DACH Market
DACH tech M&A market 2026: why Germany, Austria and Switzerland offer Europe's best multiples
The DACH market represents 28% of European tech M&A volume with multiples 15–25% above Southern Europe. Digital Mittelstand, sector PE funds and vertical B2B SaaS: complete analysis.
The DACH market represents 28% of European tech M&A volume in 2025 (Dealroom). It is the zone where SaaS multiples are systematically the highest in continental Europe (+15–25% vs France). Three factors: density of sector PE funds, quality of the digital Mittelstand, industrial culture favourable to vertical software.
The digital Mittelstand
The 3.5 million German SMEs/mid-caps (55% of German GDP, source: Institut für Mittelstandsforschung Bonn, 2025) are in full digitalisation. This generates structural demand for sector ERPs, supply chain tools and compliance. SaaS serving this segment have NRR > 105% and churn close to 0%.
Sector PE funds active in DACH
- Hg Capital (London/Munich): specialist B2B vertical software EU, DACH focus. Target ARR > €5M, NRR > 110%. Multiples paid: 8–14x ARR.
- FLEX Capital (Berlin): DACH tech PE fund, targets bootstrapped SaaS €1–10M ARR. Fast process: 6–8 weeks from first contact to closing.
- Deutsche Beteiligungs AG (DBAG, Frankfurt): listed fund, growing orientation towards industrial vertical software (Industry 4.0). Tickets: €10–50M.
28%
DACH share of European tech M&A volume (Dealroom 2025)
+20%
DACH multiple premium vs Southern Europe (median)
3,5 M
German SMEs/mid-caps in digitalisation (Institut Mittelstand, 2025)
9–13x
Median ARR multiple B2B vertical SaaS DACH premium
This article was written with the assistance of artificial intelligence and reviewed under Aegryn editorial responsibility. In accordance with Article 50 of the EU AI Act, we assume editorial responsibility for this content.
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