May 2026
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Largest Vertical SaaS Public Companies in Spain
Benchmark revenue and EBITDA valuation multiples for public comps like
Amadeus, Indra Sistemas, CAF, Pangaea Oncology and Holaluz.
 | Founded in 1987 by four major European airline carriers (Air France, Lufthansa, Iberia, and SAS), Amadeus became the world’s second global distribution system operator, or GDS, after Sabre’s development in the 1960s and 1970s. Today, among the top three GDS operators that control nearly 100% of industry sales, Amadeus' 40%-plus market share ranks as the largest. Overall, Amadeus’ GDS segment represented 48% of total in 2024. Moreover, the company has an expanding IT solutions division (52% of 2024 revenue) that addresses the airline, airport, rail, hotel, and travel agency markets. Transaction fees, which are tied to volume and not price, account for the bulk of consolidated sales and profits. | $63 | -23% | $27B | $30B | 4.0x | 10.3x | ||
| Indra Sistemas SA is a Spain-based provider of information technology offerings for finance, insurance, public administration, airports, defense, healthcare, media, telecom, security, energy, and infrastructure end markets. Its product capabilities include analytics, cloud computing, enterprise resource planning, networks and communications, electoral processes, bus technology, subway technology, and sustainability solutions. The firm generates revenue in Europe, Africa, the Middle East, the Americas, and Asia-Pacific. | $63 | +48% | $11B | $10B | 1.6x | 11.2x | ||
| Construcciones y Auxiliar de Ferrocarriles SA is a Spain-based company that offers comprehensive railway solutions. The company's train-related products comprise high-speed rolling stock, wheelsets, traction and communication systems, signaling systems, and related services including vehicle maintenance, vehicle upgrading and refurbishment, and aftersales technical supports. In addition to supplying train-related products, the company also helps customers conduct viability studies, civil work, electrification projects, and system operation. The company operates under concession or turnkey models. Construcciones y Auxiliar de Ferrocarriles has a global presence, with Europe and Brazil being the two largest markets. | $71 | +31% | $2B | $3B | 0.5x | 6.3x | ||
| Pangaea Oncology SA is a medical services company. The company provides a wide range of services to cancer patients, as well as global pharmaceutical and biotech clients, in the fields of molecular diagnostics, clinical trials, in vitro drug profiling, dx platform validation, and biomarker discovery. The company has aggregated its operations into two segments, Clinical Care division and Diagnostic and Research and Development services division. Clinical Care division delivers medical oncology services and related activities. Diagnostic and Research and Development services division provides diagnostic and in-vitro services. | $2 | -6% | $66M | $69M | 4.1x | (62.9x) | ||
| Holaluz-Clidom SA is a renewable energy company providing green energy. The company's main activity is the commercialization of energy in general. Its Holaluz Cloud is a system that allows surplus energy, i.e. energy produced by customers' solar panels that cannot be consumed at the moment, to be deducted from the electricity bill. Its business segments are; Commercialization (Electricity & Gas), Representation (Electricity), and Solar. | $1 | -34% | $32M | $74M | 0.4x | (7.8x) | ||
| Median | $63 | -6% | $2B | $3B | 1.6x | 6.3x |
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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