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M&A

HR PATH

Acquired by

ARDIAN

FRANCE Software EV [500m EUR - 1b EUR] 07/2024

Target

HR PATH

Acquirer

ARDIAN

Context

HR Path, a global leader in Human Resources consulting and digital transformation, has entered into exclusive negotiations with Ardian for a record-breaking fundraising round. Announced in April 2024, this transaction aims to support the group's next phase of international expansion and consolidate its position as a global "one-stop shop" for HR services.

The transaction values HR PATH at an EV/Revenue multiple of LOGIN.

This transaction is part of the TMT (Tech, Media, Telecom) industry, which currently tracks an average EBITDA multiple of 13.1x since the beginning of 2026, 4.7% decrease compared to 2025. 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 2001, HR Path is a global leader in Human Resources consulting and technology. The group offers a unique "AIR" (Advise, Implement, Run) value proposition, covering everything from HR strategy consulting and the integration of major software solutions (SAP SuccessFactors, Workday, Oracle, Dayforce) to full payroll outsourcing and managed services. With a presence in 22 countries and over 3,000 clients, the group acts as a comprehensive partner for the digital transformation of the HR function.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

Year
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EBITDA
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2023
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2022
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Other operations with HR PATH

DateAcquirerTargetCountrySectorDeal Context
04/2026HR PATHCOVALENCE CONSULTINGUNITED STATESERP, HR & Finance

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. This move strengthens the group's ability to deliver high-value outcomes in the United States and Canada, markets where Covalence has established a strong reputation for implementation excellence and customer satisfaction. The integration allows the combined entity to support customers through every stage of their digital journey, from initial advisory to long-term system optimization. By acquiring Covalence, the buyer gains a highly skilled team and a proven delivery culture that aligns with its global "Advise, Implement, Run" strategy, creating a more robust service offering for businesses managing complex workforce and payroll technologies in the North American region.

mynth data is contributed by M&A / PE professionals and systematically cross-verified against private deal documents and official releases. All source materials are destroyed post-validation to guarantee data anonymity and compliance.