Vocento Valuation Multiples

Amazon is an American technology and retail company headquartered in Seattle, Washington, with a second headquarters in Arlington County, Virginia. It runs the amazon.com online store and marketplace for third-party sellers, the Amazon Prime subscription programme, which had 200 million subscribers worldwide in 2021, and Amazon Web Services, the cloud computing unit launched in 2002 that rents data storage and computing power to companies. It also sells Echo, Kindle and Fire devices, distributes video, music and audiobooks through Prime Video, MGM+, Amazon Music, Twitch and Audible, and owns the Whole Foods Market grocery chain, Ring, IMDb and the self-driving car developer Zoox. Amazon earns revenue from product sales, seller commissions and fulfilment fees, subscriptions, cloud services and advertising. It reported revenue of US$716.9 billion and net income of US$77.7 billion in 2025 with about 1,576,000 employees, making it the world's largest company by revenue as of 2026 and the second-largest private employer in the United States. Jeff Bezos founded the company as Cadabra on July 5, 1994, in Bellevue, Washington, as an online bookstore and renamed it Amazon that November. Bezos, who owns about 8.8% of the shares, became executive chairman in July 2021, when former AWS chief Andy Jassy became chief executive.

Alibaba Group is a Chinese technology company headquartered in Hangzhou, Zhejiang, founded on 28 June 1999 by Jack Ma and 17 friends and students as the business-to-business marketplace Alibaba.com. It operates China's largest consumer marketplaces, Taobao (consumer-to-consumer) and Tmall (business-to-consumer), the global B2B site Alibaba.com and domestic wholesale platform 1688, alongside international e-commerce, Alibaba Cloud, the Cainiao logistics network, local consumer services and digital media and entertainment businesses, reorganised in 2023 into six business groups. It earns revenue mainly from merchant advertising and commissions on its marketplaces, plus cloud computing, logistics and direct sales. Early backers included Goldman Sachs, SoftBank and Investor AB, which invested $25 million in October 1999. Its September 2014 New York Stock Exchange IPO raised $25 billion, then the largest in history, giving it a market value of $231 billion, and in January 2018 it became the second Asian company to pass a $500 billion valuation. Joseph Tsai became chairman and Eddie Wu chief executive in 2023.

Recruit is a holding company for various technology and employment-related businesses. Recruit’s primary business is its HR technology segment, in which it owns two out of three globally scaled employment-related platforms: www.indeed.com, an online marketplace for employment; and www.glassdoor.com, an online review site for employers. Recruit also owns various marketing businesses operating in Japan for life events and lifestyle, a software solutions business for small and medium-size enterprises, or SMEs, in Japan, and various staffing businesses operating throughout the developed world.

Uber Technologies is a technology provider that matches riders with drivers, hungry people with restaurants and food couriers, and shippers with carriers. The firm's on-demand technology platform is currently utilized by traditional cars as well as autonomous vehicles, but could eventually be used for additional products and services, such as delivery via drones or electronic vehicle take-off and landing (eVTOL) technology. Uber operates in over 70 countries, with over 202 million users who order rides or food at least once a month.

Booking is the world's largest online travel agency by sales, offering booking and payment services for hotel and alternative accommodation rooms, airlines, rental cars, restaurants, cruises, experiences, and other vacation packages. The company operates several branded travel booking sites, including Booking.com, Agoda, OpenTable, Rentalcars.com, Kayak, and Momondo. Transaction fees for online bookings account for the bulk of revenue and profits.

PDD Holdings operates commerce businesses in over 80 countries globally. Its main operations are Pinduoduo, a social commerce platform in China, and Temu, a global e-commerce marketplace. PDD also has a community group purchase business in China. PDD has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses.

Airbnb is a global online marketplace connecting hosts offering homes or experiences with guests seeking short-term accommodation and travel activities. It earns service fees on bookings while providing discovery, payments, trust, customer support, and marketplace infrastructure. The company serves customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its economics are driven by marketplace, while its competitive position depends on sector expertise, asset quality, customer relationships, and disciplined capital allocation. The company is classified in Accommodation and Online Travel and Consumer Marketplaces because those categories best represent its principal activity at the transaction date. This profile is intended to identify the legal or operating business involved in the deal, including a historical name where the company was later renamed, merged, privatized, or reorganized.

Mercado Libre is a Buenos Aires technology company founded in 1999 and listed on Nasdaq. It operates online marketplaces, digital payments, consumer and merchant credit, advertising and logistics services across Latin America. The Mercado Pago platform processes online and in-store payments and also distributes savings, lending and insurance products in several markets. Mercado Envios coordinates fulfillment and last-mile delivery for marketplace merchants. Revenue comes from transaction commissions, payment-processing charges, advertising, logistics services and interest income. The group acquired Alice Biometrics to own identity-verification technology used in digital onboarding and fraud controls. Its 2024 impact reporting includes Alice Biometrics as a Spanish group entity, and the Spanish commercial registry later recorded MercadoLibre, Inc. as Alice's sole shareholder.

DoorDash is an online delivery demand aggregator. Consumers can use its app to order food on demand for delivery or in-store pickup from participating merchants. After acquiring Wolt in 2022, the firm expanded beyond the US to offer this service in Europe and Asia. DoorDash creates a marketplace that lets merchants build an online presence, market their offerings, and meet demand through delivery. The firm provides similar services to non-restaurant businesses, such as grocery, retail, and pet supplies. DoorDash is also rolling out emerging technologies, such as drone delivery, to continually innovate and deliver the best possible service to both supply-side and demand-side participants in its marketplace.

Prosus is a consumer internet group with listed and unlisted platforms across 100 countries. Around 80% of Prosus’ net asset value is derived from its Tencent holdings, the world’s largest game publisher and operator of WeChat, China’s super app with 1.3 billion users. Prosus has approximately a 23% stake in Tencent. The rest of the group’s businesses and investments are organized into classifieds, food delivery, payments and fintech, and edtech. This includes ownership of iFood, Brazil’s largest food delivery app, and a 25% stake in Swiggy, the second-largest delivery platform in India.In 2019, Prosus was spun out of South Africa-based parent company Naspers Ltd and listed on the Euronext exchange. Naspers holds approximately 75% of Prosus’ shares.

Comcast is made up of three parts. The core cable business owns networks capable of providing television, internet access, and phone services to 65 million US homes and businesses, or nearly half of the country. The firm provides services to about 47% of the locations in this territory. Comcast acquired NBCUniversal from General Electric in 2011. Following the spinoff of several cable networks, including CNBC, MSNBC, and USA, NBCU now consists of the NBC network, several local NBC affiliates, Bravo, the Peacock streaming platform, Universal Studios, and several theme parks. Finally, Sky, acquired in 2018, is a large television provider in the UK and Italy.

Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues. The other sales and revenues include sales of loans originated and sold in securitization transactions or to financing partners, commissions received on VSCs and sales of GAP waiver coverage. The foundation of the business is retail vehicle unit sales. This drives the majority of the revenue and allows the company to capture additional revenue streams associated with financing, VSCs, auto insurance and GAP waiver coverage, as well as trade-in vehicles.

Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce. Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value. Shopee is a hybrid C2C and B2C marketplace platform operating in Indonesia, Taiwan, Vietnam, Thailand, Malaysia, the Philippines, and Brazil. For Garena, Free Fire is the key revenue generating game. Sea’s third business, SeaMoney, provides lending, payment, digital banking, and insurance services.As of March 31, 2025, Forrest Xiaodong Li, the founder, chairman and CEO, owned 59.1% of voting power. Tencent owned 18.5% of issued shares with no voting power.

Meituan is the largest food delivery platform in China, with a 60%-70% share of the market in 2024, according to Morningstar estimates. In the third quarter of 2024, the firm generated 74% of its revenue from the core local commerce segment, which includes on-demand food delivery and retail, in-store services (such as visiting beauty and entertainment stores after purchasing deals on Meituan), and hotel and travel booking. The remaining 26% of revenue came from the new initiatives segment, such as the community group purchase business Meituan Select and the overseas food delivery business.

eBay is an American e-commerce company based in San Jose, California, that runs online marketplaces where individuals and businesses buy and sell goods through auctions and fixed-price "Buy It Now" listings in 190 markets. It was founded by Pierre Omidyar as AuctionWeb on September 3, 1995, and is listed on Nasdaq and included in the S&P 500. eBay earns most of its revenue from commissions charged to sellers when items sell. In 2023 it reported 132 million annual active buyers and $73 billion of transaction volume, 48% of it in the United States, at a take rate of 13.81%. In 2025 the company generated revenue of $11.1 billion, operating income of $2.28 billion and net income of $2.03 billion, and employed about 12,300 people. Its subsidiaries include the fashion resale app Depop, the Asian marketplace Qoo10 and TCGplayer, a trading-card marketplace agreed in 2022 for up to $295 million. eBay spun off PayPal in 2015, sold StubHub to Viagogo for $4.05 billion in 2020 and sold its classifieds business the same year. Jamie Iannone has been chief executive since April 2020, with Paul Pressler as chairman.

East Money Information Co Ltd is engaged in securities business, financial e-commerce service business, financial data service business, and Internet advertising service business. It mainly provides paid financial data services, financial e-commerce services, and Internet advertisement services through its Website, eastmoney.com. It generates majority of ots revenue from the securities business.

Expedia Group is an American travel technology company headquartered in Seattle, Washington, that runs online travel booking sites and supplies travel inventory and technology to other businesses. It was founded in October 1996 as a division of Microsoft, spun off as a public company in 1999, came under the control of IAC in 2001 and was spun off by IAC in August 2005. Its three core consumer brands are Expedia, Hotels.com and Vrbo, alongside Orbitz, Travelocity, Hotwire, ebookers, Wotif and the Trivago hotel metasearch site, while its B2B segment powers travel sales for airlines, travel agents, retailers, corporate travel managers and financial institutions. At the end of 2025 it offered about 3.6 million lodging properties, including 2.4 million Vrbo alternative accommodations, plus more than 500 airlines, rental cars, cruises and activities. It earns mainly commissions and margins on bookings, plus advertising revenue; in 2025 gross bookings were $119.6 billion and revenue $14.7 billion, of which lodging contributed $11.8 billion. The company had about 16,000 employees in nearly 50 countries at the end of 2025. Its shares trade on Nasdaq; Barry Diller is chairman and Ariane Gorin chief executive.

Naspers Ltd is an Internet and entertainment group and technology investor in the world. Operating in more than 120 countries and markets with long-term growth potential, Naspers builds companies that empower people and enrich communities. It runs some of the platforms in the internet, video entertainment, and media. Naspers operates in various sectors including online classifieds, food delivery, payments, travel, education, health, and social and internet platforms. People use products and services of companies that Naspers has invested in, acquired, or built, including Azos, PharmEasy, ElasticRun, Alwans, and Vegrow among others. Geographically, the company derives maximum revenue from Europe and the rest from Asia, Africa, Latin America, North America, and other regions.

Rocket Companies is a financial services company that was originally founded as Rock Financial in 1985 and is currently based in Detroit. Rocket Companies offers a wide array of services and products but is best known for its Rocket Mortgage business. The company’s mortgage lending operations are split between its direct-to-consumer lending, which sees borrowers accessing the company’s lending arm directly through either its mobile app or website, and its partner network where mortgage brokers and other firms use Rocket’s origination process to offer loans to their customers. The company has rapidly gained market share in recent years and will also be the largest mortgage servicer in the US following its acquisition of the Mr. Cooper Group.

Zomato (legal name Eternal Ltd) is an online food service platform. The customers use the platform to search and discover restaurants, read and write customer-generated reviews and view and upload photos, order food delivery, book a table, and make payments while dining out at restaurants. It also provides a platform for Restaurant partners and Brands to advertise themselves to the target audience in India and abroad and supplies high-quality ingredients to Restaurant partners. Its reportable segments include India food ordering and delivery; Hyperpure supplies, Quick commerce business, Going Out, and All other segments. The company generates maximum revenue from the India food ordering and delivery segment.

Reddit operates a social platform organized into user-created communities focused on particular interests. People submit links, text, images and other content, discuss posts and use voting to influence what is displayed. Volunteer moderators establish and enforce rules within individual communities, while the company provides platform-wide systems and policies. Reddit primarily earns revenue from advertising and also licenses access to selected public content and data under commercial agreements. Premium memberships and other services provide additional revenue. The company became publicly listed in 2024 and serves consumers, advertisers, developers and commercial data partners. A person affiliated with Reddit participated as an angel in Flare's 2026 financing, but Reddit Inc. was not announced as a corporate investor.

Based in Dallas, Copart operates an online salvage vehicle auction with operations in 11 countries across North America, Europe, and the Middle East, facilitating over 4 million transactions annually. The company utilizes its virtual bidding platform, VB3, to connect vehicle sellers with over 750,000 registered buyers around the world. Buyers primarily consist of vehicle dismantlers, rebuilders, individuals and used vehicle retailers. About 80% of Copart’s vehicle volume is supplied by auto insurance companies holding vehicles deemed a total loss. Copart also offers services such as vehicle transportation, storage, title transfer, and salvage value estimation. The company primarily operates on a consignment basis and collects fees based on the vehicle’s final selling price.

Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international travel, which is important to its margin expansion. Most of sales come from its domestic platform, but the company is expanding its overseas business. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003.

Liberty Media is an American media and motorsport holding company headquartered in Englewood, Colorado, whose shares trade on Nasdaq as Formula One Group tracking stocks. Its main assets are Formula One, which it acquired in January 2017, and MotoGP organiser Dorna Sports, in which it took an 84% stake in July 2025. Both series earn revenue from race promotion fees paid by circuit hosts, media rights sold to broadcasters and streamers, and sponsorship, hospitality and licensing. In 2025 Formula One revenue rose 14% to $3.9 billion with operating income of $632 million, and MotoGP revenue rose 14% to $573 million. The original Liberty Media was spun off from Tele-Communications Inc. in 1991 under John Malone, who is now chairman emeritus; Robert Bennett is chairman and Derek Chang chief executive. The group has repeatedly reshaped itself through tracking stocks and spin-offs, splitting off the Atlanta Braves in 2023, combining its SiriusXM interest into a separate listed company in September 2024 and separating Liberty Live, holder of its Live Nation stake, in December 2025.

LY is a leading Japanese internet services conglomerate. Its main services are Yahoo Japan, the oldest portal site in Japan that offers a wide variety of services, such as news, e-commerce, financial information, and Line, a national messenger application. In 2019, the company acquired Zozo, a leading online apparel retailer, to grow its e-commerce business. In 2022, LY consolidated with its wholly owned subsidiary PayPay, the most popular QR code payment service in Japan.

Unity Software is a San Francisco technology company founded in 2004 that provides a real-time three-dimensional content development platform. Game studios, film producers, automotive teams, architects and other creators use its engine, editor and cloud services to build and operate interactive experiences. Its software supports deployment across mobile devices, computers, consoles, virtual-reality hardware and other endpoints. Unity earns revenue from software subscriptions, cloud and advertising services, and usage-linked platform products.

KE Holdings, or Beike, is a large residential real estate sales and rental brokerage company in China. Founded in 2001, the company operates through self-owned Lianjia stores in Beijing and Shanghai and connected third-party agencies, including franchise brand Deyou in other cities, with commissions charged on existing-home and new-home transactions. Leveraging an online-offline hybrid model, Beike also attract clients through its namesake online marketplace. The company tapped into home renovation services by acquiring Shengdu Home Decoration in 2022. As of the end of 2025, Beike’s co-founders collectively control the company, while Tencent and its affiliates share 8% of voting power.

Wolters Kluwer is a global provider of professional information, software solutions, and services in health; tax and accounting; environmental, social, and governance; finance; compliance; and legal. More than 60% of revenue is generated in North America and around 30% is from Europe.

Kuaishou Technology is a social media platform where users create, watch, and share short-form videos. Approximately half of the company’s revenue comes from advertising. Additionally, Kuaishou generates revenue through livestreaming, where fans purchase virtual gifts to tip hosts. The platform also features livestreaming e-commerce, enabling users to buy products showcased in videos, with Kuaishou earning a commission on each transaction. Kuaishou’s primary competitors are ByteDance’s Douyin and Tencent’s Video Accounts. Notably, Tencent owns a 16% stake in Kuaishou.

DiDi Global Inc is a mobility technology platform that provides a range of mobility services as well as other services. It is building four key components of its platform that work together to improve the consumer experience: shared mobility; energy and vehicle services; electric mobility; and autonomous driving. It is a go-to brand in China for shared mobility, providing consumers with a range of safe, affordable, and convenient mobility services, including ride-hailing, taxi-hailing, chauffeur, hitch, and other forms of shared mobility. The company operates in three segments: China Mobility, which mainly includes ride-hailing services to riders, and also acts as an agent by connecting end-users to service providers who provide taxi hailing; International; and Other Initiatives.

News Corporation is a diversified media and information services conglomerate with significant presence in the US, the UK, and Australia. Key mastheads include The Wall Street Journal, Barron's, New York Post, The Times, The Sun, The Australian, Herald Sun, and The Daily Telegraph. Its 61%-owned REA Group is the dominant property listings platform in Australia. In addition, it owns Harper Collins, one of the largest book publishers in the world, and has a sizable US digital property advertising business, Move. The 65% interest in Foxtel, the Australian pay-TV and streaming provider, was sold in April 2025. The sale to global sports streaming platform, DAZN, was struck at more than 7 times Foxtel's EBITDA.

Informa PLC is an international events, digital services, and academic research group. Through various brands, products, and services, it connects businesses and professionals with the knowledge they need. The group's reportable segments are Informa Markets, Informa Tech, Informa Connect, Informa Festivals, and Taylor & Francis. The Informa Markets segment generates the highest revenue, connecting buyers and sellers across various specialist markets, including boating, pharmaceuticals, food, fashion, and infrastructure. This is achieved by delivering transaction-focused live events, such as exhibitions, specialist digital content, and targeted digital services, including data-driven demand generation products. It generates half its revenue from North America, followed by Asia.

RB Global has evolved into a leading global marketplace that connects buyers and sellers of commercial assets and vehicles. It is the result of the 2023 combination of Ritchie Bros. and IAA. Ritchie Bros.' roots were as an auctioneer facilitating transactions of commercial, construction, and transportation equipment (excavators, bulldozers, forklifts, and commercial trucks and trailers). However, it has evolved into an omnichannel marketplace. IAA has similar roots, though primarily focused on the salvage auction segment for consumer automobiles. The group provides ancillary services including title processing, transportation/towing, financing, data and appraisal, and so on. Its activities are international, though skewing approximately two-thirds to North America.

REA Group is a technology company operating in the real estate sector. REA Group’s primary business is an online listings platform for residential real estate, www.realestate.com.au, which is the largest residential real estate listings platform in Australia, at around four times the size of the number two, www.domain.com.au. REA Group is majority-owned by News Corp. REA Group’s other businesses include adjacent services.

Founded in 2012, Grab provides ride-sharing services, food and grocery delivery, and financial services (payments, consumer loans, and enterprise offerings) in eight Southeast-Asian countries through its mobile platform. The company partners with merchants and riders, connecting them with consumers while charging commission to both sides. Grab has a leading market share in and derives 89% of its revenue from its core businesses, ride-sharing and food delivery. Singapore, Indonesia, and Malaysia contributed more than 70% of revenue in 2024. Grab’s main competitors in Southeast Asia are Line Man and Goto. Its financial services business is still in its nascent stage and provides minimal revenue currently. The company now also generates advertising revenue.

Allegro is a large Polish holding company with a suite of complementary online retail properties including Ceneo (price comparisons), EBilet (live events tickets), We|Do (courier services), and the Mall Group (online and offline retail in adjacent Central European markets). The firm is best known for its eponymous e-commerce marketplace, which generates predominantly third-party product sales across the home and garden, electronics, health and beauty, automotive, and supermarket categories. The operator boasts 45% to 50% share of the Polish e-commerce market by GMV, per our calculations and PWC data, and has built out a suite of ecosystem functionality that includes financial, logistics, and advertising services.

Founded in 2011, Delivery Hero is an online delivery demand aggregator. The company is headquartered in Germany and operates in over 70 countries across Latin America, Asia, Europe, the Middle East, and Africa. Delivery Hero creates a marketplace for merchants to establish an online presence, market their offerings, and meet demand through delivery. Nearly half of Delivery Hero’s revenue is commission fees from merchants. Through its applications, which vary by region, customers can order meals, grocery items, pharmacy products, and retail goods. In addition, Delivery Hero operates Dmarts.

Pinterest is a social media platform with a focus on product and idea discovery. Pinterest users, or pinners, can leverage the platform as they go about gathering ideas on topics such as home improvement, fashion, cooking, and travel. The company has more than 500 million monthly active users, two thirds of whom are female. Pinterest generates revenue by selling digital ads on its platform. While the platform’s user base spans the globe, the vast majority of its revenue stems from ads shown to North American users.

CoStar Group is a global provider of proprietary information, analytics, and online marketplaces serving both commercial and residential real estate. The firm operates through a diverse portfolio of brands, including CoStar Suite for commercial real estate research, LoopNet for commercial listings, Apartments.com for multifamily rentals, and Homes.com for residential brokerage. It primarily sells high-margin software-as-a-service subscriptions that provide institutional clients with forensic property data and premium advertising visibility. With operations across North America, Europe, and Asia-Pacific, CoStar maintains the industry’s most comprehensive centralized real estate database, functioning as a critical information utility for brokers, lenders, and owners worldwide.

Maplebear (Instacart) is a grocery-focused delivery marketplace that connects national and regional grocers with consumers and couriers, and consumers with their favorite stores. Its app provides on-demand convenience for consumers, allows couriers to earn income, and helps grocers to scale their business through digital channels. The marketplace gathers valuable consumer behavior data, attracting consumer-packaged-goods advertisers that seek to reach consumers at the point of purchase. With approximately 600,000 shoppers and 1,800 retail partners, Instacart delivers to about 98% of households in the United States and Canada.

Meesho Ltd is a technology platform that integrates commerce, logistics, and content creation to support e-commerce activities under the Meesho brand. The Company also provides digital financial services by facilitating financing arrangements between non-banking financial companies and sellers to support access to credit, and it operates a supply-chain service for the delivery of groceries and other products. The Company operates through the Marketplace segment, which is a technology platform connecting consumers, sellers, logistics partners, and content creators, and the New Initiatives segment, which includes a low-cost local logistics network for daily essentials and a digital financial services platform. The majority of the Company's revenue is generated from the Marketplace segment.

The New York Times Company is an American media company headquartered in the New York Times Building in Manhattan, New York City, and the publisher of The New York Times and The New York Times International Edition. Alongside its news report it owns The Athletic, a subscription sports news site bought in February 2022 for $550 million, the word game Wordle, acquired in January 2022, and podcast producer Serial Productions, acquired in 2020. The company earns most of its revenue from digital and print subscriptions, supplemented by digital and print advertising. In 2025 it added 1.4 million net digital subscribers, including 450,000 in the fourth quarter, to reach about 12.8 million, and its digital revenue topped $2 billion for the first time, driven by roughly 14% growth in digital subscription revenue; fourth-quarter digital advertising rose about 25% to $147 million. The newspaper was first published on September 18, 1851, by Henry Jarvis Raymond and George Jones. The company introduced a website paywall in 2011 and has since sold About.com and The Boston Globe to concentrate on its subscription model. Meredith Kopit Levien has been chief executive since 2020.

Kakao Corp is a technology and platform company engaged in digital services, content, mobility, and financial technology businesses. The company operates through seven reportable segments. The Kakao segment provides advertising and platform-based service offerings. The Kakao Games segment covers game development, publishing, and related services. The Kakao Entertainment segment focuses on entertainment planning and content production, and distribution. Kakao Mobility offers database-based information provision services, while Kakao Pay provides mobile platform-based financial services. Kakao Piccoma operates a platform for webtoon and web-novel supply, and the SM Entertainment segment engages in entertainment planning and content production.

Pearson is a British education and assessment company headquartered in London, listed on the London Stock Exchange as a FTSE 100 constituent with a secondary New York Stock Exchange listing through American depositary receipts. It is organised into five business units: Assessment & Qualifications, Virtual Learning, English Language Learning, Higher Education, and Enterprise Learning and Skills. It owns Edexcel, one of the main GCSE and A-level examination boards in England, and sells learning materials, assessments, qualifications, virtual schooling and digital learning products to schools, universities, governments, employers and individual learners. In 2025 it reported revenue of £3,577 million, operating income of £507 million and an average workforce of 17,062. The company traces its origins to 1844, when Samuel Pearson set up the business that became S. Pearson & Son; in the twentieth century it built a publishing and media portfolio that included the Financial Times, a 50% stake in The Economist and Penguin Books. Under Marjorie Scardino it refocused on education, forming Pearson Education in 1998, and between 2015 and 2020 it sold the Financial Times, its Economist stake and its remaining stake in Penguin Random House. Omar Abbosh, formerly of Microsoft, has been chief executive since January 2024.

Match Group Inc is a provider of online dating products. The company's portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and more, each built to increase its user's likelihood of connecting with others. The company has four operating segments: Tinder, Hinge, Evergreen and Emerging, and Match Group Asia. The company generates the majority of its revenue from the Tinder segment.

Info Edge (India) Ltd is engaged in offering services in the areas of recruitment, matrimony, real estate, and education through online portals. The business segments of the company are Recruitment solutions, which generate maximum revenue, 99acres for Real Estate, and Others. The Recruitment Solutions business comprises the www.naukri.com, www.quadrangle.com, www.naukrigulf.com, www.firstnaukri.com, and fast forward candidate services. 99acres.com derives its revenues from property listings, builders, and brokers, branding and visibility through microsites, home page links, and banners, and servicing real estate developers, builders, and brokers. The Others segment comprises Jeevansathi and Shiksha verticals. The group caters to customers located in India and internationally.

M3 Inc is a Japan-based company engaged in providing medical-related services through internet-based platforms and real-world operations. The company operates six reportable segments: Medical Platform, Evidence Solutions, Career Solutions, Site Solutions, Patient Solutions, and Overseas. Its businesses include online marketing for medical professionals, clinical trial support, human resources services for medical professionals, operational support for medical institutions, and patient support services. The Overseas segment offers similar services internationally, including in the United States, the United Kingdom, China, South Korea, India, France, Germany, and Spain.

Etsy operates a top-10 e-commerce marketplace in the US and the UK, with sizable operations in Germany, France, Australia, and Canada. The firm dominates an interesting niche, connecting buyers and sellers through its online market to exchange vintage and craft goods. With $12.5 billion in 2024 consolidated gross merchandise volume, Etsy has cemented itself as one of the largest players in a quickly growing space, generating revenue from listing fees, commissions on sold items, advertising services, payment processing, and shipping labels. The firm connects about 95 million buyers and 8 million sellers on its marketplace properties: Etsy and Depop (clothing resale).