At what enterprise value was PENNYLANE acquired in 2026?

During the acquisition of PENNYLANE by TCV in 2026, the company was valued at an estimated revenue multiple of Above 20x. The transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR. 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 TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.3x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of PENNYLANE when it was acquired by TCV?

The exact EV/EBITDA multiple for PENNYLANE is available on mynth capital. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.3x. Join our community for free to access full valuation data and industry trends.

When was PENNYLANE acquired by TCV?

PENNYLANE was acquired by TCV in 2026.

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. 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 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://capitalfinance.lesechos.fr/deals/capital-risque/tcv-et-blackstone-valorisent-pennylane-35-mdeur-2210754

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Home Database TMT (Tech, Media, Telecom)PENNYLANE

01/2026

PENNYLANE acquired by TCV

FRANCE Software / ERP, HR & Finance EV 3b - 100b EUR

Context

Pennylane raised EUR175M in a Series E funding round led by TCV and Blackstone. This round valued the company at approx. EUREUR3.5B. The funds are earmarked for product innovation (notably AI features) and accelerating market penetration among accounting firms.

As a reminder, the company had previously received an investment from Meritech Capital Partners / Capitalg in 2025.

PENNYLANE, which reported an EBITDA margin of LOGIN in 2026, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.3x).

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 TMT (Tech, Media, Telecom) market trends

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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Historical Financials (EUR)

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2026

2025

Other operations with PENNYLANE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
04/2025	MERITECH CAPITAL PARTNERS / CAPITALG	PENNYLANE	FRANCE	Software	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.

REFERENCES

Valuation range: EV 3b - 100b 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 TCV 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).

Target: pennylane

Acquirer: tcv