October 2026
Largest Vertical SaaS Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Hamburger Hafen, Secunet, MBB, IVU Traffic Technologies and INIT SE.
 | Hamburger Hafen und Logistik AG is operated as a strategic management holding company divided into two subgroups, Port Logistics and Real Estate. it has four segments: container, intermodal, logistics, and real estate. The container segment operates terminals to transport containers by sea, rail, and truck; the Intermodal segment operates the company's rail container transportation network; the Real estate segment activities include services such as the development, letting, and management of properties; The Logistics segment encompasses specialist handling services, digital business activities, and consulting. The container and intermodal segments together generate the majority of revenue. The company derives the majority of its revenue domestically. | $24 | -1% | $1.8B | $3.2B | 1.6x | 8.4x | ||
| 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. | $269 | +17% | $1.7B | $1.8B | 3.4x | 20.9x | ||
| MBB SE is a medium-sized, family-owned company specializing in the acquisition and management of medium-sized industrial companies with considerable technology and engineering expertise. It concentrates on energy transition, e-mobility, cybersecurity, and ecological materials through its subsidiaries. The MBB Group comprises the following reportable segments: Friedrich Vorwerk, Aumann, DTS, Delignit. Aumann AG: Specialized in e-mobility and automation, Friedrich Vorwerk: Focused on energy infrastructure, including gas, power grids, and hydrogen. DTS IT AG: Provides cybersecurity and cloud computing services. Delignit AG: Produces ecological hardwood-based materials and Hanke Tissue: Produces consumer goods like mattresses and tissue paper. | $203 | -8% | $1.1B | $739M | 0.6x | 3.2x | ||
| IVU Traffic Technologies AG is a Germany-based software company. It is engaged in the development, manufacturing, and marketing of software and hardware. It provides installation and maintenance of IT solutions for the operational tasks of public passenger and freight transport. Its product consists of IVU. suite, IVU.rail, IVU.cloud, and many more. The company's business area of operations includes countries like Germany, Europe, and others in which it generates the majority of its revenue from Germany. | $30 | +28% | $525M | $461M | 2.7x | 17.6x | ||
| init innovation in traffic systems SE is an international system supplier of transportation telematics. The company develops and supplies integrated planning, dispatching, telematics and ticketing systems for buses and trains. The firm develops, produces, integrates, installs, and maintains software and hardware products for the planning, management, and optimization of transport companies. It offers research and development, planning and dispatching, analyzing and optimizing, ticketing and fare management, operations control and real-time passenger information, and service and maintenance solutions. Geographical presence of the company is in Germany, North America, Europe, Australia and UAE. | $48 | -12% | $522M | $542M | 1.5x | 9.2x | ||
| Homag Group AG is a German-based company that manufactures machines and equipment for the woodworking industry. The company operates its business in four segments namely Industry segment, Cabinet shops, Sales & Service segment, and others. Maximum revenue comes from an industry segment which includes solutions for industrial companies based on plants, machines, information, control technology, and woodworking processes. The company carries its operations in the European region including Central, Western and Eastern Europe, American region including North and South America, Asia Pacific and Central Europe. The majority of the company's revenue comes from Central Europe. | $27 | -12% | $430M | $430M | 76.6x | - | ||
| Msg Life AG is a Germany-based company. It is a consultant and software company for the insurance and retirement savings market. It is a provider of software, advice, and cloud solutions for life insurance companies and pension fund institutions in Europe and, in particular, health insurance companies in the United States. The company's products and services include msg. Life Factory, msg.Insurance Suite, msg.Migration System, msg.Health Factory, msg.The commission, msg.Business Partner, msg.Billing, and others. Geographically, the company exports its services to the United States of America, Austria, Switzerland, Slovenia, Portugal, Spain, and Benelux. | -- | -- | $179M | $174M | 0.9x | 10.1x | ||
| Serviceware SE is a provider of software solutions that help companies compete digitally with Enterprise Service Management (ESM) by improving service quality and efficiently managing service costs. The company's platform which includes software solutions for financial, processes, resources, knowledge, and performance. In addition, the company offers the infrastructure solutions and managed services necessary for operations securely and reliably. | $14 | -34% | $150M | $123M | 0.9x | 21.5x | ||
| USU Software AG along with its subsidiaries provides IT and knowledge management software. The company organizes its operations into two main segments: Product Business and Service Business. The Product Business segment includes infrastructure management, service/change management, finance management, process management, and knowledge management. The Service Business segment encompasses consulting services for IT projects and individual application development. It derives the majority of its revenue from the Product Business segment. Its customers are based in Germany and operate in the fields of financial services, telecommunications, the automotive industry, consumer goods, services, and trade, as well as the public sector. | $10 | -2% | $102M | $102M | 1.8x | 23.9x | ||
| Net digital AG is a group of companies that partners with numerous medium-sized and large companies in the telecommunications, media, and entertainment sectors, as well as public transport companies. The group develops technology platforms for Global and customized digital payment solutions with a focus on digital content distribution. Its services include Global Payment Services, Mobile Payment Services, Content Distribution Services, Artificial Intelligence Solutions, Communication Services, and TV Enabling Services. | $32 | +67% | $68M | $62M | 1.5x | 13.2x | ||
| DocCheck AG is a Germany-based company engaged in the healthcare sector. It operates through subsidiaries: antwerpes AG develops integrated communication concepts for the healthcare sector, including social media and digital communication with focus on e-marketing concepts, search engine optimization (SEO), search engine advertising (SEA) and search engine marketing (SEM); DocCheck Medical Services GmbH operates an online platform for healthcare professionals, such as physicians and pharmacists; DocCheck Medizinbedarf und Logistik GmbH wholesales medical products from third parties and also produces own medical products, and DocCheck Guano AG is a venture capital company with focus on e-health companies and promotes healthcare startups. | $11 | -20% | $58M | $42M | 0.7x | 3.5x | ||
| MeVis Medical Solutions AG is a provider of medical software products. The company markets its products to equipment manufacturer of medical devices and providers of medical information technology platforms. Its segment includes Digital mammography and Other diagnostics. The Digital mammography segment develops and markets software products which assist in breast diagnostic imaging and intervention. Its Other diagnostics segment consists of digital radiology products. In addition, it also provides the general analysis of radiology images. The company's geographical area of operations includes the United States of America and Europe. | $24 | -15% | $44M | $40M | 2.2x | 10.7x | ||
| Softing AG is engaged in developing software, hardware, and system solutions. The business operates in segments namely, Industrial, Automotive, and IT Networks. The Industrial segment which derives the majority of revenue engages in the provision of industrial communications solutions and products for the manufacturing and process industry. The Automotive segment stands for key technologies in automotive electronics as well as such closely related areas in electronics as the commercial vehicle or agricultural machinery industry. The IT Networks segment is engaged in testing, qualifying, and certifying cabling in IT systems. Geographically, it derives the majority of its revenue from the USA. | $3 | -26% | $30M | $36M | 0.4x | 8.1x | ||
| 123Fahrschule SE is a digital driving school chain. It is specialized in the consolidation and digital expansion of the classic driving license training of the German driving school market. The company offers its learner drivers a digital, effective and intelligent application software for administration, e-learning and individual learning status control for driver's license training for all driver's license classes. | $3 | -34% | $15M | $21M | 0.7x | (12.7x) | ||
| Tick Trading Software AG develops and distributes software packages for professional trading. The company's products are the TBMX Trading Platform, tick-TS Cloud, e-Trading Compliance Monitor, and others. tick Trading Software AG is active in the field of programming IT software; The focus here is on the programming of EDP software in the financial services segment (stock market software, trading software, etc.). In addition, it offers its customers "Software as a Service" housing and hosting of complex server systems for stock exchange trading in combination with its software solutions. | $6 | -28% | $13M | $8M | 0.7x | 2.1x | ||
| B+S Banksysteme AG develops and markets software solutions for the completion of financial transactions with banks, savings banks, and industrial enterprises. It is engaged in the creation and development of its own programs for data processing, duplication, licensing, and distribution as well as consulting for companies. The company's headquarters have been in Munich with further locations in Austria (Salzburg) and Switzerland (Canton Bern). | $2 | -14% | $13M | $13M | ||||
| Solutiance AG is a Germany based solution provider with a focus on maintenance and servicing applications. It offers, develops, and installs electronically controlled leak detection systems to monitor the waterproofing or lining membranes on commercial and civil projects. Its solutions include TrackLean, Facility scanner. Its systems are used in landfills, septic tanks, tunnels and flat roofs. | $1 | -24% | $10M | $10M | ||||
| Janosch film & medien AG is involved in license marketing of pictures, books, and movies from the author and artist Janosch. It provides licenses for books, adult books, movies, video clips, and international merchandising. It generates revenue through licensing in the book sector and copyright revenue claims in merchandising. It is therefore assigned to the book and license industry. | $5 | -13% | $5M | $4M | ||||
| Medondo Holding AG is a management holding company based in Germany. Along with its subsidiaries, the company is involved in the provision of integrated, cloud-based software solutions for medical specialties, with a particular focus on secure and efficient patient communication. The group offers a cloud-based, integrated practice management software, Medondo Manager, which digitizes the different processes of medical practice. The software is provided to clients on a subscription-based model and features various capabilities, including a dedicated portal for each patient, an online appointment calendar, digital anamnesis, digital self-check-in, digital documents, and the generation of digital invoices, among other features. | $0 | -73% | $3M | $5M | ||||
| Median | $13 | -14% | $68M | $62M | 1.5x | 9.1x |
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