IT VALUES acquired by TXT E-SOLUTIONS

N2F completes a new funding round and capital reorganization led by the US-based growth equity firm FTV Capital. This operation marks the exit of the French fund Isai, which had backed the company since 2021. The investment aims to fuel N2F's international expansion, particularly in Europe and potentially North America, and to accelerate R&D to integrate more AI-driven features into its expense management platform.

Pennylane has raised €75 million in a Series D funding round. The round was led by new US-based investors Meritech Capital Partners and CapitalG (Alphabet), joining existing backers including Sequoia, DST Global, and Partech. The strategic rationale for this capital injection is to prepare for the mandatory electronic invoicing reform in France, currently scheduled for late 2026/2027. This regulatory shift represents a massive market opportunity as 6 million French companies must select a certified invoicing provider. Pennylane plans to use the funds to double its workforce to 800 employees (with 50% in R&D), intensify marketing efforts, and pursue strategic external growth, following its 2024 acquisition of Billy. The founders retain governance control while steering the company toward a target of exceeding €100 million in revenue by the end of 2025.

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.

The acquisition of a controlling stake in Namirial represents a significant capital deployment by Bain to capitalize on the secular growth of the Digital Transaction Management market. This transaction sees the exit of the previous financial sponsor, marking the conclusion of a successful five-year holding period characterized by international expansion and extensive M&A activity. The investment thesis focuses on leveraging the existing market leadership in DTM and high-assurance digital services to accelerate further cross-border growth and product innovation. By partnering with the existing management team, the new sponsor aims to support the company’s strategic objective of becoming a global industry champion, reinforcing its presence in highly regulated sectors where compliance and security are paramount. The deal includes significant reinvestment from the founder and key leadership, ensuring strong alignment on the future growth trajectory. Market participants view this transaction as a benchmark for high-quality, tech-enabled business services, signaling sustained investor appetite for European software platforms with established regulatory moats and strong cash flow visibility.

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 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.

Egeria, in partnership with the management team, has successfully finalized the acquisition of Implico’s SAP software business through a strategic carve-out transaction. This move involved the separation of the terminal management division into a standalone entity, OpenTAS GmbH, which remains with the previous shareholders. The strategic rationale for the acquisition centers on positioning the target as a dedicated growth platform for industry-specific SAP software solutions. By focusing exclusively on its role as a SAP Solution Extension (SOLEX) partner, the organization is poised to capitalize on the mandatory global migration to SAP S/4HANA and the discontinuation of legacy ECC support by 2027.

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.