IMPLICO acquired by EGERIA

EQT and First Kraft jointly announced a voluntary public tender offer for all outstanding shares in Fortnox at SEK 90 per share, implying a total equity value of approximately SEK 54.9 billion. The offer represents an extremely high valuation in absolute terms, reflecting Fortnox's exceptional combination of sustained revenue growth exceeding 20% per annum, a ~54% EBITDA margin, and its dominant market position in Swedish SME financial software. First Kraft, as Fortnox's largest existing shareholder, participates as a co-bidder rather than a seller, reinforcing its long-term conviction in the business.

Hawk Infinity Software (HIS) has entered into a definitive agreement to sell 100% of Jotta AS to a newly established strategic joint venture (SJV) owned 50/50 by HIS and Telenor. The Transaction involves the combination of Jotta with Telenor Software Lab AS (TSL), the provider of the "Min Sky" cloud service. The strategic rationale for the deal is to create a dominant Norwegian alternative to international cloud providers, boasting over 2 million active users and expected revenues exceeding 200 MNOK in 2025. For HIS, this represents a significant crystallization of value for its first majority SaaS investment made in 2016, which has seen a 300% revenue increase under its tenure. The net cash proceeds are earmarked for further M&A opportunities and general corporate purposes. The transaction, which is subject to Norwegian competition authority approval, will also result in a corporate restructuring where Jotta is replaced by a new subsidiary, SH Int AS, within the HIS bond obligor group, while the SJV itself will transition to a non,consolidated ownership model.

Hawk Infinity Software (HIS) has successfully completed the acquisition of 100% of Baze Technology. The strategic rationale for the acquisition is to integrate a high,performing, specialized IPTV and infotainment platform into HIS's vertical software portfolio. Baze Technology brings a strong financial profile, with LTM revenues of NOK 153.4 million and an LTM EBITDA of NOK 42.6 million. This move allows HIS to penetrate the maritime and hospitality software sectors while benefiting from Baze's established global customer base and technical leadership. The sale process, which was initiated in early 2024, was managed by Deloitte Corporate Finance, acting as the exclusive financial advisor to the sellers. This acquisition strengthens HIS's position as a leading consolidator of mission,critical B2B software in the Northern European market.

Centric Software signed a definitive agreement to acquire 100% of Contentserv for an Enterprise Value of €220 million. This strategic move aims to integrate Contentserv’s AI-driven PXM capabilities into Centric’s existing PLM and retail planning ecosystem. The transaction allows Centric to expand its value proposition beyond the design and development phase into the commercialization and digital experience phase, creating a unified flow from "product concept to consumer." By bridging the gap between product development (PLM) and online sales optimization (PIM/PXM), the combined entity enables brands to handle the increasing complexity of multi-channel distribution and constant SKU variations while maintaining a personalized and contextualized brand experience across global marketplaces.

Hawk Infinity Software (HIS) has entered into a definitive agreement to acquire 100% of ROQC Data Management AS. The strategic rationale for the acquisition is to integrate ROQC’s high,margin subsurface data management technology into HIS’s expanding portfolio of industry,specific software. ROQC has demonstrated a strong track record of balancing top,line growth with improving profitability, currently generating LTM revenues of NOK 53 million and an LTM EBITDA of NOK 28 million. This move allows HIS to penetrate the energy and geoscience software vertical while benefiting from ROQC's established SaaS business model and its solid foundation for long,term growth. The acquisition marks another step in HIS's consolidation strategy, acquiring specialized B2B software leaders that offer non,disruptible technological solutions and exceptional cash flow conversion.

Hawk Infinity Software (HIS) has entered into a definitive agreement to acquire 100% of Symplify Technologies AB. The deal structure includes a "contingent consideration" (earn-out) mechanism, where additional payments will be granted if Symplify meets ambitious free cash flow growth targets over the coming years. The strategic rationale for HIS is to integrate a market-leading customer engagement tool into its growing software ecosystem, capitalizing on Symplify's established presence in the FinTech and Sports-betting niches. The acquisition was funded through a combination of available liquidity, release from escrow accounts, and an equity issue in HIS toward its parent, Hawk Infinity AS. For Symplify, joining the Hawk Infinity group provides the financial backing necessary to further develop its AI capabilities and scale its global SME customer base.

TA Associates has successfully completed a voluntary public tender offer to acquire all outstanding shares of Nexus AG. By the expiration of the additional acceptance period in January 2025, TA secured 94.95% of the shares, including 26.9% previously committed by key shareholders through irrevocable undertakings. The strategic rationale for the transaction is to delist Nexus from the Frankfurt Stock Exchange (SDax) to increase operational flexibility and focus on long-term growth. TA aims to accelerate Nexus’s development through significant investments in Research & Development, specifically targeting cloud computing and AI-driven diagnostic solutions. Taking the company private allows management to pursue a more aggressive "buy-and-build" strategy through strategic acquisitions across Europe without the short-term pressures of public reporting. The settlement of the offer is expected in Q1 2025, following customary regulatory and foreign investment control clearances.

Owned since 2019 by Initiative & Finance, Ymag (a software publisher specializing in professional training and a leader in the apprenticeship sector) has announced its acquisition by Septeo (a leading software publisher in Europe).

Hexagon has entered into a definitive agreement to acquire the Geomagic software business from 3D Systems. This strategic carve-out allows 3D Systems to refocus on its core additive manufacturing hardware while enabling Hexagon to consolidate its lead in the 3D metrology and inspection market. The acquisition is highly synergistic, as Geomagic’s reverse engineering and CAD modeling tools perfectly complement Hexagon’s existing sensors and software portfolio. Financially, the deal is attractive as the target generates roughly $30 million in annual revenue with operating margins that are accretive to Hexagon’s existing Manufacturing Intelligence division. The transaction is subject to customary regulatory approvals and is expected to close in the second quarter of 2025.

TopSolid completed its fifth LBO since 2005, welcoming Credit Mutuel Equity as a new minority reference shareholder. Historical partners Bpifrance and IRDI chose to reinvest, while Siparex (shareholder since 2018) exited. The transaction allows the management team—comprising two generations of executives—to retain majority control (>60%), with the younger generation significantly strengthening their equity position. The deal is supported by senior debt with a leverage ratio below 3.0x EBITDA. The strategic goal is to reach EUR100M in revenue by 2029 while remaining an independent French player.