mynth
← DATABASE
04/2026

ATOS ADVANCED COMPUTING acquired by AGENCE DES PARTICIPATIONS DE L'ETAT (APE)

FRANCE IT Services / Consulting & Integration / Data & AI Consulting EV 300M - 700M EUR

Context

The French State submitted acquires 100% of Atos's Advanced Computing activities (carved out from the BDS division). The transaction is part of Atos's broader accelerated safeguard financial restructuring plan, approved by the commercial court on October 2024. A previous non-binding offer from the French State had covered a wider perimeter including Mission Critical Systems and Cybersecurity Products, but the final offer was narrowed to Advanced Computing only. Separately, Atos commits to launching a formal sale process for its remaining BDS assets — Cybersecurity Products and Mission Critical Systems. An independent expert will be appointed to validate that the transaction terms reflect fair market value, as agreed with financial creditors.

ATOS ADVANCED COMPUTING, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.8x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Atos Advanced Computing is a strategic technology division carved out from the BDS (Big Data & Security) segment of Atos SE, one of Europe's largest IT services groups. The business is structured around two core sub-divisions: (1) High-Performance Computing (HPC) & Quantum, which designs, builds and operates some of the most powerful supercomputers in Europe — including systems deployed for national research agencies, weather forecasting institutions, and defence bodies — and is actively developing quantum computing capabilities positioning it at the frontier of next-generation computing; and (2) Business Computing & Artificial Intelligence, which provides advanced AI-powered computing infrastructure and services to large enterprises and public sector clients.

Ent. Value

LOGIN

Equity Value

LOGIN

Multiples

EV / Revenue

LOGIN

EV / EBITDA

LOGIN

EV / EBIT

LOGIN

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
LOGIN
LOGIN
LOGIN
2024
LOGIN
LOGIN
LOGIN

Similar deals in TMT (Tech, Media, Telecom)

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
05/2026CINVENONGOING WAREHOUSESWEDENIT Services

International private equity firm Cinven has agreed to make a significant investment in Ongoing Warehouse, a leading provider of cloud-native WMS solutions. The transaction represents a partnership, as the company's co-founders, Henrik Ekman and Gerhard Guron, along with CEO Fredrik Einarsson, will remain significant shareholders and continue to lead the business. Cinven's investment thesis is built on several key factors. The firm identified Ongoing as operating in a high-growth segment supported by durable, long-term tailwinds, specifically the continued shift from legacy systems to specialized, cloud-based warehouse management solutions

05/2026IRENNOSTRUM GROUPSPAINIT Services

The acquisition of Nostrum Group by IREN Limited is a strategic move that will enable the company to expand its footprint in Europe and add significant development, engineering, construction, and operations capability in support of its global AI Cloud Services strategy. The transaction is subject to the satisfaction of certain closing conditions and is expected to be completed in the near future. The acquisition will provide IREN Limited with access to Nostrum Group's high-quality data center assets in Spain, including approximately 490MW of power capacity, as well as a pipeline of additional development projects

04/2026LEGAL & GENERAL L&G / BPIFRANCEBLUEFRANCEIT Services

The acquisition of Blue by Legal & General Asset Management (L&G) represents a significant entry into the French sovereign cloud market for the British institutional manager’s digital infrastructure fund, LDIF. This transaction marks the conclusion of a highly successful holding period for Quilvest Capital Partners, who served as the lead sponsor since 2020. During this period, Blue nearly tripled its revenue, reaching 55 million EUR in 2025, supported by three strategic build-ups: Oceanis, ADMI, and Openhost

04/2026NORDLONETHOUSESWEDENIT Services

Combinedx AB has entered into a definitive agreement to divest its wholly-owned subsidiary, Nethouse, to Nordlo. This strategic carve-out allows Combinedx to realize significant value from an asset it acquired in 2020, while providing Nordlo with a highly profitable and specialized infrastructure unit. The transaction is subject to customary regulatory approvals from the Swedish Competition Authority and the Inspectorate of Strategic Products (ISP), with closing expected within five weeks of the announcement

04/2026VECTION TECHNOLOGIESDXLABSAUSTRALIAIT Services

Vection Technologies has executed a definitive share sale agreement to acquire one hundred percent of Digital Experience Labs in a strategic transaction aimed at bolstering its enterprise automation capabilities. This transaction integrates DXLabs’ no-code service and automation expertise into Vection’s existing XR and AI technology stack. The primary strategic rationale for the deal is to strengthen Vection’s Australian market presence and establish an Asia-Pacific (APAC) launchpad for its broader digital transformation offerings

04/2026TRUESEC GROUPSUBSETSWEDENIT Services

The international cybersecurity leader has successfully finalized the acquisition of 100% of the share capital of the target, a specialist in high-assurance software development. This strategic transaction represents a definitive move to incorporate "provably secure" engineering capabilities into the group’s broader service portfolio, targeting the rapidly growing European defense and critical infrastructure markets. The strategic rationale for the move centers on the acquirer’s objective to address the increasing demand for verified software integrity driven by geopolitical instability and increased NATO defense spending

04/2026NORD HOLDINGVISIONMAXX GROUPGERMANYIT Services

Nord Holding has successfully finalized a majority investment in the share capital of the target, alongside its founding management team. This strategic transaction represents a pivotal step in the acquirer’s objective to establish a dominant digital IT infrastructure platform for the outpatient healthcare system throughout the DACH region. The strategic rationale for the move centers on the high degree of technical alignment between the target’s specialized managed service expertise and the acquirer’s established focus on healthcare technology and software investments

04/2026PROJECT INFORMATICASISTEMI HSITALYIT Services

WeAreProject, the primary IT services platform controlled by EMK Capital, has successfully entered into a definitive agreement to acquire a majority stake in Sistemi Hardware & Software S.p.A. (Sistemi HS) and its subsidiary Stackna S.r.l. This transaction marks the first inorganic expansion of the group following its change in ownership earlier in the year and represents a significant geographic densification in Northern Italy, particularly within the Piedmont region. The strategic rationale for the move centers on the integration of the target’s established professional services network with the group’s high-density managed services platform

03/2026SPYROSOFTMD CONSULTING UND INFORMATIONSDIENSTEGERMANYIT Services

Spyrosoft has signed a definitive agreement to acquire 100% of the shares in MD Consulting und Informationsdienste GmbH, a strategic move designed to significantly bolster its presence in the German market. This acquisition follows Spyrosoft's stated objective to deepen its penetration in the DACH region, which already accounts for approximately 25% of the group's total turnover. The strategic rationale for the deal is centered on diversification and market access. By integrating MD Consulting, Spyrosoft gains an established gateway into the German public sector, a segment characterized by high technical requirements and significant barriers to entry for non-local firms

02/2026ISAIFLEETFRANCEIT Services

ISAI acquired a minority stake in Fleet. This transaction is a classic Owner Buy-Out (OBO): it allows founders and early employees to cash out part of their equity. No new capital (Cash-in) was injected into the company for now, as Fleet is profitable and self-financing. The deal aims to structure the company for international expansion and potential external growth (M&A) to reach �100 million in revenue within 4 years. Revenue (Target)

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 450M - 900M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ATOS ADVANCED COMPUTING by AGENCE DES PARTICIPATIONS DE L'ETAT (APE) are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: atos advanced computing

Acquirer: agence des participations de l'etat (ape)