SaaS and software companies are valued primarily as a multiple of ARR (Annual Recurring Revenue). In the €10M–€50M Enterprise Value range, typical multiples sit between 2x and 10x ARR, depending on growth rate, churn, gross margins and team quality. An NRR above 110% and monthly churn below 1.5% can move the multiple significantly. At Bondo we analyse these KPIs with you before going to market.

In the €10M–€50M EV range, the buyer universe is broad. The four most common profiles are: strategic buyers looking for technology, clients or team; VC-backed companies seeking inorganic growth; PE-backed companies with active buy-and-build mandates; and lower mid-market PE funds building platforms in tech verticals. This range attracts strong institutional interest while still allowing for agile, focused processes.

A well-structured M&A process for a tech company of this size takes between 4 and 8 months from mandate to close. The phases are: materials preparation (4–6 weeks), buyer outreach and NDAs (4–6 weeks), due diligence (6–10 weeks), and negotiation and legal close (4–8 weeks). The fastest processes are those that arrive best prepared — financial model, SaaS metrics and legal documentation in order from day one.

In deals of this size, the team is typically one of the most valued assets. Strategic buyers and PE-backed companies running buy-and-builds generally want to retain both the tech and commercial teams. We negotiate this explicitly with every buyer, including retention packages, stay bonuses and employment terms. At Bondo we do a cultural and vision match between buyer and company to maximise post-close success.

It depends on the buyer. In PE deals or those with active growth plans, it is common to negotiate a 1 to 2-year commitment, sometimes tied to an earnout. In strategic deals with team overlap, the founder role can be shorter or advisory. Non-compete, lock-up and earnout clauses are where the most value can be won or lost — and where your M&A advisor makes the biggest difference.

In order of importance: ARR and YoY growth rate, NRR (how much existing customers expand), gross and net churn, software gross margins (ideally above 65–70%), customer concentration (no single customer should exceed 20% of ARR), and contract quality (duration, auto-renewal, exit terms). In the €10–50M EV range, buyers also place high value on team stability and the absence of critical technical debt.

The best time is when the company has demonstrable momentum: consistent growth over the last 3–4 quarters, solid retention, a differentiated product and a stable team. Don't wait for growth to decelerate. Buyers pay premiums for forward visibility — the more predictable the ARR, the better the multiple. For companies in the €10–50M EV range, lower mid-market funds and PE-backed companies are actively seeking SaaS vertical platforms right now.

No. While software and SaaS is our core focus, we advise on sell-side mandates across a broad range of digital and technology sectors. We regularly work with:The common thread is companies with a meaningful technology component in their business model and an Enterprise Value in the €10–50M range. If you're unsure whether your company fits our profile, the best way to find out is to talk to us directly.