Helvetic Payroll acquired by Freelance.com

SWITZERLAND Professional Services / HR & Capital / Temp Work / Staffing EV €100–350M

Context

Freelance.com completed the acquisition of Helvetic Payroll, the undisputed leader of the Swiss umbrella company market. This cross-border transaction combines the target’s high-margin, digital-native operations with the acquirer’s large-scale institutional reach in France. The strategic rationale for the deal is twofold: achieving immediate geographic dominance in Switzerland and significantly accreting the group's overall profitability, as the target's 5% operating margin exceeds the acquirer's historical average. The transaction was structured through a sophisticated mix of cash and equity, involving a €100 million debt package supported by Bpifrance, LCL, and Société Générale. This deal effectively doubles the group's pro-forma revenue to over €600 million, providing the critical mass necessary to pursue a long-term goal of €1 billion by 2025. By integrating Helvetic Payroll’s highly automated processes, the partnership optimizes the management of expert freelancers across 35 countries, reinforcing the group's position as a one-stop-shop for talent-as-a-service in Europe. The operation was immediately accretive (c. 40% on a full-year basis), highlighting the strong industrial and financial logic of merging two category leaders.

Helvetic Payroll, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of [members only].

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Target

Helvetic Payroll is the leading provider umbrella company services in the Swiss market. The group offers an advanced, fully digitalized ecosystem that facilitates the administrative, legal, and social management of independent consultants and cross-border workers. Known for its high operational efficiency and superior profitability (c. 5% operating margin), the firm manages complex Swiss labor regulations across multiple cantons, serving a high-growth segment of expert freelancers. By automating the back-office relationship between companies and external talents, Helvetic Payroll has achieved a dominant leadership position, characterized by a rapid growth trajectory (>30% YoY) and a robust digital-first business model that scales without significant proportional increases in overhead.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Other operations with Freelance.com

Other operations with Freelance.com
Date	Acquirer	Target	Country	Sector
02/2024	FREELANCE.COM	STA GROUPE	FRANCE	Temp Work / Staffing
08/2023	FREELANCE.COM	OPENWORK	FRANCE	Temp Work / Staffing

Similar deals in Professional Services

Similar deals in Professional Services
Date	Acquirer	Target	Country	Sector
01/2022	SAGARD	ADIT (AGENCE POUR LA DIFFUSION DE L'INFORMATION TECHNOLOGIQUE)	FRANCE	Consulting & Audit
01/2022	TOWERBROOK	EISNERAMPER	UNITED STATES	Accounting & Audit
10/2021	APEX GROUP	MAINSTREAM GROUP	AUSTRALIA	Accounting & Audit
09/2021	THE ADECCO GROUP	QAPA	FRANCE	Temp Work / Staffing
04/2021	HIG CAPITAL	INTERPATH	UNITED KINGDOM	Accounting & Audit
01/2021	SANNE GROUP	PRIVATE EQUITY ADMINISTRATORS	DENMARK	Accounting & Audit
12/2020	JACOBS ENGINEERING GROUP	PA CONSULTING	UNITED KINGDOM	Strategy & Management
11/2020	TWO CIRCLES	TRM PARTNERS	UNITED KINGDOM	Marketing & Events
05/2020	ARDIAN	ARGON & CO	FRANCE	Strategy & Management
02/2020	TILNEY	SMITH & WILLIAMSON (S&M)	UNITED KINGDOM	Accounting & Audit

REFERENCES

Valuation range: EV €100–350M

Revenue range: €150–250M

EV/Revenue range: below 1.5x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Helvetic Payroll by Freelance.com 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: helvetic payroll

FAQ

What transaction does this page cover?

This page covers Freelance.com’s acquisition of 100% of Helvetic Payroll, a Swiss company specialised in HR & Capital, in 2021.

How was the acquisition of Helvetic Payroll by Freelance.com 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 below 1.5x range. Exact figures are available to members.

What was Helvetic Payroll’s revenue at the time of the deal?

At the time of the transaction, Helvetic Payroll’s annual revenue was estimated within the €150–250M range (FY 2021). Detailed financial figures are available to members.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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