Software: debunking the myth of a valuation discount – Europe vs. the US

There is a common belief software vendors benefit from richer valuation multiples when they are listed in the US than when they are listed on a European stock exchange. This belief is fuelled by the stellar valuation multiples of many software-as-a-service (SaaS) players listed in the US, and the constant flow of software IPOs which has taken place on the Nasdaq (and the NYSE) over the last few years. The fact more than two-thirds of software companies listed in the US are SaaS players, while two-thirds of software firms listed in Europe still have a classic or a “hybrid” business model, adds up to the prejudice.

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About Bryan, Garnier & Co

Bryan, Garnier & Co is a European growth investment bank that helps healthcare and technology companies become global champions. By combining extensive sector expertise with an entrepreneurial mindset, Bryan Garnier provides companies and their investors with independent growth strategic advice, and privileged access to buyers and capital in Europe, the US and Asia.

As a full-service investment bank, the firm offering includes private and public growth financing solutions, mergers and acquisitions (M&A) advisory, research insights, and institutional sales & execution. Founded in 1996, Bryan Garnier & Co is an independent partnership with around 200 employees located in major financial centres in Europe and the US.