At what enterprise value was HR PATH acquired in 2024?

During the acquisition of HR PATH by ARDIAN in 2024, 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 500M - 1.5b 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 14.8x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of HR PATH when it was acquired by ARDIAN?

The exact EV/EBITDA multiple for HR PATH is available on mynth capital. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.8x. Join our community for free to access full valuation data and industry trends.

When was HR PATH acquired by ARDIAN?

HR PATH was acquired by ARDIAN in 2024.

What was the revenue of HR PATH at the time of the deal?

The revenue of HR PATH at the time of the deal is estimated to be in the range of 150M - 250M EUR. Register for free to access the full transaction report and exact valuation multiples.

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 HR PATH 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 HR PATH 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.ardian.com/fr/actualites-perspectives/communiques-de-presse/hr-path-ardian-entrent-en-negociations-exclusives

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Home Database TMT (Tech, Media, Telecom)HR PATH

07/2024

HR PATH acquired by ARDIAN

FRANCE Software / ERP, HR & Finance EV 500M - 1.5b EUR

Context

In April 2024, HR Path and Ardian entered into exclusive negotiations to establish a strategic partnership aimed at supporting the Group's next stage of development. The proposed transaction was designed to accelerate HR Path's international expansion and strengthen its position as a leading global provider of HR transformation services. The partnership was built on a shared long-term vision, with Ardian expressing strong confidence in HR Path's business model, management team, and ability to continue expanding across key international markets. The planned investment was intended to support the Group's growth strategy by further developing its three core business lines—HR consulting (Advise), HRIS implementation (Implement), and HR process outsourcing (Run)—while reinforcing its presence across Europe and the Americas. At the time, HR Path was already operating in 22 countries and supporting thousands of organizations in transforming their HR functions. Its integrated service model, covering the entire HR value chain, had become a key differentiator in a market increasingly driven by digital transformation, evolving workforce expectations, and the growing demand for end-to-end HR solutions. Both management teams emphasized their commitment to building a long-term partnership based on a shared strategic vision. For HR Path, the transaction represented an important milestone in expanding its international footprint, enhancing its service offering, and continuing to invest in innovation to help clients navigate the ongoing transformation of human resources.

HR PATH, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.8x).

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.

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Target

Founded in Paris in 2001, HR Path is a global consulting and services company specializing in Human Resources, HRIS implementation, and HR process outsourcing. The Group helps organizations transform and optimize their HR function through a unique business model built around three complementary service lines: Advise, Implement, and Outsource ('Air'). With 2,600 employees across 30 countries, HR Path supports the HR operations of nearly 20 million employees worldwide. Its growth is driven by a combination of organic expansion, innovation, international development, and a long-standing acquisition strategy that has strengthened its global expertise. HR Path partners with organizations of all sizes to streamline HR processes, accelerate digital transformation, and enhance the employee experience. The company is also investing in artificial intelligence and innovative technologies to develop new services and improve operational efficiency for its clients. By combining deep HR expertise, technology leadership, and a strong international presence, HR Path aims to be a leading global partner supporting organizations through the evolving world of work.

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Other operations with HR PATH

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
07/2026	ARDIAN / EURAZEO / UBS	HR PATH	FRANCE	Software	HR Path has entered a new phase of development through a transaction led by Ardian, which is extending its long-term support for the Group through a continuation fund. The transaction reinforces the partnership established in 2024 and reflects investors' confidence in HR Path's long-term growth strategy, while allowing the company's founders, partners, and employees to retain a majority ownership position
04/2026	HR PATH	COVALENCE CONSULTING	UNITED STATES	Software	HR Path completed the strategic acquisition of Covalence Consulting Inc. to significantly accelerate the growth and depth of its North American UKG practice. The rationale behind the transaction is to consolidate HR Path's position as a global leader in digital HR transformation by integrating specialized technical expertise in UKG and Infor solutions

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 150M - 250M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of HR PATH by ARDIAN 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).

Press release: view release

Target: hr path

Acquirer: ardian