PADOA acquired by THOMA BRAVO
Context
Five Arrows has sold Padoa to US-based Thoma Bravo in a landmark leveraged buyout (LBO) aimed at supporting the company's next phase of growth. This transaction marks a significant milestone in Padoa's evolution, as the company comes under the control of a specialized investor in B2B software and technology, renowned for its expertise in backing accelerating software publishers. The deal, which was highly contested among international investors, reflects the attractiveness of the healthcare software sector and the high quality of the asset. The selected buyer stands out for its investment strategy focused on software publishers, combining operational optimization and accelerated organic and inorganic growth. Beyond the change in ownership, the goal is to support Padoa's expansion in its domestic and international markets, driven by the increasing digitalization of occupational health services. The financial structure is based on a combination of senior debt and subordinated instruments, providing the necessary flexibility to support the company's future development. Ultimately, this transaction is part of a broader consolidation trend in the healthcare software sector, aimed at creating leading players in a rapidly evolving market.
PADOA, which reported an EBITDA margin of in 2026, 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 (15.1x).
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Target
Padoa is a French company specializing in the development of software solutions for occupational health. Founded in 2016 in Paris, the company has built a SaaS platform designed to digitize and streamline the activities of intercompany occupational health and prevention services (SPSTI). The solution aims to centralize medical and administrative data, facilitate employee monitoring pathways, and enhance coordination among various stakeholders in the occupational health sector. The company has developed an integrated technological approach, combining medical record management, visit scheduling, occupational risk tracking, and performance management tools for healthcare professionals. Padoa primarily targets a regulated and recurring market characterized by structural digitalization and compliance needs. This positioning enables the company to benefit from a subscription-based business model with a high revenue recurrence rate. As a result, Padoa has established itself as a reference player in its segment in France, driven by the growing adoption of its platform by occupational health services. The company's development has been supported by several specialized venture capital and private equity investors, allowing it to accelerate its product deployment and commercial expansion. Padoa operates at the intersection of the healthcare and SaaS technology sectors, with a strong regulatory component and a client base comprising institutional entities.
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REFERENCES
Valuation range: EV 500M - 1.5b EUR
EBITDA range: 10M - 30M 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.
Target: padoa
Acquirer: thoma bravo