Meritech Capital Partners / Capitalg invest in Pennylane

FRANCE Software / ERP, HR & Finance EV €1–10bn

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 [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only].

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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

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

Above 6x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2025

2024

Other operations with Pennylane

Other operations with Pennylane
Date	Acquirer	Target	Country	Sector
01/2026	TCV	PENNYLANE	FRANCE	ERP, HR & Finance

Similar deals in Software

Similar deals in Software
Date	Acquirer	Target	Country	Sector
05/2025	IK PARTNERS	LOHOFF PENSION SERVICES	GERMANY	ERP, HR & Finance
05/2025	SALESFORCE INC.	INFORMATICA INC.	UNITED STATES	Data, Analytics & AI
04/2025	BAIN CAPITAL	HEALTHEDGE	UNITED STATES	Industry-Specific Software
04/2025	FTV CAPITAL	N2F	FRANCE	ERP, HR & Finance
04/2025	TA ASSOCIATES	SMARTTRADE TECHNOLOGIES	FRANCE	Financial Services / Banking
03/2025	BAIN CAPITAL	NAMIRIAL	ITALY	Industry-Specific Software
03/2025	LITERACY CAPITAL	TRINITATUM	UNITED KINGDOM	Financial Services / Banking
03/2025	TELENOR SOFTWARE / HAWK INFINITY SOFTWARE	JOTTACLOUD	NORWAY	Software
03/2025	EQT PARTNERS	FORTNOX	SWEDEN	ERP, HR & Finance
03/2025	TXT E-SOLUTIONS	IT VALUES	ITALY	Industry-Specific Software

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €100–200M

EV/Revenue range: Above 6x

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

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Pennylane, a French company specialised in ERP, HR & Finance, by Meritech Capital Partners and Capitalg in 2025, structured as a growth equity investment to support its development. Ownership has since evolved, leading to a subsequent transaction with TCV in January 2026 (see the dedicated deal page for details).

How was the acquisition of Pennylane by Meritech Capital Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band and its EV/revenue multiple within the Above 6x range. Exact figures are available to members.

What was Pennylane’s revenue at the time of the deal?

At the time of the transaction, Pennylane’s annual revenue was estimated within the €100–200M range (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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