greater Than’s analysis to optimize driver risk management, achieve insurance profitability, manage sustainability and ESG reporting, and monetize GPS data. | $1 | -55% | $17M | $14M | 22.3x | (3.1x) | ||
| Fingerprint Cards AB is a Sweden-based company that is principally engaged in offering a broad range of biometric solutions. The company's products include fingerprint touch sensors, fingerprint swipe sensors, fingerprint area sensors, biometric modules, development kits, solutions, and others. The company targets the smartphone/tablet market and vertical markets where it can integrate its products; smartcards, the automotive industry, and the Internet of Things are prioritized markets. on. | $2 | -30% | $13M | $11M | 1.3x | (5.3x) | ||
| Median | $6 | -13% | $106M | $133M | 3.3x | 8.9x |
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