INSTEM acquired by ARCHIMED

Private equity sponsor Hg has agreed to a further investment to cement its majority ownership position in cloud software provider Visma. This equity syndication broadens the shareholder base through a secondary sale, welcoming approximately 20 new institutional backers, including Altaroc, Jane Street, and the NYC Retirement System. Concurrently, the existing investor consortium (comprising ICG, TPG, and Visma's management team) is rolling over capital to reinvest in the platform. As part of the corporate reshuffle, the legacy Hg Genesis 7 fund will fully exit its remaining position in the business. For Hg, maintaining its 17-year stewardship of the asset secures funding for Visma's ongoing cross-border market penetration. Following a recent geographical expansion into France, Germany, Portugal, Peru, and Iceland, the software group now operates across 28 countries. Having streamlined its business model in 2022 by divesting non-core IT consulting and cloud infrastructure divisions, Visma operates as a pure-play SaaS provider. Under the continued leadership of CEO Merete Hverven, the commercial roadmap focuses on leveraging this expanded institutional network to drive product innovation, specifically targeting AI-driven automation within its core accounting and ERP software solutions for SMBs.

CVC Capital Partners entered into exclusive negotiations to acquire a majority stake in Sogelink from Keensight Capital. Keensight, which had led the previous LBO in 2019, will reinvest alongside CVC to retain a significant minority stake. The process, managed by Raymond James, was competitive with interest from Silver Lake and Eurazeo. The transaction is supported by a robust debt package provided by Sixth Street, Blackstone, and Goldman Sachs. The roadmap focuses on accelerating organic growth and pursuing further M&A in Europe.

Conex, the leading French developer of customs and security management software, has opened its capital to 21 Invest France. This majority investment marks the second transaction of 21 Invest's sixth-generation fund. The group�s founders, Alban and Bertrand Gruson, are reinvesting significantly to lead an ambitious multi-year growth strategy.

LINK Mobility has executed a strategic divestiture of its Message Broadcast subsidiary to focus on core operational priorities within the European market. This transaction aligns with the seller’s portfolio optimization strategy, aiming to improve earnings predictability by exiting a niche, weather-dependent segment with high revenue variability. The exit allows the seller to streamline its operational focus toward broader enterprise digital messaging, supported by a strong contract backlog and stable growth profiles in the European market. By separating this business from the parent organization, the transaction also facilitates a significant deleveraging of the seller's balance sheet, providing immediate liquidity to enhance the capital structure.

Diapason, a premier French software vendor specializing in Treasury and Risk Management Systems (TRMS), has entered a new growth phase through a strategic partnership with PSG Equity. This transaction positions PSG as the majority shareholder, succeeding Seven2 (formerly Apax Partners Development), which had been an investor since 2020.

OptimizeRx agreed to acquire 100% of Medicx Health. The operation will be funded through a combination of existing cash, short-term investments, and proceeds from a new $40 million credit facility provided by Blue Torch Capital. Certain members of Medicx's management, including founder and CEO, committed to reinvesting approximately $10.5 million of their transaction proceeds into OptimizeRx common stock, aligning their interests with the combined entity's success. The strategic rationale centres on creating the most comprehensive healthcare marketing platform in the US by combining OptimizeRx's HCP-focused DAAP platform with Medicx's consumer-focused Micro-Neighborhood® Targeting Platform — thereby addressing both key stakeholders in pharmaceutical marketing (doctors and patients) through a single integrated technology ecosystem.

Devolver Digital has completed the 100% acquisition of System Era Softworks, Inc. The transaction involves a multi-part consideration structure including upfront cash and shares, along with deferred and performance-based earn-out components, reflecting the firm's focus on long-term alignment with the target's management team. The acquisition serves as a strategic pivot for Devolver to extend its footprint beyond the traditional premium indie market. By integrating System Era, Devolver gains access to proven "Expandable Game" expertise and proprietary live-operations technology. This infrastructure is expected to be leveraged across future internal and external titles, reducing development costs and broadening the studio's technical capabilities in GaaS-based models. Furthermore, the acquisition strengthens Devolver's presence in the Pacific Northwest, a critical hub for technical talent.

Keysight Technologies acquired 100% of ESI Group through a two-stage process. First, it purchased a 50.6% controlling block from the founding Rouvray family and historical shareholders at EUR155 per share. This was followed by a mandatory tender offer for the remaining shares at the same price. By early 2024, Keysight completed the squeeze-out and delisted ESI Group from Euronext Paris. The acquisition accelerates Keysight's strategy to shift its focus "left" into the design phase of the product lifecycle by integrating advanced predictive simulation and virtual prototyping into its design and test portfolio.

Capza invested nearly EUR100M to acquire a 13% stake (via preferred shares) and refinance the group's debt. This transaction allowed the exit of Andera Acto. The founder, Christian Sabbagh, remains the majority shareholder (>70%). The deal aims to support Travelsoft's ambition to double in size within four years through massive European M&A.

The transaction involves the 100% acquisition of esco GmbH by Sandvik AB, integrating the target's specialized power skiving software into the acquirer’s Manufacturing and Machining Solutions division. This strategic acquisition is driven by the increasing shift toward electrification in the automotive sector, which is fundamentally changing manufacturing requirements for gears. Power skiving has emerged as a high-growth premium niche technology that provides superior productivity and flexibility compared to conventional machining methods, enabling significantly reduced cycle times. The integration allows the acquirer to bolster its portfolio with critical digital capabilities that directly support the design, production, and quality inspection of components essential for electric vehicle drivetrains.