mynth
10/2024

DATA-AL acquired by CARASENT

GERMANY Software / Industry-Specific Software / Healthcare EV 0M - 15M EUR

Context

Carasent ASA has completed the acquisition of Data-Al GmbH, a German EHR software provider, marking Carasent's entry into the German private clinic market. The transaction was announced in a regulatory press release on 28 October 2024 and follows a year‑long evaluation process that identified Data-Al as a suitable partner for market expansion. Data-Al continues to operate under its existing brand while integrating into Carasent's broader portfolio. The acquisition aligns with Carasent's strategy to broaden its geographic reach and augment its product suite with a proven German‑market solution. By adding Data-Al's platforms, Carasent gains immediate access to a customer base of over 1,000 clinics and inherits a team with extensive local regulatory expertise. The move supports Carasent's objective to accelerate the rollout of its Webdoc X solution across Germany, leveraging cross‑selling opportunities and shared technology components. Operationally, Carasent plans to retain Data-Al's development and support staff to ensure continuity for existing clients while harmonising back‑office functions such as finance and human resources. The combined entity is expected to benefit from economies of scale in cloud hosting, joint marketing initiatives, and unified product roadmaps, which should enhance service consistency and reduce operational redundancies across the expanded market footprint.

DATA-AL, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

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Target

Data-Al GmbH is a German provider of electronic health record (EHR) software serving private healthcare clinics. Founded in 1988, the company developed two core platforms, Data-Al and Data-Cur, which enable patient data capture, appointment scheduling, billing integration, and regulatory reporting. Its client base comprises more than 1,000 small to medium sized private clinics distributed across most German federal states, each operating under a subscription model that generates recurring revenue. The firm employs a local team of thirty professionals who manage product development, implementation, and support, ensuring compliance with German data protection and medical standards. Product architecture relies on modular, cloud‑based components that can be configured to match clinic size and specialty, while maintaining a single‑sign‑on interface for clinicians. Data-Al’s business model emphasizes long‑term contracts with low churn, providing a stable cash flow that supports incremental feature upgrades and integration with third‑party diagnostic tools. The company’s market position is reinforced by a reputation for deep understanding of local regulatory requirements and a support network that offers on‑site training and 24/7 help‑desk assistance. Revenue is derived primarily from software licences, maintenance fees, and optional consulting services, with a secondary income stream from data analytics add‑ons.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
2022

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REFERENCES

Valuation range: EV 0M - 15M EUR

Revenue range: 0M - 5M EUR

EBITDA range: 0M - 5M 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.

Press release: view release

Target: data-al

Acquirer: carasent