Turenne Capital invests in Kizeo
Context
The transaction involves the entry of Turenne Emergence into Kizeo’s capital, acquiring a ~20% minority stake through an equity investment of 10 million EUR. This growth LBO represents a strategic partnership aimed at accelerating the company's development trajectory over the next five years. The deal rationale is centered on supporting the target's ambitious growth plan, which includes doubling the firm's size through the expansion of its functional software coverage, pursuing international deployment, and evaluating potential external growth opportunities (buy-and-build). By providing capital and strategic support, the acquirer positions the company to further leverage AI technologies for data-driven decision-making and solidify its status as a leading partner for mobile professionals. This deal underscores the continued investor appetite for resilient, B2B vertical software providers that demonstrate high operational efficiency and strong integration within the critical workflows of industrial and construction sectors.
Kizeo, 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).
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Target
Kizeo is a French software publisher established in 2011, specializing in the digitalization of workflows for field-based professionals. The company provides a comprehensive software ecosystem (including Kizeo Forms, Klear, and Karré) that digitizes administrative tasks and collects critical data in real-time for technicians, site managers, and inspectors. Its solutions are deeply integrated into the operational workflows of clients across sectors such as construction, energy, utilities, and industry, serving as a critical infrastructure for reliable, secure, and traceable data collection. By automating reporting and field processes, Kizeo enables significant productivity gains, offering features such as offline data access for isolated sites and AI-powered report automation. The company has established a sticky customer base, counting major industrial groups such as VINCI Construction, ENGIE, SNCF, and EDF among its clients.
Ent. Value
€50–150M
Equity Value
[members only]
Multiples
EV / Revenue
4x–10x
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Turenne Capital
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2025 | TURENNE CAPITAL | M-ENERGIES | FRANCE | HVAC |
| 09/2021 | TURENNE CAPITAL / NORD CAPITAL PARTENAIRES | KALI ENVIRONNEMENT | FRANCE | Engineering & Consulting |
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REFERENCES
Valuation range: EV €50–150M
Revenue range: €5–25M
EBITDA range: €5–25M
EV/Revenue range: 4x - 10x
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 Kizeo by Turenne Capital 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.
Press release: view release
Target: kizeo
Acquirer: turenne capital
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