At what enterprise value was PENNYLANE acquired in 2025?

During the acquisition of PENNYLANE by MERITECH CAPITAL PARTNERS / CAPITALG in 2025, the transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR.

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

The revenue of PENNYLANE at the time of the deal is estimated to be in the range of 100M - 200M EUR.

How is the data for the PENNYLANE 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 PENNYLANE 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.pennylane.com/fr/blog/pennylane-news/annonce-levee-facturation-electronique

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 15.1x.

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Home Database TMT (Tech, Media, Telecom)PENNYLANE

04/2025

PENNYLANE acquired by MERITECH CAPITAL PARTNERS / CAPITALG

FRANCE Software / ERP, HR & Finance EV 1b - 4b EUR

Context

Pennylane has raised €75 million in a Series D funding round. The round was led by new US-based investors Meritech Capital Partners and CapitalG (Alphabet), joining existing backers including Sequoia, DST Global, and Partech. The strategic rationale for this capital injection is to prepare for the mandatory electronic invoicing reform in France, currently scheduled for late 2026/2027. This regulatory shift represents a massive market opportunity as 6 million French companies must select a certified invoicing provider. Pennylane plans to use the funds to double its workforce to 800 employees (with 50% in R&D), intensify marketing efforts, and pursue strategic external growth, following its 2024 acquisition of Billy. The founders retain governance control while steering the company toward a target of exceeding €100 million in revenue by the end of 2025.

PENNYLANE, which reported an EBITDA margin of in 2025, 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 (15.1x).

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Target

The first all-in-one financial and accounting operating system for SMEs and their accountants. Pennylane combines a full production tool for accountants with a financial management interface for business owners, enabling real-time collaboration and financial visibility.

Ent. Value

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2025

2024

Other operations with PENNYLANE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
01/2026	TCV	PENNYLANE	FRANCE	ERP, HR & Finance

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PENNYLANE by MERITECH CAPITAL PARTNERS / CAPITALG 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.

Press release: view release

Target: pennylane

Acquirer: meritech capital partners / capitalg