At what enterprise value was ASYS acquired in 2024?

During the acquisition of ASYS by CAPZA in 2024, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 10M - 30M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.3x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of ASYS when it was acquired by CAPZA?

The estimated EV/EBITDA multiple for ASYS is in the range of 5x - 12x. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.3x. Join our community for free to access full valuation data and industry trends.

When was ASYS acquired by CAPZA?

ASYS was acquired by CAPZA in 2024.

What was the revenue of ASYS at the time of the deal?

The revenue of ASYS at the time of the deal is estimated to be in the range of 5M - 25M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of ASYS during the acquisition?

ASYS's EBITDA is estimated to be in the range of 0M - 5M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the ASYS acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the ASYS deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://capza.co/fr/news/capza-accompagne-asys-dans-lacquisition-de-m-work/

← DATABASE

Home Database TMT (Tech, Media, Telecom)ASYS

01/2024

CAPZA invests in ASYS

FRANCE Software / ERP, HR & Finance EV 10M - 30M EUR

Context

This primary growth capital transaction establishes a new capitalization structure for Asys, installing CAPZA as the lead minority institutional shareholder while ensuring that CEO Anne-Sophie Kieffer maintains majority equity control alongside an expanded group of key senior managers who are accessing equity ownership for the first time. The transaction occurs at a strategic inflection point as the business seeks to fully migrate its legacy software installation base into a modern, high-margin multi-tenant subscription framework to maximize net revenue retention. Under its prior independent ownership model, the company expanded its financial perimeter by achieving a 20% average annual revenue growth rate over the past three fiscal periods while utilizing four programmatic bolt-on acquisitions to establish a market-leading footprint in the domestic workforce management segment. The investment funding is optimized through a combination of CAPZA’s growth equity capital and a new senior secured credit facility underwritten by commercial banks, preserving capital efficiency and providing immediate liquidity to execute future asset purchases. Post-acquisition capital allocation priorities are focused on funding organic engineering velocity to introduce advanced automated scheduling modules, executing targeted M&A to acquire adjacent HR technology modules, and launching a structured geographic expansion plan across European markets by leveraging CAPZA’s regional cross-border infrastructure.

ASYS, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the TMT (Tech, Media, Telecom) sector (14.3x).

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.

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Target

Asys is an established workforce management and automated scheduling software vendor providing complex time-tracking and operational planning solutions to high-density labor sectors including healthcare, manufacturing, and public administration. The enterprise operates a highly resilient recurring revenue model across a diversified base of over 1,500 institutional clients, supporting approximately 1,500,000 active users and generating a projected annualized revenue of 25 million euros for 2026. Backed by private equity sponsor CAPZA, which executed a minority growth capital investment in November 2023, the company utilizes a dual-hub operating footprint in Lyon and Nantes to deploy compliance-heavy enterprise software. The product architecture systematically processes localized labor regulations, shift rotations, and payroll integration points, embedding the company’s software into the critical daily operations of its clients and creating high switching costs that drive sustainable net retention rates.

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Other operations with ASYS

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
06/2026	ASYS	M-WORK	FRANCE	Software	The acquisition of m-work shifts Asys’s product perimeter from legacy time-and-attendance tracking into upstream collaborative workforce scheduling and hybrid physical asset optimization. Executed with follow-on programmatic M&A backing from CAPZA through its Growth Tech investment vehicle, this transaction accelerates Asys’s product roadmap by injecting native AI capabilities into its core scheduling engine to target pan-European corporate accounts. The industrial logic relies on immediate cross-sell dynamics, unlocking monetization opportunities for m-work’s module within Asys's established footprint of 1.5 million users while expanding the group's total addressable market into the corporate real estate stack. The transaction ensures management continuity, with co-founders Joséphine de Leusse and Édouard Bouyala remaining operational heads to integrate the platforms, while post-closing capital allocation will prioritize the release of a single unified SaaS platform that fuses employee scheduling data with commercial space analytics.

REFERENCES

Valuation range: EV 10M - 30M EUR

Revenue range: 5M - 25M EUR

EBITDA range: 0M - 5M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ASYS by CAPZA 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: asys

Acquirer: capza