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04/2026100%

Idemia Public Security acquired by Amadeus

FRANCE Software / Industry-Specific Software EV €1–10bn

Context

The acquisition of Idemia Public Security (IPS) by Amadeus represents a transformational transaction, marking a significant milestone in the structured divestment strategy of Advent International. Strategically, this acquisition allows Amadeus to internalize world-class biometric capabilities, directly supporting its vision for a modernized and secure global travel infrastructure. The transaction follows a highly competitive auction process exclusively targeting industrial buyers, where the Spanish group successfully leveraged its strong pro forma balance sheet to outbid international competitors. From a transaction facts perspective, the deal reflects the ongoing de-merger of the Idemia group into specialized business units, following the prior sale of its Smart Identity division.

Idemia Public Security, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x in 2026).

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

Target

Idemia Public Security (IPS) is a global leader in biometric identification and security solutions, specialized in high-assurance technology for government agencies and industrial operators. Headquartered in France, the company provides a sophisticated suite of biometric tools, including facial recognition, fingerprint identification, and iris scanning, utilized for border control, national identity systems, and law enforcement. Its business model is built on mission-critical software and hardware integration that ensures the integrity and security of public identity data. By leveraging advanced algorithms and large-scale data processing, the firm facilitates seamless and secure transit through international travel hubs and government facilities. The company’s value proposition is centered on its technical leadership in biometric accuracy and its ability to manage complex, highly regulated security environments on a global scale.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€450–900M
€100–200M
[members only]
2024
€450–900M
€100–200M
[members only]

Other operations with Amadeus

Other operations with Amadeus
DateAcquirerTargetCountrySector
04/2024AMADEUSVISION-BOXPORTUGALIndustry-Specific Software

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €450–900M

EBITDA range: €100–200M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Idemia Public Security by Amadeus 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: idemia public security

Acquirer: amadeus

FAQ

What transaction does this page cover?

This page covers Amadeus’s acquisition of 100% of Idemia Public Security, a French company specialised in Industry-Specific Software, in 2026.

How was the acquisition of Idemia Public Security by Amadeus valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Idemia Public Security’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Idemia Public Security generated annual revenue estimated in the €450–900M range and EBITDA in the €100–200M bracket (FY 2025). Detailed financial figures are available to members.

How does the valuation of Idemia Public Security compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the TMT (Tech, Media, Telecom) sector (14.6x in 2026).

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

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