These are Europe's 100 most valuable tech companies
Despite not the best PR lately, Europe does produce great tech companies, in particular across semiconductors and fintech.
ASML is Europe's largest and most valuable tech giant, valued at $699B as of July 2026, followed by ARM, valued at $285B.
SAP is the largest SaaS / software company in Europe, with a whooping $183B market cap tag
Revolut is the most valuable private tech company in Europe, and the region's biggest fintech, valued at $75.0B
Europe lacks capital markets depth - many large companies that originated in the EU (like Spotify or Klarna) chose to go public and trade on NASDAQ or NYSE
Median revenue multiple for the whole list is 7.4x
Full list - top 100 most valuable European tech companies
This list includes publicly listed, private and acquired European tech companies. Data as of July 2026.
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1
ASMLASML is the leader in lithography systems for manufacturing semiconductors with 90% market share. Lithography is the process in which a light source is used to expose circuit patterns from a photo mask onto a semiconductor wafer. Lithography allows chipmakers to increase the number of transistors on the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML’s largest clients are TSMC, Samsung, and Intel.
$699B
$39.0B
17.8x
46.9x
Public
2
ARMArm Holdings is the IP owner and developer of the ARM architecture, which is used in 99% of the world’s smartphone CPU cores, and it also has high market share in other battery-powered devices like wearables, tablets, or sensors. Arm licenses its architecture for a fee, offering different types of licenses depending on the flexibility the customer needs. Customers like Apple or Qualcomm buy architectural licenses, which allow them to modify the architecture and add or delete instructions to tailor the chips to their specific needs. Other clients directly buy off-the-shelf designs from Arm. Both off-the-shelf and architectural customers pay a royalty fee per chip shipped.
$285B
$4.9B
57.4x
119.7x
Public
3
SAPFounded in Germany in 1972 by former IBM employees, SAP is the world’s largest provider of enterprise application software. Known as the leader in enterprise resource planning software, SAP’s portfolio also includes software for supply chain management, procurement, travel and expense management, and customer relationship management, among others. The company operates in more than 180 countries and has more than 400,000 customers, approximately 80% of which are small to medium-size enterprises.
$183B
$43.9B
4.1x
13.0x
Public
4
ProsusProsus is a consumer internet group with listed and unlisted platforms across 100 countries. Around 80% of Prosus’ net asset value is derived from its Tencent holdings, the world’s largest game publisher and operator of WeChat, China’s super app with 1.3 billion users. Prosus has approximately a 23% stake in Tencent. The rest of the group’s businesses and investments are organized into classifieds, food delivery, payments and fintech, and edtech. This includes ownership of iFood, Brazil’s largest food delivery app, and a 25% stake in Swiggy, the second-largest delivery platform in India.In 2019, Prosus was spun out of South Africa-based parent company Naspers Ltd and listed on the Euronext exchange. Naspers holds approximately 75% of Prosus’ shares.
$98.6B
$9.8B
10.3x
7.8x
Public
5
SpotifySpotify is the leading global music streaming service provider, with over 750 million monthly active users and 290 million paying subscribers, with the latter constituting the firm’s premium segment. Most of the firm’s revenue and nearly all its gross profit come from the subscribers, who pay a monthly fee to access a music library that consists of most of the most popular songs ever recorded, including all from the major record labels. The firm also offers access to audiobooks and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog but cannot customize a similar on-demand experience.
$98.3B
$20.5B
4.3x
31.7x
Public
6
InfineonInfineon Technologies headquartered in Munich, was spun off from German industrial conglomerate Siemens in 2000 and today is one of Europe's largest chipmakers. The company is a leader in the automotive semiconductor market with prominent products used in active safety and powertrain content within vehicles. Infineon is also the market leader in power semiconductors used to deliver voltage within a wide variety of electrical systems. The company operates in four segments: automotive, or ATV, green industrial power, or GIP, power and sensor systems, or PSS, and connected secure systems, or CSS.
$96.2B
$17.0B
6.1x
22.4x
Public
7
RevolutRevolut is a London-headquartered digital banking platform serving over 40 million customers across Europe, the United States, and Asia. It provides mobile app-based services including multi-currency accounts, debit cards, international transfers, cryptocurrency exchange, commission-free stock and commodities trading, and insurance products. Founded in 2015, Revolut holds banking licenses in Lithuania and the UK.
$75.0B
$4.0B
18.8x
–
Private
8
NXP SemiconductorsNXP Semiconductors is a leading supplier of high-performance mixed-signal products. The firm acquired Freescale Semiconductor in 2015 and now has significant market share in the automotive market, where it supplies microcontrollers and analog chips into automotive clusters, powertrains, infotainment systems, and radars. NXP Semiconductors also serves industrial and Internet of Things, mobile, and communications infrastructure.
$67.3B
$12.3B
6.2x
16.7x
Public
9
RELXRELX is a global provider of information-based analytics and decision tools for professional and business customers in various industries. The company serves sectors such as science and medical research, risk management, and legal. In addition, RELX organizes large-scale digital and face-to-face events such as industry trade shows. Around 60% of revenue is generated in North America and about 20% in Europe.
$59.0B
$13.1B
5.2x
13.1x
Public
10
STMicroelectronicsA merger between Italian firm SGS Microelettronica and the nonmilitary business of Thomson Semiconducteurs in France formed STMicroelectronics in 1987. STMicroelectronics is a leader in a variety of semiconductor products, including analog chips, discrete power semiconductors, microcontrollers, and sensors. It is an especially prominent chip supplier to the industrial and automotive industries.
$56.9B
$11.8B
4.7x
23.9x
Public
11
NokiaNokia provides telecom equipment and services that are used to build wireless and fixed-line networks. It operates in four segments. The mobile networks segment sells equipment and services to telecom carriers to power public wireless networks. Network infrastructure focuses on fixed-line networks, including switching and routing equipment, optical components, and devices used in fiber-to-the-premises networks. The cloud and network services segment develops software used to operate the core of carrier wireless networks and build private networks for enterprises. Nokia also has a sizable research and patent business, where it licenses technology used by handset providers, consumer electronics firms, and other firms making electronic and Internet of Things products.
$56.3B
$23.7B
2.2x
16.8x
Public
12
ASM InternationalASM International is a Dutch company that supplies deposition equipment for chip fabrication. It is the leader in atomic layer deposition, or ALD, a precise deposition technique that is required in the most advanced semiconductors. ASM’s main clients are logic foundries TSMC, Samsung, and Intel, as well as memory foundries SK Hynix and Micron Technology. Foundries and wafer fab equipment providers like ASM work closely, which gives the firm insight into the customer’s innovation and product road maps. Once a machine is established in a fab, it can generate service revenue for decades.
$50.7B
$3.7B
13.4x
36.1x
Public
13
GarminGarmin produces GPS-enabled hardware and software for five sectors: fitness, outdoors, automotive, aviation, and marine. Garmin has built a strong reputation for durable, high-precision devices through a vertically integrated design and manufacturing approach. The company’s product lines include smartwatches, fitness trackers, communication equipment, and a comprehensive suite of systems for marine and aviation navigation. Garmin operates globally, with its business focused primarily on North America and Europe.
$48.1B
$7.2B
6.3x
22.1x
Public
14
Nebius GroupNebius is a vertically integrated cloud provider focusing on AI and high-performance computing. It is a carve-out of the previous Russian tech firm Yandex, following the Russian sanctions since the Ukraine-Russia war. Nebius designs and operates its own data centers and servers across Europe and the US, with a total capacity of several hundred megawatts. In September 2025, Microsoft became a major Nebius client under a multiyear $17 billion revenue agreement to provide computing capacity.
$45.1B
$530M
85.5x
83.3x
Public
15
EricssonEricsson provides telecom equipment and services that are primarily used to build and operate mobile networks. The firm divides its business into three segments: networks, cloud and software services, and enterprise. Wireless carriers have traditionally been the firm’s primary customers, but it is pushing to cater more to enterprises as well, as both try to take advantage of 5G capabilities and utilize “as-a-service” communications platforms. The company also licenses its patents to handset manufacturers.
$32.5B
$26.3B
1.2x
5.8x
Public
16
AdyenAdyen is a payment company that provides merchants with a single platform to accept e-commerce, mobile, and point-of-sale payments in multiple countries using various payment schemes and methodologies. Adyen started out providing only gateway and payment processing services to merchants but soon expanded into merchant acquiring services as well. Adyen obtained a banking license to improve settlement of merchant accounts.
$30.7B
$3.0B
6.3x
10.7x
Public
17
Dassault SystemesDassault Systèmes is a leading provider of computer-assisted design and product lifecycle management software, serving customers like Boeing and Volkswagen throughout the production process. The company’s flagship product, Catia, primarily serves the transportation, industrial equipment, and aerospace and defense industries. In life sciences, Dassault’s Medidata cloud platform optimizes clinical trial efficiency and is the leader in electronic data capture.
$27.5B
$7.4B
3.3x
9.7x
Public
18
AmadeusFounded in 1987 by four major European airline carriers (Air France, Lufthansa, Iberia, and SAS), Amadeus became the world’s second global distribution system operator, or GDS, after Sabre’s development in the 1960s and 1970s. Today, among the top three GDS operators that control nearly 100% of industry sales, Amadeus' 40%-plus market share ranks as the largest. Overall, Amadeus’ GDS segment represented 48% of total in 2024. Moreover, the company has an expanding IT solutions division (52% of 2024 revenue) that addresses the airline, airport, rail, hotel, and travel agency markets. Transaction fees, which are tied to volume and not price, account for the bulk of consolidated sales and profits.
$24.5B
$7.7B
3.6x
9.3x
Public
19
TechnoprobeTechnoprobe SpA operates in the production of electronic circuits and mechanical interfaces for electrical contacting of hybrid circuits and semiconductor devices, and it specializes in the design, development, and production of probe cards used to test the operation of chips. The company operates in Asia, America, Europe, and Italy and derives a majority of its revenue from Asia.
$22.5B
$721M
30.1x
94.0x
Public
20
HexagonHexagon is the global leader in digital reality solutions, combining hardware such as sensors and measuring devices, software, and services. Customers are mainly in heavy industry such as oil and gas, mining, construction, manufacturing, chemicals, and agriculture. Major products include measuring technology, mapping tools, and software. Around 40% of revenue is generated in the Americas, 35% in Europe, the Middle East, and Africa, and the rest in Asia.
$21.9B
$6.5B
3.6x
9.9x
Public
21
VismaVisma is an Oslo-headquartered SaaS group delivering accounting, HR, and administration software across Northern Europe and beyond. Organized into Software SMB, Software Government & Large Accounts, and Business Process Outsourcing divisions, it powers operations for 1.7 million customers in 13 countries with products like Visma.net ERP and eAccounting. The company maintains a presence in Norway, Sweden, Finland, Denmark, and expanding markets.
$21.9B
$2.8B
7.9x
28.7x
Acquired
22
BesiBE Semiconductor Industries supplies advanced packaging equipment for the semiconductor industry. Besi has a highly focused product portfolio coupled with a flexible business model, which allows it to maintain high gross and operating margins. Besi’s main clients include the world’s largest logic and memory foundries (TSMC, Samsung, Intel, and Micron) as well as integrated device manufacturers and outsourced assembly and test companies.
$21.4B
$696M
31.0x
88.5x
Public
23
Bending SpoonsBending Spoons SpA acquires and operates digital businesses, focusing on business transformation and operational optimization. Its activities include acquiring companies, implementing operational improvements, and reinvesting in additional acquisitions. The company owns AOL, Brightcove, Eventbrite, Evernote, Harvest, Komoot, Meetup, Remini, StreamYard, Vimeo, and WeTransfer. The majority of revenue is derived from subscriptions, by selling term-based access to its products to individuals and organizations, and the rest from advertising and other sources.
$20.6B
$2.6B
9.3x
46.5x
Public
24
Aleph AlphaAleph Alpha is a Heidelberg, Germany-headquartered AI company developing generative models for enterprises and governments. Its solutions support multimodal large language models like Luminous, enabling custom intelligent products in sectors including defense, energy, and manufacturing. Founded in 2019, it serves clients through Heidelberg's AI research hub.
$20.0B
–
–
–
Acquired
25
FNZFNZ is a London-headquartered wealth management platform powering end-to-end operations for banks, insurers, and asset managers globally. The cloud-native system handles financial planning, trade execution, custody, portfolio management, and retirement services via API integrations. FNZ serves over 12 million clients through partnerships with Aviva, Standard Life, and UBS, incorporating acquisitions like New Access for onboarding and Appway for digital advice.
$20.0B
$1.4B
14.3x
–
Acquired
26
HelsingHelsing is a Berlin-headquartered defense technology firm founded in 2021 that supplies AI software platforms for land, air, naval, and subsurface operations. The company integrates its systems with military hardware from partners like Rheinmetall for autonomous target detection, strike coordination, and reconnaissance. Key products include AI-enabled strike drones resistant to electronic warfare, underwater surveillance vehicles, and wingman pilots for fighter jets, deployed by European armed forces.
$18.0B
$502M
35.9x
–
Private
27
IFSIFS is a Sweden-headquartered global provider of enterprise software for manufacturing, asset-intensive industries, and service operations. Linköping-based IFS develops IFS Cloud, an AI-powered platform covering ERP, EAM, SCM, ITSM, and FSM modules. Serving over 10,000 customers including Rolls-Royce, Nestlé, and Boeing, IFS enables real-time analytics and predictive maintenance. Acquired by EQT in 2022, the company expanded through acquisitions like Infor's EAM business.
$17.3B
$1.3B
13.6x
–
Acquired
28
Wolters KluwerWolters Kluwer is a global provider of professional information, software solutions, and services in health; tax and accounting; environmental, social, and governance; finance; compliance; and legal. More than 60% of revenue is generated in North America and around 30% is from Europe.
$16.0B
$7.2B
2.8x
8.1x
Public
29
XL GroupXL Group is a French company creating extranets for management of communication and direct marketing campaigns. XL Group provides platform solutions for coordinating marketing operations through its Saint Etienne headquarters.
$15.3B
–
–
–
Acquired
30
LogitechLogitech was founded in 1981 and is headquartered in Lausanne, Switzerland. The company specializes in designing and manufacturing computer peripherals such as mice, keyboards, webcams, conference room cameras, headsets, and music-related products like wireless speakers.
$14.7B
$4.8B
2.7x
14.6x
Public
31
NscaleNscale is an AI infrastructure company and global hyperscaler that builds, owns, and operates data centers and high-density GPU clusters. The neocloud startup integrates everything from renewable power generation to hardware and orchestration software to support AI training, fine-tuning, and inference workloads for enterprises and governments. Unlike traditional cloud providers, Nscale builds and operates its own data centers in regions with abundant, low-cost renewable energy (e.g., hydropower in Norway, renewables in Texas). In West Virginia, the company even owns behind-the-meter natural gas power plants to insulate operations from local grid fluctuations.
$14.6B
$1.5B
9.7x
–
Private
32
Trade RepublicTrade Republic is a Berlin-headquartered mobile brokerage offering commission-free trading in stocks, ETFs, and derivatives. Launched in 2015, the app serves European retail investors with instant order execution and savings plans. It invests client cash in money market funds and supports fractional shares. Regulated by BaFin, it expands across Germany, France, and Spain.
$14.4B
$313M
45.9x
359.4x
Private
33
Mistral AIMistral AI is a Paris-headquartered developer of open-source large language models outperforming GPT-3.5 benchmarks. The company releases models like Mistral 7B, Mixtral 8x7B with 46.7 percent MT-Bench scores, and Pixtral 12B for vision-language tasks. Enterprises deploy these via La Plateforme API supporting 80 billion parameter models for coding, translation, and summarization. Mistral AI partners with Microsoft Azure and NVIDIA for inference hardware. Founded in 2023, it serves clients in automotive and finance across Europe and the U.S.
$13.5B
$400M
33.6x
–
Private
34
Delivery HeroFounded in 2011, Delivery Hero is an online delivery demand aggregator. The company is headquartered in Germany and operates in over 70 countries across Latin America, Asia, Europe, the Middle East, and Africa. Delivery Hero creates a marketplace for merchants to establish an online presence, market their offerings, and meet demand through delivery. Nearly half of Delivery Hero’s revenue is commission fees from merchants. Through its applications, which vary by region, customers can order meals, grocery items, pharmacy products, and retail goods. In addition, Delivery Hero operates Dmarts.
$13.3B
$17.1B
0.9x
15.5x
Public
35
CelonisCelonis is a Munich-headquartered software company that delivers process mining technology through its Execution Management System. The platform includes analytics tools, Celonis Studio for custom applications, and capabilities for strategy, planning, management, actions, and automation. It enables business executives to optimize operations across industries with clients such as Siemens, Deutsche Telekom, and PepsiCo. Celonis maintains offices in New York, London, and Tokyo.
$13.0B
$400M
32.5x
–
Private
36
WiseWise is a currency conversion platform that matches, where possible, offsetting currency transactions across borders to reduce costs. The group focuses primarily on private clients and small and midsize enterprises, but it is building out its platform business aimed at providing its services as a backend solution to banks. By operating local accounts in each jurisdiction Wise sends money to or receives money from, this fintech offers faster and cheaper currency transfer services than incumbents (banks). Wise has started to broaden its product offering, issuing its clients debit cards and allowing customers to invest funds in various asset management products.
$12.7B
$2.3B
n/m
n/m
Public
37
SupercellSupercell is a Helsinki-based mobile game developer renowned for titles including Clash of Clans, Clash Royale, Boom Beach, Hay Day, and Brawl Stars. Founded in 2010, the company maintains studios in San Francisco and Shanghai, emphasizing small autonomous teams that release games with global reach exceeding billions of downloads. Acquired by Tencent in 2016, Supercell operates independently, focusing on long-term player engagement in free-to-play strategy and multiplayer genres.
$12.1B
$2.8B
4.4x
9.7x
Acquired
38
Checkout.comCheckout.com is a global payment processor supporting transactions in over 150 currencies through a unified API. It delivers in-country acquiring across more than 50 countries, advanced fraud detection powered by machine learning, and comprehensive reporting dashboards. The platform accepts all major credit and debit cards alongside local methods such as iDEAL, Alipay, and Klarna. Checkout.com maintains offices in London, New York, Singapore, and 16 other locations worldwide. Launched in 2012, it serves enterprises like Sony, Revolut, and McDonald's with scalable infrastructure for high-volume payments.
$12.0B
–
–
–
Private
39
AVEVAAVEVA is an engineering software provider delivering design and asset management tools for oil and gas plants, power utilities, and marine vessel construction. Its portfolio includes PDMS for 3D modeling and PI System for real-time data analytics. Cambridge, United Kingdom-headquartered since 1967, AVEVA merged with Schneider Electric in 2023 to expand industrial IoT offerings.
$11.9B
$1.3B
9.4x
41.3x
Acquired
40
AllegroAllegro is a large Polish holding company with a suite of complementary online retail properties including Ceneo (price comparisons), EBilet (live events tickets), We|Do (courier services), and the Mall Group (online and offline retail in adjacent Central European markets). The firm is best known for its eponymous e-commerce marketplace, which generates predominantly third-party product sales across the home and garden, electronics, health and beauty, automotive, and supermarket categories. The operator boasts 45% to 50% share of the Polish e-commerce market by GMV, per our calculations and PWC data, and has built out a suite of ecosystem functionality that includes financial, logistics, and advertising services.
$11.6B
$3.1B
4.0x
13.3x
Public
41
The Access GroupThe Access Group is a software provider delivering integrated business management solutions including ERP, finance, HR, payroll, recruitment, warehousing, business intelligence, professional services automation, and manufacturing modules. London-headquartered Access Group plc serves organizations across multiple industries with cloud-based platforms that streamline operations. The company maintains a broad portfolio addressing end-to-end business needs from core financials to specialized sector tools.
$11.6B
$911M
12.7x
–
Acquired
42
ElevenLabsElevenLabs is a London and Warsaw-headquartered AI company providing voice synthesis, cloning, dubbing, and generation tools. Its platform supports text-to-speech in over 29 languages, developer APIs for voice agents, and enterprise solutions for content localization. Features include instant voice cloning from short audio samples, emotional tone preservation, and audio editing capabilities used by creators and businesses worldwide.
$11.0B
$500M
22.0x
–
Private
43
OuraOura is a Helsinki-headquartered company founded in 2013 that manufactures the Oura Ring Gen3, a finger-worn sensor tracking heart rate, blood oxygen, temperature, and sleep stages. The companion app delivers readiness, activity, and recovery scores used by professional athletes and over 10 million app downloads worldwide. Available in the US, Europe, and Asia through direct sales and retailers like Best Buy.
$11.0B
$500M
22.0x
–
Private
44
SageThe Sage Group is a U.K.-based provider of accounting and enterprise resource planning, or ERP, software, predominantly to customers in the U.S. and Europe. The company was founded in 1981 and historically sold on-premises software products with perpetual software licenses. However, the company is transitioning toward cloud connected and cloud native products, sold via software-as-a-service, or SaaS, contracts. Sage’s main cloud native products include Sage Accounting, for small businesses, and Sage Intacct, which Sage acquired in 2017, for midsize businesses.
$10.3B
$3.4B
3.6x
14.3x
Public
45
DAZN
$10.0B
$3.4B
2.9x
–
Private
46
Indra SistemasIndra Sistemas SA is a Spain-based provider of information technology offerings for finance, insurance, public administration, airports, defense, healthcare, media, telecom, security, energy, and infrastructure end markets. Its product capabilities include analytics, cloud computing, enterprise resource planning, networks and communications, electoral processes, bus technology, subway technology, and sustainability solutions. The firm generates revenue in Europe, Africa, the Middle East, the Americas, and Asia-Pacific.
$9.8B
$6.4B
1.4x
10.0x
Public
47
NordnetNordnet AB (publ) is a digital platform for savings and investments in the Nordics. The company operates in Sweden, Norway, Denmark and Finland. Its purpose is to democratize savings and investments. It provides trading in a large number of equities, funds, and other types of securities from several markets at a low price, as well as pension savings without fixed fees. The firm also offers margin loans, private loans, and mortgages. There are a number of user-interfaces to choose from, such as web, app, or more trading applications. Digital financial guidance tools are offered to customers who want help and inspiration with their savings. It also operates the widely used social investment network in the Nordics, Shareville.
$9.5B
$608M
15.6x
–
Public
48
ION Group
$9.3B
$3.3B
2.8x
–
Private
49
VintedVilnius-headquartered Vinted runs a peer-to-peer online marketplace for second-hand fashion, active in 20 countries across Europe and the United States. The platform facilitates buying, selling, and swapping clothing, accessories, and shoes for women, men, and children via mobile apps with chat and bundle discounts. Valued at over 4 billion euros, Vinted processes tens of millions of listings monthly and partners with payment providers like PayPal for secure transactions.
$9.3B
$1.3B
7.3x
–
Private
50
AvastAvast is a Prague-headquartered cybersecurity company marketing antivirus software under Avast and AVG brands for Windows, macOS, Android, and iOS devices. Its threat detection engine processes samples from global sensors certified by AV-Comparatives and AV-Test organizations. Backed by CVC Capital Partners and Summit Partners, Avast secures endpoints against ransomware, spyware, and phishing attacks.
$9.2B
$1.1B
8.7x
17.1x
Acquired
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Data and methodology
Underlying data
Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.
Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.
Any raw figures are harmonised to USD for comparison purposes.
This page is built on data available at Multiples. Sign up for a free trial to see the full dataset.
