mynth
← DATABASE
03/2025MajorityLBO

Bain Capital takes majority stake in Namirial

ITALY Software / Industry-Specific Software EV €1–10bn

Context

The acquisition of a controlling stake in Namirial represents a significant capital deployment by Bain to capitalize on the secular growth of the Digital Transaction Management market. This transaction sees the exit of the previous financial sponsor, marking the conclusion of a successful five-year holding period characterized by international expansion and extensive M&A activity. The investment thesis focuses on leveraging the existing market leadership in DTM and high-assurance digital services to accelerate further cross-border growth and product innovation. By partnering with the existing management team, the new sponsor aims to support the company’s strategic objective of becoming a global industry champion, reinforcing its presence in highly regulated sectors where compliance and security are paramount. The deal includes significant reinvestment from the founder and key leadership, ensuring strong alignment on the future growth trajectory. Market participants view this transaction as a benchmark for high-quality, tech-enabled business services, signaling sustained investor appetite for European software platforms with established regulatory moats and strong cash flow visibility.

In the past, Namirial was acquired by Ambienta in 2020 as part of its expansion strategy.

Namirial, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of Above 20x.

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

Target

Namirial is a global leader in Digital Transaction Management (DTM) solutions, providing a comprehensive suite of services that encompasses digital identity verification, electronic signatures, and qualified trust services. Headquartered in Italy, the company serves as a critical infrastructure provider for enterprises and financial institutions, enabling them to digitize workflows while maintaining the highest levels of regulatory compliance and data security. The firm’s business model is built upon a portfolio of SaaS applications that integrate seamlessly into complex corporate IT environments, offering secure, legally binding digital transaction capabilities. Through a combination of organic growth and strategic bolt-on acquisitions, Namirial has expanded its footprint across European markets, continuously diversifying its offerings to include RegTech and compliance-related software. Its strategy emphasizes the consolidation of specialized niche players to enhance its proprietary technology stack and cross-sell its core digital trust solutions to a broader customer base.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

Above 20x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€100–200M
€25–50M
[members only]
2023
€100–200M
€25–50M
[members only]

Other operations with Namirial

Other operations with Namirial
DateAcquirerTargetCountrySector
04/2026NAMIRIALFUTURE TECHNOLOGY LEADITALY
05/2020AMBIENTANAMIRIALITALYIndustry-Specific Software

Other operations with Bain Capital

Other operations with Bain Capital
DateAcquirerTargetCountrySector
05/2025BAIN CAPITALSOFTWAY MEDICALFRANCEHealthcare
04/2025BAIN CAPITALHEALTHEDGEUNITED STATESIndustry-Specific Software
02/2025BAIN CAPITALAPLEONAGERMANYHVAC
01/2025BAIN CAPITALFRONTLINE ROAD SAFETYUNITED STATESRoads
08/2024BAIN CAPITALSOMACISITALYElectronic Components
07/2024BAIN CAPITALMRO HOLDINGSEL SALVADORMRO (Maintenance, Repair & Overhaul)
08/2023BAIN CAPITALESTIA HEALTHAUSTRALIANursing Homes
07/2022BC PARTNERS / BAIN CAPITALFEDRIGONI GROUPITALYLabels & Adhesives
06/2022BAIN CAPITALHOUSE OF HRBELGIUMTemp Work / Staffing
01/2022BAIN CAPITALINETUMFRANCEConsulting & Integration

Similar deals in Software

Similar deals in Software
DateAcquirerTargetCountrySector
04/2025FTV CAPITALN2FFRANCEERP, HR & Finance
04/2025MERITECH CAPITAL PARTNERS / CAPITALGPENNYLANEFRANCEERP, HR & Finance
03/2025EQT PARTNERSFORTNOXSWEDENERP, HR & Finance
03/2025TELENOR SOFTWARE / HAWK INFINITY SOFTWAREJOTTACLOUDNORWAYSoftware
03/2025TXT E-SOLUTIONSIT VALUESITALYIndustry-Specific Software
03/2025LITERACY CAPITALTRINITATUMUNITED KINGDOMFinancial Services / Banking
02/2025CENTRIC SOFTWARECONTENTSERVGERMANYMarTech
02/2025EGERIAIMPLICOGERMANYIndustry-Specific Software
02/2025HAWK INFINITY SOFTWAREROQC DATA MANAGEMENTNORWAYIndustry-Specific Software
02/2025HAWK INFINITY SOFTWAREBAZE TECHNOLOGYDENMARKTravel / Hospitality

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €100–200M

EBITDA range: €25–50M

EV/Revenue range: 4x - 10x

EV/EBITDA range: Above 20x

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

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Namirial, an Italian company specialised in Industry-Specific Software, by Bain Capital in 2025, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in May 2020, when the company was acquired by Ambienta.

How was the acquisition of Namirial by Bain Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What were Namirial’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Namirial generated annual revenue estimated in the €100–200M range and EBITDA in the €25–50M bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.