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M&A

CONEX

Acquired by

21 INVEST

FRANCE Software EV [1m EUR - 100m EUR] 11/2023

Target

CONEX

Acquirer

21 INVEST

Context

Conex, the leading French developer of customs and security management software, has opened its capital to 21 Invest France. This majority investment marks the second transaction of 21 Invest's sixth-generation fund. The group�s founders, Alban and Bertrand Gruson, are reinvesting significantly to lead an ambitious multi-year growth strategy.

The transaction values CONEX at an EV/Revenue multiple of LOGIN.

This transaction is part of the TMT (Tech, Media, Telecom) industry, which currently tracks an average EBITDA multiple of 13.1x since the beginning of 2026, 4.7% decrease compared to 2025. 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

Founded nearly 40 years ago, Conex is the leading French developer of customs management and security compliance software. Its business model centers on a specialized digital platform that automates customs declarations and ensures secure electronic data interchange (EDI) between private companies (shippers and registered customs representatives) and international customs authorities. With a market share exceeding 66% in France, the company’s value proposition lies in its ability to simplify complex, ever-evolving regulatory requirements for a diverse base of 1,600 clients, ranging from SMEs to multinationals. Strategically, Conex acts as a critical intermediary in global trade, leveraging its technical expertise to provide high-margin, recurring software-as-a-service (SaaS) and associated services that optimize international supply chain workflows.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

Year
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EBITDA
EBIT
2022
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2021
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Other operations with CONEX

mynth data is contributed by M&A / PE professionals and systematically cross-verified against private deal documents and official releases. All source materials are destroyed post-validation to guarantee data anonymity and compliance.