Codra takes majority stake in Ordinal
Context
The Codra Group has successfully completed the strategic acquisition and integration of Ordinal, marking a definitive consolidation milestone within the French industrial software and automation sectors. Under the terms of the transaction, Ordinal will be integrated into Codra's corporate structure as a newly formed, dedicated MES (Manufacturing Execution System) department, alongside the group's historical Engineering and Panorama SCADA divisions. The transaction was structured to leverage the deep operational alignment between both organizations, which operate identical business models based on license distribution through certified integrator networks. Strategic rationale for this transaction is highly compelling, as it unites two prominent "French Fab" software vendors to create a comprehensive, sovereign, and fully integrated industrial automation alternative to traditional North American software publishers and PLC manufacturers. By combining Codra’s Panorama SCADA platform with Ordinal's proven COOX MES software suite, the group builds a complete product ecosystem capable of seamlessly connecting shop-floor industrial operations directly to enterprise ERP environments.
Ordinal, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of [members only].
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Target
Ordinal is a specialized French software enterprise and independent software vendor (ISV) dedicated to the Industrial Automation and Manufacturing Execution Systems (MES) sector. The company is widely recognized for its flagship product, the COOX software suite, a mature and proven MES platform that provides comprehensive manufacturing intelligence, including production tracking, workshop management, process traceability, batch records, and detailed production scheduling. Built on deep-rooted technological expertise, Ordinal serves as an operational catalyst for Industry 4.0, enabling industrial players to digitalize their shop-floor operations and bridge the structural gap between real-time supervisory control systems and enterprise-level ERP software architectures. Market Positioning: The firm commands a prominent, specialist positioning within the French industrial software landscape. Operating as an active member of the "French Fab" ecosystem, Ordinal has successfully established its COOX platform as a highly competitive, sovereign, and secure alternative to major North American software publishers and traditional hardware-bound programmable logic controller (PLC) manufacturers.
Ent. Value
[members only]
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
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REFERENCES
Revenue range: REV 1m EUR - 100m EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
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Target: ordinal
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