At what enterprise value was DOCTRINE acquired in 2023?

During the acquisition of DOCTRINE by SUMMIT PARTNERS in 2023, the transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR.

When was DOCTRINE acquired by SUMMIT PARTNERS?

DOCTRINE was acquired by SUMMIT PARTNERS in 2023.

What was the revenue of DOCTRINE at the time of the deal?

The revenue of DOCTRINE at the time of the deal is estimated to be in the range of 5M - 25M EUR.

How is the data for the DOCTRINE acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the DOCTRINE deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.maddyness.com/2023/04/11/rachat-doctrine-summit-partners/

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Home Database TMT (Tech, Media, Telecom)DOCTRINE

04/2023

DOCTRINE acquired by SUMMIT PARTNERS

FRANCE Software / Industry-Specific Software EV 100M - 350M EUR

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 in 2023, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

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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.

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2022

Other operations with DOCTRINE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
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

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 5M - 25M EUR

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