At what enterprise value was MASA GROUP acquired in 2022?

During the acquisition of MASA GROUP by ALBAREST / BPIFRANCE in 2022, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 10M - 30M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 13.3x, providing a valuable benchmark for this transaction.

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. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 13.3x. Join our community for free to access full valuation data and industry trends.

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. Register for free to access the full transaction report and exact valuation multiples.

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. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

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

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 LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the TMT (Tech, Media, Telecom) sector (13.3x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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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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2021

Other operations with MASA GROUP

Date	Acquirer	Target	Country	Sector	Deal Context
03/2026	MANAGEMENT & PRIVATE INVESTORS	MASA GROUP	FRANCE	Software	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.

REFERENCES

Valuation range: EV 10M - 30M EUR

Revenue range: 5M - 25M EUR

EBITDA range: 0M - 5M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MASA GROUP by ALBAREST / BPIFRANCE are reserved for mynth community members. Register for free to unlock full data.

Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: albarest / bpifrance