See potential buyers and what similar companies sell for
Benchmarks
Two versions of the same map, on one scale: what listed companies in your categories trade at today, and what acquirers paid in similar completed deals.
EV / Revenue by category
Public comparables
Ordered by similarity to your company, closest first. Green = commerce software and enablement; amber = the agency-network floor.
| Company | Profile | Category | EV/Rev | EV/EBITDA | Gross margin |
|---|---|---|---|---|---|
| JIVA Technologies | E-commerce design & development | Commerce agency | 1.42x | 11.63x | 64.0% |
| Infracommerce | Full-stack e-commerce operations (Brazil) | Commerce agency | 0.81x | - | 23.5% |
| Triboo | Digital marketing group (Italy) | Agency network | 0.60x | 13.21x | 14.5% |
| Cafe24 | Commerce platform (South Korea) | Commerce software | 0.74x | 3.87x | 91.6% |
| BigCommerce | Store platform (US) | Commerce software | 0.56x | 8.31x | 78.7% |
| VTEX | Enterprise commerce platform | Commerce software | 1.69x | 11.83x | 77.5% |
| Wix | Store builder & platform | Commerce software | 2.12x | - | 68.1% |
| Publicis Groupe | Global holding group | Agency network | 1.62x | 8.81x | 45.7% |
| WPP | Global holding group | Agency network | 0.69x | 11.24x | 15.8% |
| Accenture | Global implementation services | IT services | 1.52x | 7.95x | 32.0% |
Precedent transactions
The disclosed prints behind the deal bands in section 01, ordered by similarity to your company. Specialist capability transacts at two to four times the generalist level.
| Target | Acquirer | Category | Year | EV/Rev | EV/EBITDA |
|---|---|---|---|---|---|
| We Make Websites | Tech Mahindra | Store development | 2021 | 2.04x | - |
| Belami eCommerce | Skyx Platforms | E-comm operations | 2023 | 0.29x | - |
| Eastern Standard | OnFolio Holdings | Generalist agency | 2024 | 0.60x | 3.81x |
| Arche Digital | AnyMind Group | E-comm operations | 2024 | 1.47x | - |
| Buzz Marketing Networks | knowmad mood | Generalist agency | 2025 | 0.57x | - |
| RipeConcepts | Nagarro | Creative production | 2022 | 2.59x | - |
| StyleShoots | Profoto AB | Content automation | 2022 | 2.00x | - |
| OpenMoves | PopReach | Performance marketing | 2023 | 1.30x | 5.61x |
| Alpha Digital | XPON Technologies | Performance marketing | 2025 | 0.45x | 2.92x |
| Qwamplify Nordics | Eniro | Generalist agency | 2025 | 0.22x | - |
Margin analysis
The listed set behind the public bands, ordered by how closely each name resembles your company. The chart shows why the tiers exist; the table shows who sits in them.
EV / EBITDA vs gross margin - the listed set
One dot per listed comparable with disclosed EBITDA. Dashed outlines mark the two visible groups. Source: Eilla comps database.
Closest precedents
The deals most similar to your company usually closed privately, without a printed multiple, because the value sat in the badge, the client base and the team rather than the earnings line. All from the last five years.
Avenue Z acquiring Varfaj
Miami · February 2026Varfaj was a Shopify Premier partner founded in 2018: design, development, migration and CRO for DTC and growth-stage brands. Avenue Z, a performance-media and PR group, bought it to bolt certified commerce development onto its media engine. The founder became chief growth officer on completion; no multiple was disclosed.
Front Row acquiring Build in Amsterdam
Amsterdam · May 2025Front Row, a New York and Hamburg e-commerce group backed by Charlesbank and HighPost, bought a premium Shopify design and development agency behind flagship stores for Mammut, Polaroid and Suitsupply. The announcement singled out the agency's retained-engagement model as part of the thesis.
Tryzens acquiring Juno Ecommerce
Nottingham · 2024Tryzens, a PE-backed digital commerce group, bought a certified Shopify Plus agency with a retained roster of DTC brands as its first deal after its own buyout. The announcement pointed to the agency's platform accreditation and its client base as the reasons for the deal.
Premium drivers
What separated the premium outcomes from the base-rate outcomes across the listed set, the disclosed prints and the researched precedents, assessed against what is publicly evidenced for your company today.
Platform partner tier
The named asset in the closest deals: Avenue Z bought Premier partner Varfaj, Tryzens bought Plus specialist Juno, WPP bought long-standing partner Diff. Scarce at boutique size and verifiable in one click.
Published enterprise deliveries
Named replatformings and international rollouts as public case studies: the class of work small studios cannot reference.
In-house nearshore delivery team
One delivery team serving EU and US brands is a margin structure buyers price from day one: Nagarro paid 2.59x revenue for RipeConcepts largely for its bench.
Recurring revenue and retention
Support retainers are a named service line and long client tenure is stated publicly. Front Row cited exactly this profile at Build in Amsterdam. The retainer share of revenue is not yet documented.
Profitability and founder continuity
Agency deals price on earnings, with disclosed EBITDA prints at 2.92x to 5.61x, and buyers underwrite the founders staying. Both are the decisive remaining inputs.
Best-fit buyers
In a live process, Eilla would approach hundreds of best-fit buyers at once, scored on strategic fit, comparable deal history, financial capacity and geography. The ten most illustrative are profiled, each with its single most comparable completed deal.
| Buyer | HQ | Profile | Fit | Similar deals (5y) |
|---|---|---|---|---|
| Tryzens | London | Digital commerce group (PE-backed) | 9/10 | 1 |
Closest deal Juno Ecommerce Shopify Plus agency · Nottingham · 2024 First deal after its buyout: a certified boutique with a retained brand roster. | ||||
| eHouse Studio | Charleston | Multi-service Shopify Plus agency | 9/10 | 2 |
Closest deal Commerce12 Shopify Plus agency · Rockville · 2024 Two agency acquisitions inside twelve months: an active agency-on-agency consolidator. | ||||
| WPP | London | Global communications group | 9/10 | 3 |
Closest deal Diff Shopify commerce agency · Montreal · 2022 Bought a 115-person Shopify agency into Wunderman Thompson for the certified practice. | ||||
| Accenture | Dublin | Global professional services | 8/10 | 12 |
Closest deal The Stable B2C commerce agency · Minneapolis · 2022 Twelve comparable deals in five years: the most acquisitive commerce-services buyer in the landscape. | ||||
What this means for your company
The benchmarks place specialist work well above the generalist floor when the specialist reading is evidenced. The evidence below is what would support a premium read.
What you hold today
- Top-tier platform partner status, scarce at boutique size, and the named asset in the Varfaj, Diff and Juno precedents
- Published enterprise deliveries: international rollouts and replatformings buyers can read
- A retention-led model with support retainers as a named service line
- A fully in-house delivery team serving EU and US clients, the arbitrage RipeConcepts priced at 2.59x revenue
- A dense, active buyer universe across four profiles, with existing Eilla connections inside it
What evidence could support premiums
- Revenue-mix evidence: one-off builds versus recurring retainers, the split that decides the band
- EBITDA and margin data: agency deals are priced on earnings, and disclosed prints ran 5.62x to 9.83x
- Retainer cohort data behind the retention claim: counts, values, tenure and top-client concentration
- Growth evidence: new-business wins, pipeline and referral share of origination
- Continuity documentation: the founders' roles and the delivery leadership beneath them
Benchmarks. Where listed companies in your categories trade and what acquirers paid in similar completed deals, on one scale.
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