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M&A

MASA GROUP

Acquired by

ALBAREST / BPIFRANCE

FRANCE Software EV [1m EUR - 100m EUR] 03/2022

MASA GROUP acquired by ALBAREST / BPIFRANCE

FRANCE Software EV [1m EUR - 100m EUR] 03/2022

Target

MASA GROUP

Acquirer

ALBAREST / BPIFRANCE

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.

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.

Ent. Value

Equity Value

Multiples Analysis

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with MASA GROUP

Date	Acquirer	Target	Country	Sector	Target Description
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.