QUEST SOFTWARE acquired by CLEARLAKE CAPITAL

This transaction represents a significant Series G financing round for Doctolib, a leading European e-health platform. The capital infusion solidified the company's position as the most valuable technology startup in France at the time, underscoring strong investor confidence in its business model and growth trajectory in the digital health sector. The primary rationale for the fundraising was to accelerate the company's strategic initiatives across Europe. The proceeds are earmarked for several key areas: first, to deepen market penetration in its existing geographies of France, Germany, and Italy by significantly expanding its commercial teams to onboard a larger percentage of healthcare professionals. Second, the funding is intended to fuel substantial investment in product development and innovation. The company aims to evolve beyond its core appointment-booking service by launching new software solutions, such as a secure messaging service for caregivers and advanced administrative and medical software for practices. This strategic move aims to create a more integrated and indispensable ecosystem for healthcare providers. The transaction was led by prominent French investors, reflecting a desire to maintain a strong domestic influence in the shareholding structure of a company considered a national technology champion with a critical role in the country's healthcare infrastructure.

Albarest Partners and Bpifrance, via the Definvest fund, have partnered with Chairman and CEO Marc de Fritsch and key executives to execute a Management Buy-Out (MBO) of MASA Group. The strategic rationale for the transaction is to provide the company with institutional and entrepreneurial backing to scale its innovative AI-driven simulation technologies. Following a period of organic growth and the successful deployment of its flagship SWORD software across international markets, this new capital structure aims to strengthen MASA's global leadership in defense simulation. The deal specifically supports the "Action PME" plan of the French Ministry of Armed Forces, ensuring that a strategic provider of command-staff training remains independent and well-funded to pursue aggressive export ambitions and diversification into civil crisis management sectors.

IK Partners acquired a majority stake in Sofia Developpement from Extens, Bpifrance, and Capital Croissance. The investment aimed to accelerate the group's transition to a full SaaS model and support a build-up strategy to consolidate the fragmented healthcare software market in France.

US-based growth equity firm Providence Strategic Growth (PSG) has entered into an agreement to acquire a stake in Sellsy, a French provider of all-in-one Customer Relationship Management (CRM) and Financial Management System (FMS) software for SMEs. As part of this transaction, Sellsy is raising €55 million from the fund, which is also buying out historical minority shareholders, including investors from the previous funding round in late 2017. Following this equity restructuring, the management team (led by co-founders Alain Mevellec and Frédéric Coulais, alongside Co-CEO Victor Douek) will retain its majority ownership and continue to spearhead the company's development. For Sellsy, this partnership is designed to accelerate its growth, solidify its position in the French market, and drive its European expansion, with the ultimate goal of reaching the €100 million revenue milestone.

Stem, Inc. has entered into a definitive agreement to acquire 100% of the share capital of AlsoEnergy Holdings, Inc. The transaction is structured as a combination of cash and common stock, effectively integrating two software-focused leaders in the renewable energy sector. The acquisition combines Stem’s strength in AI-driven energy storage optimization with AlsoEnergy’s leadership in solar monitoring and control. This "one-stop-shop" strategy allows the combined entity to offer a unified software solution across the entire renewable energy project lifecycle. For Stem, the deal provides a significant opportunity to cross-sell storage optimization software to AlsoEnergy’s extensive base of front-of-meter and commercial solar customers. The integration is expected to create a highly defensible platform capable of managing the full spectrum of solar and storage assets, thereby driving increased operational efficiency and project profitability for asset owners. The deal accelerates the transition to fully integrated grid-edge software systems, reinforcing the competitive necessity for comprehensive, AI-supported renewable asset management.

Private equity firm Clearlake Capital Group has entered into a definitive agreement to acquire the California-based talent management software provider Cornerstone OnDemand. Unanimously approved by the target's Board of Directors, the transaction will result in the company becoming privately held, officially delisting its shares from public markets. As part of this take-private buyout, technology-focused sponsor Vector Capital will also execute a strategic minority equity investment at closing. The sell-side process was managed by financial advisors Qatalyst Partners and Centerview Partners, while the acquirer was supported by a broad banking syndicate that included Morgan Stanley, Rothschild & Co., J.P. Morgan, and Goldman Sachs. Transitioning to a privately held structure will provide Cornerstone with enhanced strategic agility and the capital backing required to expand its market-leading HR SaaS capabilities. Clearlake intends to leverage its proprietary O.P.S.® operational framework to partner with management, accelerating organic execution while simultaneously positioning the company as an aggressive industry consolidator through inorganic transformation. The involvement of Vector Capital (who held deep historical ties to the platform through its prior ownership of Saba Software) adds significant domain expertise to support Cornerstone's evolution into the pre-eminent next-generation talent management ecosystem.

Spectris plc has finalized the acquisition of Concurrent Real-Time from the private equity firm Battery Ventures, a maneuver designed to fundamentally strengthen the group’s Hottinger Brüel & Kjær (HBK) platform. The strategic rationale for this transaction centers on a "simulation-convergence" play, merging the target's technical operational depth in hard-real-time computing with the group’s established leadership in physical sensing and simulation software. This fusion effectively creates a specialized Virtual Test Division, providing the organization with the hardware-in-the-loop (HiL) capabilities required to virtually test products throughout the entire development cycle. This operation allows the group to execute a definitive structural expansion into the high-growth simulation market, complementing its existing specialized assets such as VI-grade. By incorporating the target's deterministic operating systems and high-performance hardware, the organization can now provide a more robust and integrated solution set for "Zero Prototypes" vehicle development. The maneuver optimizes the group's financial profile by adding a high-margin, profitable technology brand that serves as a critical enabler of faster product life cycles. Ultimately, the partnership solidifies the group’s standing as a primary enabler of virtual testing innovation, bridging the gap between sophisticated laboratory-grade simulation and industrialized hardware testing standards.

The investment by Investindustrial in Targa Telematics is a strategic move to support the growth and internationalization of the Italian smart mobility leader. The deal will enable Targa Telematics to strengthen its leadership position in Italy and become a leading company in the smart mobility, fleet management, and insurtech sectors at the European and global level. The transaction will also allow Targa Telematics to further consolidate its existing partnerships with long-standing customers and create new client opportunities. The investment by Investindustrial is a testament to the company's commitment to supporting innovative and forward-thinking businesses. The deal is expected to have a positive impact on the smart mobility sector, as Targa Telematics continues to innovate and expand its offerings. With the support of Investindustrial, Targa Telematics is well-positioned to capitalize on the growing demand for smart mobility solutions and to become a major player in the global market. The investment will also enable Targa Telematics to accelerate its innovation process and to develop new solutions that meet the evolving needs of its clients. Overall, the deal is a strategic move that will support the long-term growth and success of Targa Telematics.

LINK Mobility acquired Message Broadcast to establish a significant foothold in the United States, positioning itself to capture growth in a fragmented and fast-paced market. The acquisition is designed to integrate a proprietary, high-margin communication platform into the Group's global ecosystem, significantly contributing to organic growth and overall profitability. By onboarding a management team with extensive industry experience, the Group aims to leverage existing relationships with blue-chip enterprise clients in sectors such as utilities and healthcare, where mission-critical communication is a non-negotiable requirement. This transaction is a central component of the Group's strategy to expand its product offerings and geographic footprint while maintaining its focus on scalability and innovation. The combined organization benefits from enhanced cross-selling opportunities and a broader, more diversified customer portfolio, accelerating the Group’s ambition to become the leading provider of B2C mobile messaging solutions in the North American market.

Unisys has entered into a definitive agreement to acquire Unify Square for a total consideration of $152.5 million, structured on a cash-free, debt-free basis and funded entirely through cash on hand. This transaction represents a highly strategic platform investment designed to directly integrate Unify Square’s specialized Unified Communications as a Service (UCaaS) offerings into the acquirer’s broader digital workplace services portfolio. The strategic rationale underpinning this acquisition is deeply rooted in the rapid evolution of hybrid workforce dynamics and the increasing enterprise necessity for seamless, secure collaboration. By absorbing Unify Square, the acquirer aims to significantly accelerate digital workplace transformation journeys for its clients, allowing them to transition smoothly from legacy on-premise communications to modern, cloud-based applications with minimal operational disruption. Furthermore, the integration brings critical real-time analytics and robust governance frameworks in-house, enabling the combined entity to proactively assess employee experience while simultaneously ensuring compliance across multiple communication platforms.