Shenzhen Fangzhi Science Valuation Multiples

Constellation Software is an acquirer, manager, and developer of vertical market software, or VMS, businesses globally. VMS differentiates from horizontal software in that it provides mission critical solutions within a specific industry for customers in a particular market. Constellation operates through a decentralized model in which each business operates as its own independent entity. Managers of individual businesses are incentivized to optimize their business for returns on invested capital and revenue growth. Excess cash generated by the individual businesses is repatriated to portfolio managers who focus on allocating as much capital as possible on new acquisitions. As of 2025, Constellation consisted of over 1,000 individual businesses and 64,000 employees.

Tyler Technologies provides a full suite of software solutions and services that address the needs of cities, counties, schools, courts and other local government entities. The company’s three core products are Munis, which is the core ERP system, Odyssey, which is the court management system, or CMS, and payments. The company also provides a variety of add-on modules and offers outsourced property tax assessment services.

Topicus com Inc is engaged in the development, installation, and customization of vertical market software and the provision of related professional services and support for customers across several diverse markets, mainly in Europe. Its revenue consists mainly of software license fees, maintenance and other recurring fees, professional service fees, and hardware sales. Geographically, the company generates maximum revenue from its business in the Netherlands, and the rest from other markets.

Stride Inc is an American online educational company. It offers alternative programs to traditional on-campus schooling. It also operates state-funded virtual charter schools around the United States. The educational programs for K-12 students are usually monitored by parents and provide virtual classroom environments where teachers meet with students online, by phone, or in-person. The company's contractual agreements with various school districts to offer its curriculum programs provide a majority of the company's revenue. The company lines of business are Managed Public School Programs, Institutional and Private Pay Schools and Other.

IPE Universal Inc is engaged in developing childhood education software systems. The company is engaged in high-tech business developing early childhood education software systems located in Taiwan and China. The company also provides education programs, products, services and technological products but also licenses IP services to businesses, NFTs, Crypto, Virtual Real Estate, Metaverse (Virtual World), and merchandise.

East Buy Holding Ltd is a live-streaming platform that focuses on selecting premium products for customers. The company operates in three reportable segments: Private Label Products and Livestreaming E-Commerce, College Education, and Institutional Customers. The majority of its revenue comes from private label products and the direct e-commerce segment, i.e., direct online commerce with private label products sold to individual customers and providing commission services.

Alef Education Holding Plc is an EdTech company that designs impactful learning experiences for students customized to different curriculums. The company operates in three segments: The Education solution segment, which provides customers the right of access to the Group’s learning platform. The Support and services segment includes ancillary services such as IT infrastructure setup and maintenance support and services, and the Financial investments segment pertains to the maintenance of the investment portfolio for returns based on market dynamics. The majority of its revenue is generated from the Education solution segment.

Youdao Inc develops and markets software applications. It engages in developing technologies to provide learning content, applications, and solutions. The firm operates in three segments: Learning services, Smart devices, and Online marketing services. The majority of its revenue comes from the Learning services segment, which generates revenues from online courses, mainly including Youdao Premium Courses, NetEase Cloud Classroom, and China University MOOC. The learning products segment includes sales of smart devices such as the Youdao Dictionary Pen and the Youdao Pocket Translator. Geographically, all of its revenue is generated from the People's Republic of China.

Cengage Learning Holdings II Inc is an educational technology, content, and services company operating in the higher education, professional, K-12, English language teaching (ELT) and library spaces. It has five reportable segments on the basis of products and customers provided by each segment: Cengage Academic (U.S. Higher Education, International Higher Education, and Secondary Education), Cengage Work (ed2go and Infosec), Research, ELT, and Other (Australia K-12 and Milady). Research, ELT, and Other are reported together as a core business unit titled Cengage Select.

Founded in 1981, Blackbaud provides software solutions designed to serve the "social good" community, including nonprofits, foundations, corporations, educational institutions, healthcare institutions, and individual change agents. Through M&A and organic product development efforts, the company has also moved into related areas outside core fundraising, notably into K-12 schools. The firm enables more than $100 billion in donations annually across a customer base in excess of 40,000 customers in over 100 countries.

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.

Docebo Inc is a provider of cloud-based learning management systems. The solutions provided by the company allow learning administrators to deliver scalable and flexible personalized learning experiences, from formal training to social learning to multiple internal, external, and blended audiences. The group provides an easy-to-use, configurable, and affordable learning platform with the end-to-end capabilities and critical functionality needed to train both internal and external workforces, partners, and customers. The majority of the revenue is derived from customers based in North America.

Qibu Co Ltd operates in the apparel industry. The company designs and develops, produces, and sells children's shoes, children's wear, and children's clothing accessories. The company's main product brand is ABC KIDS.

D2L Inc is a learning innovation company. It provides cloud-based learning software for higher education institutions, kindergarten to grade 12 (K-12) schools and districts, and private sector enterprises. The company serves K-12, higher education, associations, and the corporate sector. Its product includes D2L Brightspace and D2L Wave. Geographically, It operates in United States, Canada and Rest of the World, where it derives maximum revenue from United States.

NIIT Learning Systems Ltd is engaged in providing managed training solutions which predominantly include technology-based solutions for learning and education management to improve efficiency and effectiveness to customers in the education sector in India and international markets. The company also offers a comprehensive suite of solutions including content, learning delivery, assessment, and technology for students and teachers, as well as solutions for institution administration and management. Geographically, the company derives a majority of its revenue from America, and the rest from Europe, India, and the rest of the world.

Tribal Group PLC is a provider of education software and services for international education, learning, and training markets. It has two business segments. The Student Information Systems (SIS) segment represents the delivery of software and subsequent maintenance and support services and the activities through which it deploys and configures software for its customers, and the Etio segment represents inspection and review services that support the assessment of educational delivery, and a portfolio of performance improvement tools and services, including analytics, software solutions, and asset management. The company generates maximum revenue from the SIS segment. Geographically, it operates in the UK, Australia, other APAC, North America, and the rest of the world.

ReadyTech Holdings Ltd is a provider of people management software for educators, employers, and facilitators of career transitions. Its products are JR Plus, A2E, HR3, ePayroll, JR Gov, Aussiepay, and others. The company's operating segments include Education and Work pathways, Workforce Solutions, and Government and Justice. It generates maximum revenue from the Government and Justice. The education segment mainly provides products and services to tertiary education providers. Its Workforce segment provides products and services to a mid-sized company across various industries. The Government division provides government and justice case management software as a service solution to local governments, state governments, and justice departments.

I-Scream Media Co Ltd is an education company with educational content and different content production capabilities. The company's business includes the edutech platform 'Ice Cream S' utilized by elementary school teachers with differentiated and diverse contents, 'Ice Cream Remote Education Training Center', a training institute for teachers to enhance their teaching expertise, 'Ice Cream Mall', which helps teachers conveniently prepare classes and operate classes by the Korean environment, and 'Ice Cream Textbook', an elementary school textbook that combines books and digital contents.

RM PLC provides resources, software, solutions, services to Uk and international education sector. The company is structured into Four operating divisions: RM TTS, RM Assessment, RM Technology and services. TTS provides education resources used in schools through a predominantly direct marketing business model. The RM Assessment business provides IT software and services to exam boards and professional bodies to allow e-assessment. RM Technology division focuses on supplying IT software and services to schools and colleges. Its primary geographic markets are the United Kingdom, Europe, North America, Asia, the Middle East, and the Rest of the world.

51 Talk Online Education Group is an online education platform in China, with core expertise in English education. The company's mission is to make quality education accessible and affordable. It's online and mobile education platforms enable students across China to take live interactive English lessons with overseas foreign teachers, on demand. The Group operates in seven principal geographical area: China, Hong Kong, Philippines, Singapore, Malaysia, Thailand and Saudi Arabia.

Skillsoft Corp is a leader in corporate digital learning. The company's segments include Talent Development Solutions and Global Knowledge. Talent Development Solutions brings a foundation of products and customers. TDS enterprise-grade solution serves customers and employees world-wide. TDS Learner is a world-renowned consumer-scale and experiential learning platform that serves learners internationally. The Global Knowledge segment is centered around instructor-led training, or live learning, with face-to-face delivery by experienced trainers, both in-person and virtually.

Sylogist Ltd is a software company that provides software-as-a-service (SaaS) solutions that provides ERP, CRM, fundraising, education administration, and payments solutions to education verticals. , including fund accounting, grant management, and payroll to public service organizations. The company's revenue is divided into verticals namely, SylogistMission, SylogistEd, SylogistGov, and SylogistServices. It receives maximum revenue in the form of SaaS subscriptions. Geographically, the company offers its services to the United States of America, Canada, the United Kingdom, and other regions. The majority of the revenue comes from the United States of America.

FLOWSPARKS NV is engaged in providing online educational services. It provides an e-learning platform that enables organizations to create, manage, and deliver digital training based on their internal expertise. With built-in instructional design, multilingual capabilities, reporting features, and AI Co-Authoring, FLOWSPARKS helps companies scale training across teams, locations, and languages. In addition to the platform, it offers customized training content creation services for customers who require support.

Thinkific Labs Inc is a cloud-based software platform. Its business activity is to provide a platform that helps entrepreneurs and established businesses to scale and generate revenue by teaching. The platform provides its creators with the functionality needed to launch, grow, and diversify their businesses by creating and selling learning products composed of customized courses, communities, membership sites and other experiences that creators can create, sell, and deliver using its Platform. Its sources of revenue consist of software subscriptions to its cloud-based platform and revenue from payment processing.

Day1 Company Inc is developing educational content and engaging in service business. The company plans, develops, and distributes all content that requires learning for adults.

RareJob Inc provides an online English learning service in Japan. It offers services to individuals, corporations, and educational institutions.

CHieru Co Ltd is a Japanese firm which provides information and communication technology environments for teaching and learning in schools. It offers services including software and system products, teaching and learning resources and strategic consulting for school ICT environment. Its solutions include CaLabo EX, CaLabo LX, CaLabo TX, interclass cloud.

Schoo Inc is engaged in providing e-learning service for individuals and corporations.

Janison Education Group Ltd operates in the education technology sector. Its primary activities include software development and the provision of Software-as-a-Service. The company operates in two segments including Product and Platform. It generates maximum revenue from the Platform segment, which operates exam enterprise-grade assessment platform technology and event management services for large organizations, national education authorities, and accreditation bodies. The Product segment provides exam products, exam items, and associated exam services which are sold to schools, parents, and teachers. Geographically, it derives a majority of its revenue from Australia and New Zealand and also has a presence in Asia and the Rest of the World.

Yxt.Com Group Holding Ltd operates as a technology company. The company has created a SaaS model that integrates software and content, assisting customers in the digital transformation of corporate learning. The company operates in the People’s Republic of China.

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.

Shape Robotics AS is an educational technology company. It has developed schools with excellent classroom technology for STEAM Education which stands for Science, Technology, Engineering, Arts, and Mathematics. Its products include educational robots, such as Fable, Fable Go, Fable Explore, Steam Lab, and Teacher Zone. It operates in Denmark, Romania, Poland, United States, United Kindom, Moldova, and Others. It derives maximum revenue from Romania.

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.

Jinxin Technology Holding Co is a company which operates through its subsidiaries are principally engaged in provision of digital textbook subscription services in the People’s Republic of China. The company generates revenue by selling its content to hardware manufacturers in China whereby are allowed to install the company’s digital educational content on the manufacturers’ devices for sale to end users.