15.04.2025
Key takeaways:
Median EV/LTM Sales multiple of 3,0x – consistent with two-year averages
62 Nordic Saas-transactions recorded
Median Nordic Saas-transactions EV/Sales multiple of 4,5x
Translink Corporate Finance’s latest SaaS Valuation Insights shows that, despite a slow start to 2025, SaaS valuations have remained stable. The Translink SaaS Index (TSI) shows a median EV/LTM Sales multiple of 3,0x, consistent with two-year averages, even as revenue growth has slowed for most companies. SaaS Valuation Insights Q1 2025, viser at verdsettelsene i det europeiske SaaS-markedet holder seg stabile, til tross for lavere vekst og et roligere M&A-marked. Translink SaaS Index (TSI) viser en median EV/LTM Sales-multippel på 3,0x – uendret fra snittet de siste to årene.
Nordic SaaS M&A activity started on a quieter note, with 62 transactions recorded in Q1 at a median EV/Sales multiple of 4,5x. It is expected a deal volume rise throughout the year, provided macroeconomic conditions remain stable.
A key trend is the premium placed on Net Revenue Retention (NRR) companies with NRR above 110% are trading at significantly higher multiples (4,8x), driven by strong customer loyalty and upselling potential. Similarly, companies excelling in the Rule of 40 (a combined growth and profitability metric) are commanding higher valuations, with top quartile performers trading at 5,1x EV/Sales.
Valuation gaps continue to widen between vertical and horizontal SaaS, and North American firms still enjoy a slight valuation premium over their European counterparts.
Oppsummert: Investorene jakter kvalitet, solid vekst, høy kundelojalitet og lønnsomhet, i et marked preget av moderat optimisme.
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