mynth
03/2026

MASA GROUP acquired by MANAGEMENT & PRIVATE INVESTORS

FRANCE Software / Industry-Specific Software / Defense & Aerospace EV 50M - 150M EUR

Context

This transaction marks the acquisition of a majority stake in MASA Group by Nicolas Walewski, facilitating the exit of the previous financial sponsors. The strategic rationale for the deal centers on preserving the company's independence as a "best-of-breed" simulation provider while ensuring it remains under domestic control. The operation follows a phase of significant scale-up where the group successfully expanded its international footprint and institutionalized its commercial operations. The acquirer’s offer was preferred by the management team as it allows the current leadership to remain at the helm and avoid integration into a larger industrial group. Due to the strategic nature of the target's simulation technology for national defense, the deal required formal government clearance before completion.

It is worth noting that the fund Albarest / Bpifrance took control of Masa Group through an LBO in 2022.

MASA GROUP, which reported an EBITDA margin of in 2025, 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.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
2024

Other operations with MASA GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
03/2022ALBAREST / BPIFRANCEMASA GROUPFRANCEDefense & Aerospace

REFERENCES

Valuation range: EV 50M - 150M EUR

Revenue range: 5M - 25M EUR

EBITDA range: 5M - 25M 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.