Home Database TMT (Tech, Media, Telecom)Doctrine

04/2023Majority

Summit Partners takes majority stake in Doctrine

FRANCE Software / Industry-Specific Software EV €100–350M

Context

Summit Partners has finalized the landmark acquisition of a majority stake in Doctrine, representing the largest transaction to date in the French LegalTech ecosystem. The deal, valued above 100 million EUR, marks a significant entry for the US-based growth equity firm into the European legal intelligence market, utilizing its dedicated European investment vehicle. The transaction structure includes a minority reinvestment by Peugeot Invest, the family office of the Peugeot family, ensuring a continued French presence in the company’s capital. This strategic move facilitated the full exit of historical early-stage investors, including Kima Ventures and Frst, while allowing a significant portion of the company’s workforce to participate in the new equity structure. The strategic rationale for the investment is centered on accelerating Doctrine’s internationalization and supporting its expansion into European law services. Despite historical friction with traditional legal publishers, the company’s transition to institutional ownership validates its AI-driven model as a global industry standard.

Doctrine, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the TMT (Tech, Media, Telecom) sector (15.3x in 2023).

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Target

Doctrine is a premier European LegalTech platform that leverages advanced Artificial Intelligence to streamline legal research, analysis, and strategic decision-making. Headquartered in France, the company provides an all-in-one software suite that allows legal professionals to access and analyze vast datasets of court rulings, legislative texts, and legal commentary with unprecedented speed and precision. Its proprietary algorithms offer a high-assurance interface that identifies legal trends, predicts litigation outcomes, and automates complex documentation tasks, thereby functioning as a mission-critical tool for operational efficiency. The firm has successfully expanded its footprint across five European markets (France, Italy, Germany, Spain, and Luxembourg) serving a diversified user base of over 27,000 professionals. Its business model is built on a highly scalable SaaS architecture with high levels of recurring revenue and a proven track record of profitability over the last five years. By focusing on rapid-deployment AI tools tailored for small and medium-sized firms, the company occupies a unique competitive position compared to players targeting large-cap enterprises.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2023

2022

Other operations with Doctrine

Other operations with Doctrine
Date	Acquirer	Target	Country	Sector
04/2026	RELX	DOCTRINE	FRANCE	Industry-Specific Software
02/2026	DOCTRINE	MAITE AI	SPAIN	Industry-Specific Software
10/2025	DOCTRINE	PREDICTICE	FRANCE	Industry-Specific Software
06/2025	DOCTRINE	DEJURE.ORG	GERMANY	Industry-Specific Software

Other operations with Summit Partners

Other operations with Summit Partners
Date	Acquirer	Target	Country	Sector
04/2015	SUMMIT PARTNERS / VAM INVESTMENTS	DENTALPRO	ITALY	Dental Centers

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REFERENCES

Valuation range: EV €100–350M

Revenue range: €5–25M

EV/Revenue range: 4x - 10x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Doctrine by Summit Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: doctrine

Acquirer: summit partners

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Doctrine, a French company specialised in Industry-Specific Software, by Summit Partners in 2023. Ownership has since evolved, leading to a subsequent transaction with RELX in April 2026 (see the dedicated deal page for details).

How was the acquisition of Doctrine by Summit Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What was Doctrine’s revenue at the time of the deal?

At the time of the transaction, Doctrine’s annual revenue was estimated within the €5–25M range (FY 2023). Detailed financial figures are available to members.

How does the valuation of Doctrine compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 15.3x EBITDA during 2023.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

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