mynth
← DATABASE
06/2015MajorityLBO

Raise takes majority stake in Questel Group

FRANCE Software / Industry-Specific Software EV €50–150M

Context

Raise Investissement and Capza (Capzanine) acquired a combined 45% stake in Questel in a secondary LBO transaction, facilitating the exit of Syntegra Capital, which had been the majority shareholder since 2008. The strategic rationale for the acquisition was to provide the financial resources and expertise needed to execute an aggressive buy-and-build strategy in the fragmented intellectual property services market. By backing CEO Charles Besson, the investors aimed to support Questel’s transition toward an integrated software and services platform and to strengthen its presence in key international markets, particularly North America. This transaction set the foundation for Questel's rapid expansion, enabling multiple strategic acquisitions—such as the purchase of ITIP—which eventually led to a significant increase in the company's valuation and operational scale.

Questel Group, which reported an EBITDA margin of [members only] in 2014, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x in 2026).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Founded in 1978, Questel is a leading global provider of intellectual property (IP) and innovation management solutions. The company’s business model is built on an integrated platform that combines sophisticated software with professional services to manage the entire IP life cycle—from the initial invention and filing to renewals and brand protection. Its value proposition centers on offering a collaborative ecosystem for large multinationals and research organizations, helping them streamline patent and brand management across 30 countries. Strategically, the firm focuses on aggressive international growth and technological integration, having significantly increased its operational scale through a concentrated buy-and-build strategy. With a workforce of 900 people and a client base of nearly 6,000, the organization acts as a critical infrastructure provider for global innovation and corporate legal departments.

Ent. Value

€50–150M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2014
€10–30M
€5–25M
[members only]
2013
€10–30M
€5–25M
[members only]

Other operations with Questel Group

Other operations with Questel Group
DateAcquirerTargetCountrySector
10/2020EURAZEO / IK PARTNERS / RAISEQUESTEL GROUPFRANCEIndustry-Specific Software
02/2018IK PARTNERSQUESTEL GROUPFRANCEIndustry-Specific Software

Other operations with Raise

Other operations with Raise
DateAcquirerTargetCountrySector
07/2019RAISEAVISA PARTNERSFRANCEConsulting & Audit

Similar deals in Software

Similar deals in Software
DateAcquirerTargetCountrySector
04/2016ASTORGFLOWBIRD (EX PARKEON)FRANCEIndustry-Specific Software
12/2015HELLMAN & FRIEDMANTEAMSYSTEMITALYERP, HR & Finance
04/2015ASTORGMETROLOGIC GROUPFRANCESupply Chain & Ops
03/2015VECTOR CAPITALSABA SOFTWAREUNITED STATESERP, HR & Finance
03/2015TEMENOSMULTIFONDSLUXEMBOURGFinancial Services / Banking
01/2015BRIDGEPOINTEFRONTFRANCEFinancial Services / Banking
12/2014ACCEL-KKROPTIMIZELY (EX EPISERVER)UNITED STATESMarTech
12/2014VISTA EQUITY PARTNERSNAVEXUNITED STATESERP, HR & Finance
04/2014TEAMSYSTEM24ORE SOFTWAREITALYERP, HR & Finance
04/2014HG CAPITAL / KKR / CINVENVISMA GROUPNORWAYERP, HR & Finance

REFERENCES

Valuation range: EV €50–150M

Revenue range: €10–30M

EBITDA range: €5–25M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Questel Group by Raise 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: questel group

Acquirer: raise

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Questel Group, a French company specialised in Industry-Specific Software, by Raise in 2015, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with IK Partners in February 2018 (see the dedicated deal page for details).

How was the acquisition of Questel Group by Raise valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €50–150M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Questel Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Questel Group generated annual revenue estimated in the €10–30M range and EBITDA in the €5–25M bracket (FY 2014). Detailed financial figures are available to members.

How does the valuation of Questel Group compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

With an estimated valuation multiple in the range of 5x - 12x in 2015, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the TMT (Tech, Media, Telecom) sector are valued at a multiple of 14.6x EBITDA.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.