Main findings:
✅ 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.

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.

Translink’s data underlines that investors remain focused on quality — profitability, retention, and sustainable growth — as market uncertainty persists.

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