Sector file
Internet Software and Services: the sector file
781 recorded Internet Software and Services transactions, 2014-09 to 2025-05, bought by 570 named acquirers. Median EV/EBITDA 11.4x (n=44); median EV/Revenue 3.1x (n=102); median deal value $75.0m (n=781).
Sector file 4 of 42. From our archive of deals 2014-09-02 to 2025-07-01; published 2026-10-28. Archive statistics, not new transactions.
What the disclosed deals priced at
Every figure comes from recorded transactions with a disclosed deal value between $1m and $1bn. Most deals close without a published multiple, so each median states how many deals it rests on, and a median resting on fewer than 5 deals is withheld.
| Measure | Median | Middle half (IQR) | Deals behind it |
|---|---|---|---|
| EV/EBITDA | 11.4x | 8.2x to 26.2x | 44 |
| EV/Revenue | 3.1x | 1.4x to 5.9x | 102 |
| Deal value | $75.0m | $19.2m to $230m | 781 |
By size
Across the bands where the collection window does not bind, the median EV/EBITDA runs from 11.3x at $3m to $10m (n=21) to 12.5x at $10m to $30m (n=9). Deals above $1bn and below $1m were never collected. That bends multiples down for the largest companies and up for the smallest, so the size effect is read only between $1m and $30m of EBITDA, where neither limit binds.
| Implied EBITDA | Median EV/EBITDA | IQR | Deals | Note |
|---|---|---|---|---|
| Under $1m EBITDA | 42.1x | n/a | 7 | limited by the $1m deal floor; not comparable |
| $1m to $3m EBITDA | withheld | n/a | 4 | |
| $3m to $10m EBITDA | 11.3x | 7.5x to 23.7x | 21 | |
| $10m to $30m EBITDA | 12.5x | n/a | 9 | |
| $30m EBITDA and over | withheld | n/a | 3 | limited by the $1bn deal ceiling; not comparable |
Most active acquirers
| Acquirer | Deals in this sector |
|---|---|
| The Descartes Systems Group | 13 |
| Upland | 8 |
| Catena Media | 6 |
| Chegg | 6 |
| CoStar | 6 |
| Snap | 6 |
| Enghouse Systems | 5 |
| RealPage | 5 |
| Afya | 4 |
| Automattic | 4 |
Deals by year
| Year | Deals |
|---|---|
| 2014 | 37 |
| 2015 | 139 |
| 2016 | 95 |
| 2017 | 93 |
| 2018 | 74 |
| 2019 | 55 |
| 2020 | 70 |
| 2021 | 91 |
| 2022 | 52 |
| 2023 | 25 |
| 2024 | 29 |
| 2025 | 21 |
Most recent deals with a disclosed multiple
| Date | Target | Acquirer | Value | EV/EBITDA | EV/Revenue |
|---|---|---|---|---|---|
| 2025-04-10 | Induction | VitalHub | $14.9m | n/d | 0.7x |
| 2025-03-13 | Admincontrol | Euronext | $449m | 23.4x | 10.2x |
| 2024-04-01 | AdTheorent | Cadent | $324m | 108.0x | 1.9x |
| 2024-03-11 | mdf commerce | KKR (PE) | $194m | n/d | 2.0x |
| 2024-01-24 | MediaValet | STG (PE) | $80.0m | n/d | 6.2x |
| 2023-11-13 | Q4 | Sumeru Equity Partners (PE) | $257m | n/d | 4.4x |
| 2023-10-19 | OnTheMarket | CoStar | $154m | 12.5x | 2.9x |
| 2023-07-20 | Quotient Technology | Neptune Retail Solutions | $430m | n/d | 1.5x |
| 2023-06-28 | Kaleyra | Tata Communications | $100m | n/d | 0.3x |
| 2022-12-19 | Qumu | Enghouse Systems | $18.0m | n/d | 0.8x |
| 2022-11-01 | Benefitfocus | Voya | $570m | 57.0x | 2.2x |
| 2022-05-25 | Mercell | Thoma Bravo (PE) | $383m | 70.9x | 4.5x |
Every recorded deal in this sector, with its acquirer
Source: the FairlyValued comparables archive (recorded transactions with a disclosed deal value), plus deals added from public SEC filings where linked. Built by a fixed script from the stored figures; no figure is estimated or filled in.