May 2026
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Largest Vertical SaaS Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Vitec Software, RaySearch Labs, Smart Eye, Micro Systemation and Formpipe Software.
 | 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. | $29 | -43% | $1B | $1B | 3.6x | 9.2x | ||
| RaySearch Laboratories AB is a Sweden-based medical technology company. The company develops advanced software solutions for improved cancer treatment. The company develops and markets the RayStation* treatment planning system and RayCare* oncology information system to clinics all over the world and distributes products through licensing agreements with medical technology companies. Its geographic segments consist of Sweden, North America, Asia Pacific, Europe and the rest of the world. | $23 | -36% | $798M | $791M | 5.2x | 12.0x | ||
| Smart Eye AB is engaged in developing and marketing eye-tracking technology that can measure, calculate, and predict where a person is looking. The company’s eye-tracking technology and iMotions biosensor software platform are also used in behavioral research to enable research in academic and commercial sectors. | $10 | +49% | $394M | $424M | 9.5x | 765.4x | ||
| Micro Systemation AB is engaged in product development, production, and sales of solutions within the area of mobile digital forensics. It provides software products to extract, analyse and present data from digital devices, predominantly mobile phones. The company has three main product families: XRY, XAMN, and XEC. The products are used mainly by police, military, and intelligence agencies and are effective tools for securing evidence. | $8 | +39% | $150M | $143M | 2.9x | 16.1x | ||
| Formpipe Software AB is a Swedish software company within the Content Services market. The business relies on two cornerstones with strong offerings to customers in both the public and private sectors. With the mission to build valuable relationship between data and people, the company is providing Software as a Service (SaaS), specializing in customer communication, cases and documents, and the automation of information-intense business processes. Formpipe has offices in Sweden, Denmark, the UK, the U.S. and Germany. | $2 | -29% | $113M | $25M | 0.7x | 8.3x | ||
| Advenica AB is a Sweden based company involved in providing cyber security solutions in the areas of National Security, Public sector, Critical infrastructure, and Corporate. The product offerings of the company include Data Diodes, ZoneGuard, SecuriRAM, File Security Screener and Secure Remote Access among others. | $2 | -25% | $98M | $91M | 4.0x | 24.7x | ||
| 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 | -27% | $78M | $62M | 3.4x | (11.0x) | ||
| Opter AB is a modern transport management system for the entire process from orders and transport planning to invoicing and settlement. | $8 | -26% | $50M | $47M | 4.4x | 17.2x | ||
| Mentice AB is engaged in the provision of software and hardware simulation solutions for endovascular therapies. Its solutions help healthcare professionals acquire, retain, and enhance their procedural skills driving improved productivity and outcomes. It operates through three segments: Mentice VIST, Physical Sim, and Ankyras. Geographically majority of the revenue is generated from the Americas, then followed by EMEA. | $2 | 0% | $45M | $41M | 1.3x | 87.0x | ||
| 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 | +23% | $37M | $34M | - | (7.8x) | ||
| ContextVision AB is a medical technology company. It develops and sells image enhancement software for medical diagnosis and artificial intelligence. Its product portfolio includes image enhancement software for 2D/3D/4D (dimensional) ultrasound, magnetic resonance imaging (MRI), X-Ray, radiography, and mammography. its geographical segments are Asia, Europe, and America. | $0 | -28% | $27M | $21M | 1.6x | 8.7x | ||
| Crunchfish AB is a technical pioneer in digital payment with a patent-pending Digital Cash solution that uses a two-step payment process, first clearing offline followed by online settlement. This makes digital payment robust and independent of the network. Crunchfish digital cash wallet is exceptionally flexible and can be used with all types of payment solutions. It delivers the properties of cash, such as immediate clearing, offline payments and preservation of the payer's integrity, without requiring any changes to the central or commercial banking infrastructures. The company has also developed Blippit, an app terminal that connects to cash register systems for both online and offline payments and has a patent-pending solution to reduce food waste. | $0 | -29% | $25M | $25M | 313.1x | (12.6x) | ||
| 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 | -54% | $17M | $14M | 22.8x | (3.2x) | ||
| Klimator AB is engaged in the business of software. Its technology forecasts about current and upcoming road weather for the entire road network. The company's forecasts make it possible for the winter road industry to make decisions about snow removal and de-icing. | $0 | +34% | $14M | $14M | 3.6x | 52.3x | ||
| eEducation Albert AB is an application-based education platform for children. The company develops and sells edtech products for schools and consumers. The product portfolio of the company includes educational apps, educational videos, and physical learning products under the brands Albert, Jaramba, Holy Owly, Film & Skola, Strawbees, and Sumdog. | $0 | +18% | $11M | $5M | 0.3x | 10.9x | ||
| Amido AB is a web-based platform where real estate companies can manage their passage systems, laundry bookings and digital key cabinets. It is integrated with several suppliers for inputs, such as RCO, Assa ARX and Aptus, which means that the customer only needs to use a system for handling all their digital tags. | $0 | -33% | $9M | $7M | 1.8x | 15.5x | ||
| Synthetic MR AB develops software solutions for Magnetic Resonance Imaging that support shorter exam times and deliver more information to the clinician. Its product is available in different packages. SyMRI IMAGE provides high MRI workflows and enables automatic segmentation of brain tissue, providing objective decision support, MAGiC is a customer-specific version of SyMRI IMAGE marketed and sold by GE Healthcare under a license agreement, SyMRI NEURO includes contrast images, biomarker segmentation, volumetric measurements of brain tissues and quantitative parametric maps, and SyMRI Research Edition includes contrast images, volumetric measurements and quantitative maps to provide more information to the researcher. | $0 | -74% | $8M | $5M | 0.8x | (1.5x) | ||
| Flowscape Technology AB is engaged in developing software to connect people and manage communications for responsible authorities and operators of critical environments and industry. Its product portfolio includes Room, Desk, Colleague, Equipment Finder, Housekeeper, and Flow Manager. The company devices include a billboard, a smartphone, a desktop, an Outlook plugin, and a room panel. | $0 | +21% | $8M | $7M | 1.5x | 6.1x | ||
| ChargePanel AB (publ) specializes in technologies for the operation of electric vehicle charge points and driver applications. The company provides a SaaS platform for EV Charging Network Management and specializes in technologies for the operation of Electric Vehicle Charge Points and Driver Applications. | $0 | +1% | $7M | $7M | 6.8x | (6.9x) | ||
| Kontigo Care AB is a Sweden based company involved in offering a cloud-based platform with artificial intelligence (AI) and predictive capabilities. Its Kontigo Care platform has predictive capabilities, which means that a relapse can be identified early and, in some cases, completely prevented. | $0 | -- | $6M | $4M | 1.3x | 10.1x | ||
| Aino Health AB provides corporate health management solutions. The company has developed a complete system of IT-based services with a focus on improving corporate health and reducing sickness absence levels in private and public organizations. Its solution consists of HealthManager, HealthDesk, and Consulting services. Company SaaS platform combines advance data analytics, research-based insights, and AI to empower leaders to unlock the full potential of their teams and to foster a healthier, more sustainable work environment. | $0 | -27% | $3M | $3M | 1.2x | (12.9x) | ||
| Transiro Holding AB, formerly Transiro Int AB provides cloud-based services for the transportation industry. The company products and services include Bus and consulting services. It generates resources from Sweden, India, Indonesia, Philippines and Russia. | $0 | -35% | $2M | $2M | 0.5x | 0.4x | ||
| Median | $0 | -27% | $26M | $23M | 2.9x | 8.9x |
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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