At what enterprise value was OPENWORK acquired in 2023?

You can find the full valuation details of OPENWORK on mynth capital. 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 Business Services industry currently tracks an average EBITDA multiple of 10.9x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of OPENWORK when it was acquired by FREELANCE.COM?

The exact EV/EBITDA multiple for OPENWORK is available on mynth capital. For comparison, the Business Services sector currently shows an average EBITDA multiple of 10.9x. Join our community for free to access full valuation data and industry trends.

When was OPENWORK acquired by FREELANCE.COM?

OPENWORK was acquired by FREELANCE.COM in 2023.

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

The revenue of OPENWORK at the time of the deal is estimated to be in the range of 50M - 100M 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 OPENWORK 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 OPENWORK 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://investors.freelance.com/wp-content/uploads/2023/08/CP-Freelance-31082023_FR_Openwork.pdf

← DATABASE

Home Database Business ServicesOPENWORK

08/2023

OPENWORK acquired by FREELANCE.COM

FRANCE Professional Services / HR & Capital / Temp Work / Staffing REV 50M - 100M EUR

Context

The acquisition of OpenWork allows Freelance.com to absorb one of its most innovative competitors, effectively merging OpenWork’s digital-first platform with Freelance.com’s large-scale institutional reach. The strategic rationale for the deal is rooted in the complementary nature of their service offerings and geographic footprints, particularly with the integration of OpenWork’s Belgian operations into Freelance.com’s existing international network in Switzerland and Morocco. By combining their commercial and marketing resources, the new group achieves a stronger position to manage different tiers of consultants through a multi-brand strategy. The partnership is expected to drive higher operational margins through the optimization of shared digital tools and a centralized administrative structure at the group’s headquarters. For OpenWork, the integration provides access to a broader range of B2B resource management services, while for Freelance.com, it reinforces its technical leadership in the "Portage Salarial" sector. This merger highlights the ongoing trend of professionalizing the freelance economy, where scale and specialized digital interfaces are critical for capturing market share in the rapidly growing professional services outsourcing industry.

OPENWORK, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Business Services sector (10.9x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in Business Services market trends

Target

OpenWork is a leading French specialist in "Portage Salarial" (umbrella company services), ranking among the top five players in the domestic market. The company provides an integrated platform designed to simplify the administrative, fiscal, and social management of independent consultants while granting them the legal protections of salaried status. Its business model is characterized by a "capped-fee" service offer and a high-performance digital ecosystem, including both web and mobile interfaces that automate back-office tasks for freelancers. With a strong presence in France and a growing international subsidiary in Belgium, OpenWork serves over 1,200 active independent professionals. Strategically, the firm acts as a business accelerator for consultants, offering a streamlined digital-first experience that reduces operational friction and enhances the security of the self-employed workforce.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Similar deals in Business Services

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
01/2024	ANDERA PARTNERS	MEOGROUP	FRANCE	Professional Services	Andera Partners acquired a minority stake in Meogroup, partnering with the founder and the CEO, who remain at the helm. This transaction, marking a new development cycle for the group, allows Meogroup to restructure its capital while securing significant financial resources to pursue its buy-and-build strategy
01/2024	CHARTERHOUSE	TWO CIRCLES	UNITED KINGDOM	Professional Services	This majority buyout transaction shifts the institutional control of Two Circles from Bruin Capital to Charterhouse Capital Partners, in a deal structured to ensure total management continuity through a significant equity reinvestment by the current leadership team led by co-founder and CEO Gareth Balch
06/2022	BAIN CAPITAL	HOUSE OF HR	BELGIUM	Professional Services	Bain Capital Private Equity acquired a 55% majority stake in House of HR from the French private equity firm Naxicap Partners. This transaction concludes a decade-long value creation cycle during which the group’s revenue exploded from €330 million to €2
04/2022	NEW MOUNTAIN CAPITAL	CITRIN COOPERMAN	UNITED STATES	Professional Services	New Mountain Capital acquired a majority stake in Citrin Cooperman, marking a historic shift for the firm from a traditional partnership to a PE-backed growth model. The strategic partnership was designed to provide the financial and technological resources needed to accelerate both organic growth and a massive consolidation program
01/2022	SAGARD	ADIT (AGENCE POUR LA DIFFUSION DE L'INFORMATION TECHNOLOGIQUE)	FRANCE	Professional Services	Sagard entered into exclusive negotiations to become the new reference shareholder of ADIT, acquiring a stake slightly below 50%. This transaction represents the fourth LBO since the company's privatization in 2011
10/2021	FREELANCE.COM	HELVETIC PAYROLL	SWITZERLAND	Professional Services	Freelance.com completed the acquisition of Helvetic Payroll, the undisputed leader of the Swiss umbrella company market. This cross-border transaction combines the target’s high-margin, digital-native operations with the acquirer’s large-scale institutional reach in France
09/2021	THE ADECCO GROUP	QAPA	FRANCE	Professional Services	Adecco acquired 100% of QAPA and planNED to immediately deploy a "state-of-the-art" 100% online solution to its client base. Strategically, this acquisition complements Adecco's physical network with a high-speed digital channel, intended to serve large key accounts requiring flexibility
04/2021	HIG CAPITAL	INTERPATH	UNITED KINGDOM	Professional Services	H.I.G. Europe acquired KPMG's UK restructuring business in a complex corporate carve-out transaction. The deal created "Interpath Advisory," an independent entity led by senior partners who became significant shareholders
12/2020	JACOBS ENGINEERING GROUP	PA CONSULTING	UNITED KINGDOM	Professional Services	Jacobs Engineering Group has finalized a strategic investment to acquire a 65% majority stake in PA Consulting from The Carlyle Group, which exits its position after a successful five-year partnership
11/2020	TWO CIRCLES	TRM PARTNERS	UNITED KINGDOM	Professional Services	The acquisition of TRM Partners by Two Circles represents a strategic consolidation designed to merge predictive fan data analytics with institutional sponsorship sales execution, responding to corporate marketing procurement shifts that demand auditable, data-backed returns on advertising spend over traditional broadcast impressions

REFERENCES

Revenue range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of OPENWORK by FREELANCE.COM are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).