Smaato — Acquisition by Media and Games Invest
SaaS-based advertising technology platform acquired by Media and Games Invest, illustrating how recurring revenues, strong margins, growth and scalable technology can support premium software valuations.
Acquirer
Media and Games Invest
Year
2021
Enterprise Value
~€140m
Revenue
~€39m
Adjusted EBITDA
~€13m (2021 forecast Adjusted EBITDA)
EBITDA Multiple
~10.7×
Industry
SaaS / AdTech
Transaction
Media and Games Invest acquired Smaato in 2021 at an enterprise value of approximately €140m. Smaato was forecast to generate approximately €39m in revenue and €13m in Adjusted EBITDA in 2021, implying an EV/EBITDA multiple of approximately 10.7×.
Why the Premium?
- Recurring SaaS-based revenues
- Strong EBITDA margins
- Organic growth
- Scalable technology platform
- Strategic value to the acquirer
SME Takeaway
Smaato's revenue fell within the SME Multiples $1–$50M benchmark. The transaction illustrates how recurring revenues, strong margins, growth and scalable technology can support double-digit EBITDA multiples for established software businesses.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.