At what enterprise value was HARVEST acquired in 2018?

During the acquisition of HARVEST by FIVE ARROWS in 2018, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.1x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of HARVEST when it was acquired by FIVE ARROWS?

The estimated EV/EBITDA multiple for HARVEST is in the range of Above 20x. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.1x. Join our community for free to access full valuation data and industry trends.

When was HARVEST acquired by FIVE ARROWS?

HARVEST was acquired by FIVE ARROWS in 2018.

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

The revenue of HARVEST at the time of the deal is estimated to be in the range of 10M - 30M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of HARVEST during the acquisition?

HARVEST's EBITDA is estimated to be in the range of 0M - 5M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the HARVEST 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 HARVEST 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.cfnews.net/L-actualite/Bourse/Operations/OPA-OPR/Harvest-rejoint-un-fonds-non-cote-286134

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Home Database TMT (Tech, Media, Telecom)HARVEST

12/2018

HARVEST acquired by FIVE ARROWS

FRANCE Software / Industry-Specific Software / Financial Services / Banking EV 100M - 350M EUR

Context

Five Arrows announced the acquisition of a majority block of Harvest's capital from its foundersand key managers at a price of EUR85 per share. This block purchase triggered a mandatory simplified public tender offer (OPA) for the remaining shares. This deal marks the first step towards the company's delisting.

HARVEST, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the TMT (Tech, Media, Telecom) sector (14.1x).

Note that 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.

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Founded in 1989, Harvest is the leading French software publisher for wealth management professionals. Its SaaS platforms enable bankers, insurers, and independent financial advisors (IFAs) to perform tax simulations, compliance checks, and portfolio analysis. Under Five Arrows' ownership, the group expanded significantly, notably acquiring Quantalys (fund data) and Fidroit (training/consulting). With 500 employees across France and Italy, Harvest serves over 4,600 clients.

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Other operations with HARVEST

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
01/2026	HARVEST	FIRSTANCE	ITALY	Software	Harvest has successfully finalized the acquisition of 100% of the share capital of Firstance, following its previous international expansion into the DACH region. The strategic rationale for this transaction is to create a unified European WealthTech champion by merging Harvest’s leading position in wealth management software with Firstance’s dominant digital distribution platform for life insurance. This alliance allows the combined entity to offer a comprehensive, cross-border technological suite to financial institutions across more than 30 jurisdictions. By entering the Italian market, Harvest significantly scales its geographical footprint and diversifies its product offering into the private insurance vertical. The integration aims to leverage human and technological synergies to meet the rising demand for sovereign European financial software solutions, providing a highly differentiated and sophisticated digital experience for wealth management professionals and their end-clients across the continent.
05/2023	TA ASSOCIATES / MONTAGU PRIVATE EQUITY	HARVEST	FRANCE	Software	TA Associates and Montagu acquired a majority stake in Harvest from Five Arrows (Rothschild & Co), which had owned the company since 2019. Five Arrows successfully delisted the company in 2020 (valued at EUR120M then) and executed a rapid build-up strategy. The deal was competitive, with interest from Wendel and Cinven, and was structured primarily as an equity deal.

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 10M - 30M EUR

EBITDA range: 0M - 5M EUR

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

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: five arrows