PENNYLANE acquired by TCV
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.
It is worth noting that the fund Meritech Capital Partners / Capitalg took control of Pennylane through an LBO in 2025.
PENNYLANE, which reported an EBITDA margin of [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x).
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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)
Other operations with PENNYLANE
Other operations with PENNYLANE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2025 | MERITECH CAPITAL PARTNERS / CAPITALG | PENNYLANE | FRANCE | ERP, HR & Finance |
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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 TCV 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.
Target: pennylane
Acquirer: tcv