Vertical software · Gothenburg, Sweden
Heathland Mobility
Software and devices · Corporate-owned · Founded 2012
Revenue€47mIllustrative LTM
EBITDA€6.9m15% margin
Revenue growth+12%Year on year
Recurring revenue71%Estimated share
Employees211+8% year on year
Company view
High confidenceFleet utilisation and compliance software paired with lightweight vehicle telematics.
Fleet operationsSoftware and devicesNordicsCorporate-owned
Synthetic source fields
No live client dataBusiness modelSoftware and devices
OwnershipCorporate-owned
Revenue€47m
EBITDA€6.9m
Recurring revenue71%
International revenue58%
Investment thesis
What could be true- International footprint and installed devices support retention.
- Operational data could underpin higher-value analytics products.
Risks to resolve
Before advancing- A recent change of control makes near-term availability unlikely.
- Hardware exposure adds working-capital complexity.
Screening dimensions
Deterministic v1.0Revenue quality1.6 / 2.0
71% recurring revenue provides a solid contracted base.
Scale1.5 / 1.5
€6.9m EBITDA sits inside the illustrative platform range.
Growth0.8 / 1.5
12% revenue growth is healthy but requires a specific acceleration thesis.
Profitability0.8 / 1.5
15% EBITDA margin is credible with room for further leverage.
Market focus1.00 / 1.25
The fleet operations focus is clear, with some adjacent exposure.
Product depth0.8 / 1.0
The product appears embedded, although technical differentiation needs validation.
International0.55 / 0.75
58% international revenue provides evidence of early cross-border repeatability.
Dealability0.1 / 0.5
Corporate-owned status introduces carve-out or strategic-owner complexity.