M&A advisory for price comparison companies
Price comparison is a PE-dominated M&A market. Targets generate cash, trade on EBITDA multiples and tuck into existing platforms cleanly, which suits Silver Lake, EQT, Hg and the European mid-market funds that have built scaled positions in the space. Strategic activity comes from media groups and the bigger comparison platforms expanding into adjacent verticals or geographies, with deal flow holding up steadily.
PE platforms run the buy-side here: Silver Lake, EQT, Hg, Permira, Advent and the European mid-market funds have all built scaled positions in comparison. Strategic activity comes from the larger comparison platforms expanding into adjacent verticals or geographies, alongside selective acquisitions from media and price-engine groups. Flow has direct access to this buyer set.
Flow team has relevant sector experience and has worked with price comparison companies across insurance, banking and credit cards, lending, energy and utilities, telecoms and travel comparison.
"Price comparison" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing price comparison M&A targets
Revenue by vertical
Sessions
Conversion rate
Revenue per session
Paid media spend
Marketing margin
Provider concentration
Clawback / validation rate
Organic vs paid mix
Price comparison valuations in May 2026
Public price comparison comps trade at 1.4x EV/Revenue. Median revenue multiple across price comparison M&A deals was 1.2x in the last 12 months.
1.4x
Median EV/Revenue as of May 2026 for public price comparison companies
12x
PB Fintech is the highest valued public price comparison company based on EV/Revenue (excluding outliers)
1.2x
Median EV/Revenue across price comparison M&A deals in the last 12 months
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Median EV/Revenue across price comparison VC rounds in the last 12 months
Key recent price comparison M&A deals
$3.3B acquisition of Kakaku.com by EQT was the largest price comparison M&A transaction completed in the last year.
See all price comparison M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Apr-26 | Kakaku.com |  | Kakaku.com Inc. is a Japan-based internet company operating various web services. The company operates through four segments. The Incubation Business includes real estate and housing site Smity, travel review site Fort Travel, movie information site Movie.com, automotive site web CG, dynamic package systems, and the bus comparison site Bus Comparison Navi. The Job Box Business operates the job search site Job Box and job information site Jobcube. The Kakaku.com Business operates the purchasing support site Kakaku.com and engages in insurance services through Kakaku.com Insurance Co., Ltd. The Tabelog Business operates the restaurant search and reservation site Tabelog. It generates the majority of its revenue from the Tabelog business segment. | EQT | $3.3B | - | |
May-26 | Skroutz.gr |  | Skroutz S.A. is an Athens-based e-commerce company operating Greece's leading product and price comparison platform at www.skroutz.gr, featuring offerings from over 3,500 online merchants and attracting more than 8 million monthly unique visitors. With a workforce exceeding 240 employees and annual revenues of €10.5 million, the firm has expanded to Turkey via www.alve.com and the UK through www.scrooge.co.uk. | Blackstone | $745M | 4.9x | |
Nov-25 | VOLL |  | VOLL is a corporate travel management platform that integrates pricing from travel agencies, ride-hailing services, and meal delivery apps into a single interface. Travel managers use its tools to track expenses, enforce budgets, and set usage restrictions for business trips. The New York-based company serves enterprise clients with real-time analytics and policy compliance features. | Warburg Pincus | $190M | 1.2x | |
Feb-26 | tabletki.ua |  | Tabletki.ua is a Ukrainian platform for searching, comparing prices, and reserving medicines at pharmacies. It offers a medical directory and partners with chains for discounts and charitable health initiatives. | Kyivstar Group | $160M | - | |
Sep-25 | Lendo Group |  | Lendo Group is a Stockholm-headquartered fintech operator of online marketplaces for comparing personal loans, business loans, mortgages, credit cards, and insurance products across Scandinavia. It serves customers in Sweden, Norway, and Denmark via dedicated brands such as Lendo Sweden launched in 2011, Lendo Norway established in 2014, Lendo Denmark, Mybanker Denmark from 2006, and Compricer Sweden originating in 2007. The platforms aggregate offers from more than 35 partner banks and financial institutions including Nordea and Danske Bank. Lendo Group maintains a physical presence in Oslo and Copenhagen while emphasizing transparent comparisons and responsible borrowing practices through credit checks and affordability assessments. | CLAR | $94M | - | |
Dec-25 | F | fluege.de |  | Fluege.de enables users to compare airline prices and access flight information through its web platform serving the German market. | Tongcheng Travel | $46M | 0.2x |
Jul-25 | Spedire.com |  | Spedire.com is an Italian online platform facilitating package shipping and insurance comparisons. Users select from couriers like DHL, UPS, and Poste Italiane, book shipments, purchase coverage up to €5,000 per parcel, and track deliveries in real time. Operating since 2014, it serves individuals and businesses across Europe with door-to-door services for documents, e-commerce parcels, and pallets. | Alsendo | $6.0M | 1.2x | |
Mar-26 | Llama Energy |  | Llama Energy is a Berlin-based platform that scans electricity bills to recommend optimal tariffs from German providers. The service switches contracts automatically, handles paperwork with utilities, and tracks consumption via messaging apps. Llama maintains user data compliant with GDPR standards and alerts on rate changes for over 100 suppliers. | Camby | - | - | |
Feb-26 | K | Kasiino-boonus.ee |  | Kasiino-boonus.ee is an established Estonian platform comparing casino bonuses with strong visibility in local search results for gaming incentives. | Boonuspart.ee | - | - |
Feb-26 | WorthPoint |  | WorthPoint is a media company providing an online database at worthpoint.com with over 350 million historical prices and 1.2 billion images for antiques, art, and collectibles dating back to 2006. It aggregates sales data from eBay, auction houses, and marketplaces, including makers' marks research and virtual reference books. Available on iOS and Android, the platform enhances pricing transparency for buyers and sellers in the antiques industry. | Waverock | - | - | |
Jan-26 | GetApp | | GetApp is a software recommendation engine for small businesses. Part of Gartner Digital Markets and headquartered in London, it delivers tailored insights on categories like CRM, accounting, and HR tools to guide purchasing decisions. | G2 | - | - | |
Jan-26 | KelBillet |  | France-based KelBillet operates a multimodal search engine comparing train, plane, coach, and rideshare options for European short-haul travel, alongside ticket resale services. | Kombo | - | - | |
Dec-25 | Homebuyer | | Homebuyer.com is a platform offering tools for prospective homebuyers to compare financing options and mortgages, integrated with real estate transaction services. | Opendoor | - | - | |
Nov-25 | Gaspedaal.nl |  | Gaspedaal.nl operates an online platform for searching and comparing used cars from dealers across the Netherlands and Europe. | AutoScout24 | - | - | |
Sep-25 | Effortia |  | Effortia is a Spanish online platform comparing real estate agents based on transaction success rates and fees. Users access agent profiles with sales history in Madrid and Barcelona markets. Madrid-headquartered, it aggregates data from property registries for consumer matchmaking with top performers in residential sales. | Alma Media | - | - |
Most active buyers of price comparison companies
Mavriq, Moltiply Group and EasyTerra are the most active acquirers of price comparison companies in the last three years.
See all price comparison acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Mavriq | | Mavriq is a Netherlands-headquartered group operating 19 comparison platforms across Italy, France, Spain, Mexico, and the Netherlands for insurance, energy, telecom, and financial products. Founded in 2012 as part of Moltiply Group, Mavriq processes millions of quotes monthly using algorithmic matching to connect consumers with providers like Allianz and Vodafone. | SwitchoPricewise | 2 | |
Moltiply Group | | Moltiply Group SpA will be operating in two separate and independent business segments, through specialized Divisions, each composed of several dedicated subsidiaries: The Moltiply Division and The Mavriq Division. The Moltiply Division one of the main Italian players in the provision of complex BPO and IT services for the financial sector. The Mavriq Division is one of the main international players in the provision of online comparison and intermediation services, with businesses in Italy, Spain, France, and Mexico. | SwitchoPricewiseLeLynx.fr | 2 | |
EasyTerra | | EasyTerra is an independent online car rental comparison service operating across Europe and beyond. It aggregates rates from providers like Hertz, Avis, and Sixt, enabling users to book vehicles at airports and city centers worldwide. | Mietwagen24HAPPYCARCarrentals.co.uk | 2 | |
Dubizzle Group Holdings |  | Dubizzle Group Holdings PLC is the digital classifieds marketplace in MENA and a household name in the UAE. Through its flagship platforms dubizzle and Bayut, the Group connects millions of buyers and sellers across real estate, automotive, and general classifieds. It holds a market position in the UAE, which contributes the majority of revenues, and operates high- growth businesses in Saudi Arabia, Egypt, and other GCC markets, supported by brand awareness, deep customer relationships, and high user engagement. | Hatla2eeDrive ArabiaProperty Monitor | 2 | |
Alsendo |  | Alsendo is a provider of shipping and logistics solutions based in France. The company offers parcel tracking, e-commerce fulfillment, and last-mile delivery services across Europe. | Spedire.comVisas transportas UABEcolet+1 | 1 | |
AfriCar Group |  | AfriCar Group is an online automotive marketplace operating in 22 African countries. Platforms like Gaaraas in Senegal and Carsugu in Burkina Faso connect buyers and sellers of cars, trucks, and motorbikes. The group lists millions of listings annually, facilitating transactions in Mali, Ivory Coast, Ethiopia, Uganda, and Namibia. AfriCar Group expands digital access to vehicle trade in East, West, and Southern Africa. | Koto.ci | 1 | |
Alma Media | | Alma Media Oyj is a media and service company focusing on digital services and publishing. In addition to news content, the Group's products provide useful information related to lifestyle, career, and business development. The business segments include Alma Career, Alma Marketplaces, and Alma News Media. It generates maximum revenue from the Alma Career segment. The group's business is mainly divided into two geographical areas, Finland from where it earns the majority of its revenue, and the rest of Europe. | EffortiaClimatrix.earthEdilex Lakitieto+1 | 1 | |
EQT | | Swedish conglomerate Investor AB set up EQT as its private equity division in 1994. In its early days, EQT focused primarily on private equity investments in Sweden and the rest of Scandinavia. Today, EQT is one of the largest global private-market investors, with funds that focus on private equity, real estate, and infrastructure globally. Investor AB retains a minority stake. | Kakaku.comAESUrbaser+1 | 1 | |
Boonuspart.ee | | Boonuspart.ee is a Tallinn-based online portal delivering casino bonuses, iGaming comparisons, and tailored content for Estonian players seeking online gambling promotions. | Kasiino-boonus.ee | 1 | |
Tongcheng Travel |  | Tongcheng Travel is an online travel agency platform that provides booking services for hotel and ticketing in China. It generated 84% of its revenue from accommodation reservations and transportation ticketing in 2023. The rest came from advertising and in-house software sales. The platform provides both online and offline services in the form of call centers and travel kiosks. Tongcheng Travel was formed from the merger of Tongcheng Network and eLong in 2018. It is currently 21.38% owned by Tencent and 20.86% by Trip.com. Tongcheng targets lower-tier cities and as of 2021, 86.7% of its users are from non-first-tier cities in China and 61.7% of new paying users on Weixin were from Tier 3 or below cities in China. The company competes with Trip.com, Alibaba's Fliggy, and Meituan. | fluege.deWanda Hotel ManagementeLong.com | 1 |
Founders and investors we've worked with
We've supported winning builders across price comparison and beyond.
HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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