What software businesses sell for in Australia

By period and deal size

Where enough deals sit in a narrower cut, its line appears here.

• Since 2015. Software: median 12.0 times EBITDA. The middle half of deals ran from 9.5 to 17.5 times (10+ deals of A$10 million to A$500 million, announced 2016 to 2024).
• Since 2021. Software: median 11.5 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2021 to 2024).
• All years. Software: median 10.5 times EBITDA. The middle half of deals ran from 8.0 to 13.0 times (10+ deals under A$2 billion, announced 2011 to 2025).
• Since 2015. Software: median 12.5 times EBITDA. The middle half of deals ran from 9.5 to 15.0 times (10+ deals under A$2 billion, announced 2016 to 2025).

Deals where the multiple was stated

In these deals the buyer, or an independent expert, stated the multiple in a public document. Each links to the company's own copy.

• Infomedia Ltd, independent expert's valuation by Grant Thornton Corporate Finance, 2025-10: 9.3 to 10.8 times EBITDA as stated (The independent expert's valuation, on EBITDA, post-AASB 16). Source
• Realbase, bought by Domain Holdings Australia Ltd, 2022-04-01: 20.5 times EBITDA as stated (FY22 EBITDA). No company copy to link.
• TASK Retail Technology, independent expert's valuation by Simmons Corporate Finance, 2021-08: 48.6 to 60.2 times EBITDA as stated (The independent expert's valuation, on trailing FY21 EBITDA). Source
• MSL Solutions, bought by Pemba Capital, : 21.0 times EBITDA as stated (EBITDA). No company copy to link.
• Infomedia, bought by TPG Capital, : 16.4 times EBITDA as stated (EBITDA, underlying). No company copy to link.
• Bigtincan, bought by Vector Capital, : 12.3 times EBITDA as stated (EBITDA, pre-AASB 16, underlying). No company copy to link.

What moved the multiple in these deals

• Listed companies sold for higher multiples than private businesses.

How to read the range

The median is the middle deal. Half the deals sold for more and half for less. Where a line gives a middle half, a quarter of the deals sold below it and a quarter sold above it.

The band says how many deals stand behind the line. A band of 5+ means at least five. Under ten deals, a line shows the median only. Fewer deals leave more room for error, so read a 5+ line with more care than a 50+ one.

The years are when the deals were announced. Multiples rise and fall with interest rates and share prices, so a long span mixes strong years with weak ones.

A buyer applies the multiple to the EBITDA it accepts after due diligence. Two businesses with the same EBITDA can sell at different multiples, for the reasons below.

What moves a multiple up or down

• Size. Larger businesses usually sell at higher multiples than smaller ones in the same sector.
• Growth and margin. Growth a buyer can see in the run-rate, and steady margins, raise the multiple. A plan the record does not support does not.
• Who buys. Investment funds and companies buying a business pay for different things, so they can pay different multiples for the same business.
• Recurring revenue. Revenue under contract or from repeat customers raises the multiple. One-off project revenue lowers it.
• Customer concentration. A few large customers lower the multiple, because losing one would cut earnings.
• Dependence on the owner. A business that needs its owner to win and keep customers sells for less, or with an earn-out.

How listed companies compare

Listed companies trade every day, and most are larger than the businesses in these deals. Their multiples usually sit above what a private business sells for. Read them as context for the deal figures.

Listed companies in Australia, New Zealand and Canada traded at 12.0 times their combined EBITDA in January 2026. Source: Aswath Damodaran, NYU Stern, data as of January 2026.

Where would yours sit?

The range tells you where deals landed. Where would yours sit?

• Put your own figures through the exit value bridge. It splits value at exit into EBITDA growth, the change in multiple and lower net debt, on multiples you choose.
• Take the seller check. About twenty-five questions on what a buyer's team will ask, before they ask it.
• Take the Strategy check. A buyer prices the plan it believes. The check shows where your strategy practices stand.

No email before your result. No sales call after it. No list. Delete on request.

For advisers and brokers

Using these figures with clients? We are deciding whether to build sourced reports and data exports. Nothing is for sale yet. Tell us if you would use them.

Questions

Does this value my business? No. It shows what buyers paid for other businesses in the sector. A buyer sets the multiple for a particular business after testing its earnings, its customers and its plan. The earnings calculator multiplies your own EBITDA by these multiples. That is arithmetic on reported deals, and still not a valuation.

Where do the figures come from? From company announcements and independent experts' reports on Australian businesses that were bought. Each figure is enterprise value over EBITDA. Some are stated in the source. The rest are worked out from the price and earnings it reports, and a second reader checks each one.

Why do these deals lean to larger businesses? A listed company usually announces a large purchase, and a takeover comes with an independent expert's report. Private sales of smaller businesses rarely publish a multiple.

How often do the figures change? Whenever deals are added. Each page shows the date it was last updated.

Related

• Technology, software, media and telecommunications
• All sectors
• What multiple will my business sell for?
• Is an earn-out a good idea for the seller?