Skip to content
Acquiry

Digital M&A Sector Multiples.

EV/Revenue and EV/EBITDA valuation multiples across digital business sectors. Use this as a reference point when assessing acquisition targets or preparing for a sale process. For deep-dives into regulated online gambling networks and land-based resorts, reference our dedicated Casino & iGaming Valuation Multiples guide (opens in a new tab).

EV/Revenue and EV/EBITDA multiples by digital sector
Sector / Sub-SectorCategoryEV / RevenueEV / EBITDAKey DriverTrend
Vertical SaaSSaaS4.0x – 12.0x15.0x – 40.0xNRR, ARR growth, TAMRising
Horizontal SaaSSaaS3.0x – 9.0x12.0x – 30.0xARR, churn, gross marginStable
Infrastructure / DevOps SaaSSaaS5.0x – 15.0x18.0x – 50.0xUsage growth, enterprise contractsRising
SMB SaaSSaaS2.5x – 7.0x8.0x – 22.0xChurn rate, ARPUStable
AI / ML SaaSSaaS6.0x – 20.0x20.0x – 60.0xModel differentiation, data moatRising
Payments / ProcessingFintech3.0x – 10.0x12.0x – 35.0xTPV, take rate, geographyRising
Lending / Credit PlatformFintech1.5x – 5.0x6.0x – 18.0xLoan book quality, NIMStable
Wealthtech / Robo-AdvisoryFintech2.0x – 7.0x8.0x – 25.0xAUM, client retentionStable
InsurtechFintech1.5x – 5.0x6.0x – 18.0xLoss ratio, premium growthStable
Crypto Exchange / BrokerageFintech2.0x – 8.0x6.0x – 20.0xTrading volume, regulatory statusStable
Mobile GamingGaming1.5x – 5.0x5.0x – 16.0xDAU, ARPDAU, LTVStable
PC / Console GamingGaming2.0x – 7.0x8.0x – 22.0xIP value, franchise strengthStable
iGaming / Online GamblingGaming2.5x – 8.0x8.0x – 25.0xGGR, licence jurisdictionRising
Esports / Competitive GamingGaming1.0x – 4.0x4.0x – 14.0xAudience size, sponsorshipCompressing
Gaming Infrastructure / ToolsGaming3.0x – 9.0x10.0x – 28.0xSDK adoption, developer baseRising
Crypto Exchange (CEX)Blockchain2.0x – 8.0x6.0x – 20.0xSpot volume, regulatory statusStable
Web3 / DeFi ProtocolBlockchain3.0x – 12.0x8.0x – 35.0xTVL, protocol revenueStable
NFT / Digital Collectibles PlatformBlockchain1.0x – 4.0x3.0x – 12.0xGMV, creator baseCompressing
Content / NewsletterMedia1.0x – 3.0x3.0x – 8.0xSubscriber count, churnStable
Affiliate / Performance MarketingMedia1.5x – 4.0x4.0x – 10.0xTraffic quality, diversificationStable
Digital Media / PublishingMedia0.8x – 2.5x3.0x – 8.0xAudience size, ad revenueCompressing
Podcast / AudioMedia1.0x – 3.5x4.0x – 12.0xDownloads, sponsorship revenueStable
YouTube / Creator PlatformMedia1.5x – 4.0x5.0x – 14.0xSubscriber base, CPMRising
B2B MarketplaceMarketplace2.0x – 6.0x8.0x – 20.0xGMV, take rate, liquidityRising
B2C MarketplaceMarketplace1.5x – 4.5x5.0x – 15.0xGMV growth, buyer/seller ratioStable
Freelance / Services MarketplaceMarketplace1.5x – 4.0x5.0x – 14.0xTake rate, repeat usageStable

Showing 26 of 26 sub-sectors. N/M: not meaningful, typically where EBITDA is negative.

Methodology & Notes

  • Scope of the data

    Multiples shown reflect observed transaction ranges for private digital business acquisitions in the $1M to $100M enterprise value range. They are based on Acquiry's transaction experience, publicly disclosed comparable transactions, and broker market data. Multiples vary significantly based on growth rate, customer concentration, churn, management depth, and deal structure.

  • EV / Revenue

    Enterprise Value divided by trailing twelve months (TTM) revenue. Used when EBITDA is negative or not meaningful. Common for high-growth SaaS and early-stage fintech.

  • EV / EBITDA

    Enterprise Value divided by EBITDA. The primary valuation metric for profitable businesses. Normalises for capital structure and non-cash charges. Most relevant for mature, cash-generative businesses.

  • Multiple Drivers

    ARR growth rate, net revenue retention, gross margin, customer concentration, management team quality, and market size are the primary factors that push multiples toward the high end of each range. Model your own numbers with the SDE vs EBITDA Calculator.

Acquiry ResearchEmpirical Research: Discount for Lack of MarketabilityA comprehensive review of the empirical literature on valuation discounts applied to privately held business interests, including restricted stock studies, pre-IPO studies, and option pricing models. Covers all major named studies from the SEC Institutional Investor Study (1971) through to current quantitative models.Published October 14, 2023 · Joash Boyton, Managing Director · Acquiry ResearchRead the Research (opens in a new tab)

Multiples shown are indicative ranges based on observed private market transactions and publicly available comparable data. They do not constitute financial advice. Actual transaction multiples vary materially based on deal-specific factors. © Acquiry Pty Ltd. All rights reserved.

Want a sector-specific valuation for your business?

Buy-side and sell-side mandates across any sector and any market. If it is a real transaction, bring it to us.

Talk to AcquirySubmit a Mandate

More free deal tools