At what enterprise value was MASA GROUP acquired in 2022?

During the acquisition of MASA GROUP by ALBAREST / BPIFRANCE in 2022, the transaction's Enterprise Value is estimated to be in the range of 10M - 30M EUR.

What was the EV/EBITDA of MASA GROUP when it was acquired by ALBAREST / BPIFRANCE?

The estimated EV/EBITDA multiple for MASA GROUP is in the range of 5x - 12x.

When was MASA GROUP acquired by ALBAREST / BPIFRANCE?

MASA GROUP was acquired by ALBAREST / BPIFRANCE in 2022.

What was the revenue of MASA GROUP at the time of the deal?

The revenue of MASA GROUP at the time of the deal is estimated to be in the range of 5M - 25M EUR.

What was the EBITDA of MASA GROUP during the acquisition?

MASA GROUP's EBITDA is estimated to be in the range of 0M - 5M EUR.

How is the data for the MASA GROUP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the MASA GROUP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.masasim.com/post/masa-accueille-albarest-partners-et-le-fonds-definvest-%C3%A0-son-capital

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Home Database TMT (Tech, Media, Telecom)MASA GROUP

03/2022

MASA GROUP acquired by ALBAREST & BPIFRANCE

FRANCE Software / Industry-Specific Software / Defense & Aerospace EV 10M - 30M EUR

Context

Albarest Partners and Bpifrance, via the Definvest fund, have partnered with Chairman and CEO Marc de Fritsch and key executives to execute a Management Buy-Out (MBO) of MASA Group. The strategic rationale for the transaction is to provide the company with institutional and entrepreneurial backing to scale its innovative AI-driven simulation technologies. Following a period of organic growth and the successful deployment of its flagship SWORD software across international markets, this new capital structure aims to strengthen MASA's global leadership in defense simulation. The deal specifically supports the "Action PME" plan of the French Ministry of Armed Forces, ensuring that a strategic provider of command-staff training remains independent and well-funded to pursue aggressive export ambitions and diversification into civil crisis management sectors.

MASA GROUP, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x).

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Target

Founded in 1996 as a spin-off from the bioinformatics laboratory of ENS Paris, MASA Group is a global leader in AI-based modeling and simulation software for the defense and civil safety markets. The company specializes in crisis management and command-staff training simulations. Its flagship software, SWORD, is an automated constructive simulation used by over 30 armies and defense agencies worldwide to train commanders in decision-making and doctrine. With offices in Paris, Rio de Janeiro, and the UAE, MASA generates 45% of its revenue internationally. The business model is built on high-value software licensing and specialized maintenance for strategic military and governmental clients.

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Other operations with MASA GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
03/2026	MANAGEMENT & PRIVATE INVESTORS	MASA GROUP	FRANCE	Defense & Aerospace

REFERENCES

Valuation range: EV 10M - 30M EUR

Revenue range: 5M - 25M EUR

EBITDA range: 0M - 5M EUR

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: albarest / bpifrance