At what enterprise value was N2F acquired in 2025?

During the acquisition of N2F by FTV CAPITAL in 2025, 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 50M - 150M 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 14.5x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of N2F when it was acquired by FTV CAPITAL?

The exact EV/EBITDA multiple for N2F is available on mynth capital. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.5x. Join our community for free to access full valuation data and industry trends.

When was N2F acquired by FTV CAPITAL?

N2F was acquired by FTV CAPITAL in 2025.

What was the revenue of N2F at the time of the deal?

The revenue of N2F 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 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 N2F 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 N2F 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.cfnews.net/L-actualite/LBO/Operations/LBO/N2F-defraie-son-fonds-minoritaire-531909

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Home Database TMT (Tech, Media, Telecom)N2F

04/2025

N2F acquired by FTV CAPITAL

FRANCE Software / ERP, HR & Finance EV 50M - 150M EUR

Context

N2F completes a new funding round and capital reorganization led by the US-based growth equity firm FTV Capital. This operation marks the exit of the French fund Isai, which had backed the company since 2021. The investment aims to fuel N2F's international expansion, particularly in Europe and potentially North America, and to accelerate R&D to integrate more AI-driven features into its expense management platform.

N2F, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.5x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

A leading European SaaS provider for business expense management. Founded in 2015, N2F offers a modern, mobile-first platform that automates the entire expense process (OCR, policy compliance, accounting integration). The solution is used by over 10,000 clients in 86 countries, ranging from SMEs to large international corporations.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

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REFERENCES

Valuation range: EV 50M - 150M EUR

Revenue range: 5M - 25M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of N2F by FTV 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.

Target: n2f

Acquirer: ftv capital