General Highlights
Competitive Enterprise MDM software, in production for more than 10 years.
Asking price of €2,600,000 includes €600,000 in capital.
Client base includes a national educational institution, several banks, and energy enterprises.
The 13.60x adjusted multiple is supported by stable cash flows and multi-year customer contracts.
Niche
The Company builds Enterprise Mobile Device Management (MDM) software. The platform sits at the intersection of cloud solutions, enterprise mobility, IT security, and software development. The product lets IT teams centrally and remotely manage mobile devices: setup, configuration, app deployment, file transfer, access provisioning, security configuration, and updates.
The Company
The Company is run by its CEO, who handles sales and overall business management. Everyone reports directly to the CEO. The other three owners are active in the business, in technology and product leadership roles.
Customer Base
The product is used by more than 1,100 organizations managing over 220,000 mobile devices. Most of these organizations access the platform as a SaaS service through the Company's largest customer, a national public education body. That deployment alone covers roughly 1,200 public schools and over 200,000 mobile and tablet devices used in primary education.
On a direct billing basis, the Company has roughly 30 customers, most on multi-year contracts. Churn is very low and renewals are the norm, on annual or multi-year terms. Some customers are handled through partners. The base spans banking and finance, public sector, education, energy, FMCG, hospitality, and others.

Revenue Sources
Software license sales generate more than 70% of revenue on average. The rest comes from implementation, support, and maintenance services. Recurring revenue has held at around 80% of total over the past two years.
The largest customer, signed in 2019, has driven 72–75% of total sales over the past three years.
Three products are in production today, listed below by maturity and business impact.
Products
Product A — Flagship MDM Platform (€1.9M combined over the last three years; 95% of total revenue)
Product A is the MDM platform and the main revenue source. Version one shipped more than 10 years ago. Customers can run it on-premise (Enterprise) or as a cloud SaaS (Cloud).
Enterprise: sold to enterprise organizations on a perpetual per-device license. Customers pay a large upfront fee, then annual fees for updates and new features. Most customers choose this option.
Cloud: sold to MSPs on a per-device subscription. The MSP model is new. One MSP contract is active today, with no meaningful revenue from it yet.

Product B — Digital Certificate Management Tool (€47,000 combined over the past three years)
Product B manages digital certificates and PKI infrastructure. It targets Microsoft PKI (Microsoft AD CS), which is widely used in enterprise environments. Target customers are organizations that issue and manage their own digital certificates through Microsoft's CA service. Product B is sold mainly on a perpetual license, with a subscription option available. Distribution is via downloadable package and the Microsoft Azure Marketplace.
First released in 2017. Currently used by 8 organizations.

Product C — Multi-Factor Authentication Solution (€33,000 combined over the past three years)
Product C is the newest product, built in 2020. It is deployed at two enterprise organizations: a national ministry and a major regional bank. Product C provides Multi-Factor Authentication (MFA) across a wide range of applications, services, and operating systems, and is tightly integrated with Product A.