Marktlink → Sectors → TMT → Software

  • Updated February 27, 2026

Software bedrijf verkopen

Software is not valued on revenue. In the 90+ deals we’ve guided, one pattern is clear: recurring revenue quality and the Rule of 40 separate premium from average. Here’s the full picture.

Jeroen van den Berg

Sector Lead Software & SaaS • 14 years • 90+ transactions

“Software valuations are recovering, but the gap between ‘good’ and ‘great’ is widening. One metric separates them: the Rule of 40. Companies that meet it attract 2-3x more buyer interest.”

Sector at a Glance

  • Updated March 2, 2026
VALUATION RANGE

0x – 0x

↑ +0.6x vs 2024

EBITDA Multiple
Deals in 2025

0

Active Buyers

0+

Enter your figures → see your position instantly

Valuation Development

Software EBITDA multiples over the past five years. The 2021 SaaS bubble, 2023 funding winter, and current AI-driven recovery are clearly visible.

5-Year Multiple Range

2021 PEAK

0.0x avg

SaaS hype drove multiples to unsustainable highs

2023 DIP

0.0x avg

Rate hikes and funding winter caused -28% correction

2025 NOW

0.0x avg

Quality premium returns, AI adds new dimension

Subsegment Analysis

SaaS, enterprise, and custom development are valued very differently. Understanding your subsector is the first step to understanding your position.

SaaS / Cloud

[XX] deals in 2025

Multiple Range

0x  – 0x

+1.0x

SaaS companies with proven recurring revenue models command the highest multiples. Rule of 40 compliance is now table stakes — buyers filter on it before they even look at your financials.

Buyer Mix
PE 55% • Strategic 35%
Key Valuation Driver
ARR growth + NRR >110%
Am I in this segment? →

Enterprise Software

[XX] deals in 2025

Multiple Range

0.0x  – 0.0x

+0.3x

Enterprise software with deep integration into client workflows creates natural lock-in. Buyers value switching costs as much as growth — sometimes more. Certification requirements in regulated industries add another layer of defensibility.

Buyer Mix
PE 35% • Strategic 50%
Key Valuation Driver
Switching costs & market position
Am I in this segment? →

Custom Development / IT Solutions

[XX] deals in 2025

Multiple Range

0.0x  – 0x

-0.2x

The AI disruption risk is real here. Custom developers without proprietary frameworks or reusable IP face compression. But those with domain-specific platforms built on top of custom work are repositioning as product companies — and seeing valuations jump accordingly.

Buyer Mix
PE 20% • Strategic 60%
Key Valuation Driver
Margin & IP ownership
Am I in this segment? →

Buyer Landscape 2025

Overall Buyer Type Distribution

  • What drives premium valuations

Rule of 40 compliance

+0.0x to +0.0x

NRR >110%

+0.0x to +0.0x

ARR growth >30% YoY

+0.0x to +0.0x

Low client concentration (<15% top 3)

+0.0x to +0.0x

Proprietary IP / platform

+0.0x to +0.0x

Which of these buyers match your firm?

BuyersChecker analyzes your profile against our active buyer database.

Recent Transactions

Four anonymized technology deals with full details on valuations, buyers, and key learnings.

Premium Vertical SaaS

Vertical SaaS Platform

Property management SaaS serving 400+ housing associations

REVENUE

€0.0M

EBITDA

€0.0M

MARGIN

0%

RECURRING

0%

MULTIPLE

0.0x

DURATION

0 months

91% recurring
Vertical lock-in
Rule of 40: 58

Key Insight

Vertical SaaS with deep domain expertise commands premium multiples. The 91% recurring revenue and high switching costs made this a textbook PE target for international roll-up.

Cross-Border Strategic

Enterprise Software

WMS/TMS platform integrated with 200+ warehouse operations

REVENUE

€0.0M

EBITDA

€0.0M

MARGIN

0%

RECURRING

0%

MULTIPLE

0.0x

DURATION

0 months

200+ integrations
Supply chain vertical
EU market access

Key Insight

Deep integration into operational workflows creates defensibility that buyers value highly. The US buyer specifically targeted European supply chain tech as a beachhead for EU market entry.

Growth Premium

SaaS Scale-up

Workforce planning SaaS with AI-driven scheduling module

REVENUE

€0.0M

EBITDA

€0.0M

MARGIN

0%

RECURRING

0%

MULTIPLE

0.0x

DURATION

0 months

65% YoY growth
AI module
NRR 125%

Key Insight

Growth beat margins here. The AI scheduling module was the differentiator — buyers valued the technology moat over current profitability. Revenue multiple (11x) was actually the primary valuation method.

IP Uplift

Custom Development Firm

Specialized fintech development with proprietary compliance framework

REVENUE

€0.0M

EBITDA

€0.0M

MARGIN

0%

RECURRING

0%

MULTIPLE

0.0x

DURATION

0 months

Compliance IP
Fintech expertise
Regulated market

Key Insight

Without the proprietary compliance framework, this would have been a 4-5x deal. The reusable IP transformed a services company into a platform play in the eyes of the buyer.

Recognize yourself in these cases? Compare your situation.

Market Trends 2025

AI reshapes software valuations

Software companies with genuine AI capabilities — not just an API wrapper — see materially higher buyer interest. The premium is real for companies with proprietary data or models.

Source: EY Tech M&A Report 2025

0–0x

premium for AI-native

PE buy-and-build dominates

Private equity platforms continue aggressive consolidation in vertical SaaS and managed software. Multiple platforms actively seeking Dutch targets as DACH entry points.

Source: Dealsuite, PitchBook 2025

0%

of software deals

Rule of 40 is now table stakes

The Rule of 40 (revenue growth % + EBITDA margin % ≥ 40) has become the baseline filter for serious SaaS buyers. Below 30, buyer interest drops sharply.

Source: SaaS Capital Annual Report 2025

0+

growth + margin target

Cross-border appetite at all-time high

More than a third of software acquisitions in NL/DACH now involve a cross-border buyer. US PE and UK strategics are the most active internationals in the Dutch market.

Source: Dealsuite European Monitor H1-2025

~0%

international buyers

What This Means for You

Interactive tools that give you immediate insights—or full reports in your personal portal.

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Marktlink Multiple

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BuyersChecker

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Your performance vs sector

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Buyer Appeal Scan

Which buyers want you

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Timing Scan

Market timing analysis

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2 min

Sale Readiness Test

How prepared are you

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Industry Report 2025

Everything on this page, plus: 12 additional deal cases, detailed subsegment analysis, and 2026 outlook.

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