At what enterprise value was N2F acquired in 2025?

During the acquisition of N2F by FTV CAPITAL in 2025, the transaction's Enterprise Value is estimated to be in the range of €50–150M.

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

The estimated EV/Revenue multiple for N2F is in the range of 2x - 6x.

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 €5–25M.

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

What is the average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026?

The average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026 is 14.6x.

← DATABASE

Home Database TMT (Tech, Media, Telecom)N2F

04/2025

N2F acquired by FTV CAPITAL

FRANCE Software / ERP, HR & Finance EV €50–150M

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 [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x).

-> 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

€50–150M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

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REFERENCES

Valuation range: EV €50–150M

Revenue range: €5–25M

EV/Revenue range: 2x - 6x

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