At what enterprise value was HARVEST acquired in 2023?

During the acquisition of HARVEST by TA ASSOCIATES / MONTAGU PRIVATE EQUITY in 2023, the transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR.

What was the EV/EBITDA of HARVEST when it was acquired by TA ASSOCIATES / MONTAGU PRIVATE EQUITY?

The estimated EV/EBITDA multiple for HARVEST is in the range of 15x - 25x.

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 50M - 100M EUR.

What was the EBITDA of HARVEST during the acquisition?

HARVEST's EBITDA is estimated to be in the range of 10M - 30M EUR.

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://capitalfinance.lesechos.fr/deals/lbo/harvest-repris-par-ta-associates-et-montagu-autour-de-500-meur-2101999

What is the average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026?

The average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026 is 15.1x.

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Home Database TMT (Tech, Media, Telecom)HARVEST

05/2023

HARVEST acquired by TA ASSOCIATES & MONTAGU PRIVATE EQUITY

FRANCE Software / Industry-Specific Software / Financial Services / Banking EV 500M - 1.5b EUR

Context

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.

It is worth noting that the fund Five Arrows took control of Harvest through an LBO in 2018.

HARVEST, which reported an EBITDA margin of in 2020, 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).

-> 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.

Ent. Value

Equity Value

Multiples

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Historical Financials (EUR)

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2020

2019

Other operations with HARVEST

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
01/2026	HARVEST	FIRSTANCE	ITALY	Financial Services / Banking
12/2018	FIVE ARROWS	HARVEST	FRANCE	Financial Services / Banking

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 50M - 100M EUR

EBITDA range: 10M - 30M 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 TA ASSOCIATES / MONTAGU PRIVATE EQUITY 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.

Acquirer: montagu private equity / ta associates