DELTA TECNOLOGÍAS DE INFORMACIÓN acquired by SESA GROUP

Funds advised by Apax Partners have agreed to sell TIVIT, a leading Brazilian IT services and Business Process Outsourcing (BPO) platform, to Almaviva, an Italian digital transformation group, in a full exit transaction signed in June 2025. The deal marks the end of Apax’s 15-year ownership period, during which TIVIT was transformed into one of the largest technology services providers in Latin America. The transaction positions TIVIT within Almaviva’s global digital services ecosystem, creating a larger integrated technology group with expanded scale across Latin America and Europe. The acquisition of TIVIT by Almaviva was facilitated by the financial advice of J.P. Morgan and the legal advice of Mattos Filho and Skadden for Apax, and of Benetti & Giammarino Advogados and L.O. Baptista Advogados for Almaviva.

Truesec, a leading Nordic cybersecurity firm backed by private equity sponsor IK Partners, has entered into an agreement to acquire Banshie, a Denmark-based offensive security specialist. The transaction represents a strategic bolt-on acquisition aimed at expanding Truesec's local presence and technical capabilities in the Danish market. MCF Corporate Finance served as the exclusive financial advisor to Truesec throughout the transaction process. The transaction exhibits a compelling strategic rationale driven by the accelerating market shift from reactive to proactive cybersecurity defenses. For Truesec, this acquisition represents a highly value-accretive opportunity to integrate proven offensive security expertise, specifically in penetration testing and red teaming. By leveraging Banshie's specialized local team, Truesec aims to deliver incident response and mitigation times up to 30% to 40% faster than remote providers. This geographic expansion and capability enhancement align perfectly with Truesec’s broader objective of driving sector consolidation across the Nordic region to build a comprehensive, full-service security platform. This transaction acts as a strong market signal underscoring the increasing premium placed on specialized offensive security assets.

After 22 years of independence, Acensi completed its first LBO with Azulis Capital taking a minority stake. The transaction facilitated a significant capital reorganization between the two co-founders (previously 50/50 owners): One sold his entire stake and exited, while the other took majority control. A pool of ~20 managers, including the newly appointed Deputy GM (Mathieu Vigneron) and CFO (Guillaume Blin), also invested. The deal is supported by a senior debt package arranged by BNP Paribas with a moderate leverage ratio (slightly above 2.0x EBITDA). The roadmap includes opportunistic acquisitions in France and existing international markets.

Momentum, operating as a portfolio company of the US-based private equity fund Court Square Capital, has executed the acquisition of Secher Security. The transaction was structured as a strategic add-on investment to bolster Momentum's existing technological capabilities. This operation is highly value-accretive, designed to aggressively accelerate Momentum’s EMEA growth trajectory. Following the integration of Horizon Telecom in early 2024, deploying dry powder for Secher Security establishes a deeply complementary synergy. It cross-pollinates Momentum’s expansive network reach with Secher’s niche cybersecurity expertise, fulfilling a core strategic objective to deliver a comprehensive, globally integrated connectivity and security suite while solidifying market share in the Nordic region. This acquisition highlights the growing imperative for telecommunications providers to own proprietary security layers, setting a benchmark for future convergence plays in the rapidly shifting European digital landscape.

Perceva entered into a definitive agreement to acquire a majority stake in Adventiel, marking a major transition from its historical cooperative governance to a private equity-backed corporate structure. This strategic partnership was established to provide Adventiel with the financial firepower and managerial expertise required to scale from a regional leader in the Grand Ouest into a dominant national player in the AgTech sector. The transaction was motivated by the urgent need for French agricultural data players to consolidate in the face of rapid AI and Big Data revolutions while ensuring that data remains independent of foreign tech giants. Following the acquisition, the group aims to double its revenue by focusing on strategic digital services and expanding its national reach under the continued leadership of its existing management team.

H.I.G. Capital has signed a definitive agreement to acquire a majority stake in TIMETOACT GROUP from Equistone Partners Europe. The transaction values the business following a period of rapid expansion where revenue and earnings tripled since 2022. The founders and key management team, including Felix Binsack, will reinvest significantly alongside H.I.G. to maintain operational continuity. Strategically, H.I.G. intends to leverage its global network to support TIMETOACT's continued international expansion and ambitious M&A strategy, building on the company's successful track record of integrating add-on acquisitions in the fragmented IT services market.

Var Group acquired a 60% stake in InnoFour B.V. to expand its digital engineering footprint into the Benelux and Scandinavian markets. InnoFour will be integrated into the Var Industries BU, which, following this transaction, expects to reach EUR65 million in annual revenue with a team of over 200 professionals. The four founding partners of InnoFour will remain operatively involved with equity commitments to ensure sustainable integration and growth. This deal reinforces Sesa's internationalization strategy, focusing on high-value "bolt-on" industrial M&A within the European manufacturing sector.

H.I.G. Capital has entered into a definitive arrangement agreement to acquire all outstanding common shares of Converge Technology Solutions. The strategic rationale for the transaction centers on the immediate merger of Converge with Mainline Information Systems, an existing H.I.G. portfolio company. This combination is designed to create a scaled, global IT solutions platform with enhanced capabilities in hybrid cloud, cybersecurity, and digital infrastructure. By joining these two complementary organizations, the resulting entity will possess the technical depth and global reach required to advise IT decision-makers on mission-critical workloads. The deal provides a significant premium to public shareholders while transitioning the company to private ownership to facilitate a long-term growth strategy. The merger is expected to strengthen relationships with global OEM partners and provide a broader suite of professional and managed services to a combined customer base across North America and Europe.

Rivean Capital has successfully entered into a definitive agreement to acquire a majority shareholding in Valcon from Waterland Private Equity. This strategic transaction marks a secondary LBO, with the previous majority investor, Waterland, electing to re-invest as a minority shareholder alongside the existing management team. The move is designed to provide the organization with the necessary capital and strategic support to enter its next phase of development, specifically targeting the consolidation of the European digital transformation market. The strategic rationale focuses on accelerating the firm’s international footprint through an aggressive buy-and-build program while simultaneously investing in cutting-edge technological solutions, particularly in the fields of artificial intelligence and advanced data analytics. By leveraging the new sponsor’s extensive mid-market expertise and industrial network in NorthWestern Europe, the organization aims to become the primary benchmark for digital business transformation on the continent. The partnership ensures continuity in leadership and operational focus, maintaining the target's specialized culture while scaling its technical operational density across multiple industrial verticals.

Oakley Capital is acquiring a majority stake in I-TRACING from a group of investors led by Eurazeo and Sagard NewGen. This transaction is structured as a strategic recapitalization where the new lead investor enters alongside the historical shareholder to establish a co-control governance framework. The founders and the existing management team, comprising approximately eighty executives and employees, are significantly reinvesting in the operation to maintain a strong alignment of interests. The investment strategy is designed to build a pan-European champion in cybersecurity services by accelerating organic growth and implementing an active M&A program. Several potential acquisition targets in complementary geographies and service niches have already been identified. This new phase of development aims to capitalize on the group's pure-player positioning and its ability to attract top-tier technical talent in a rapidly expanding global market. The partnership will leverage the combined international networks and financing capabilities of all three institutional investors to support the group's ambitious expansion roadmap.