RIVALIS-HENRRI acquired by MANAGEMENT & PRIVATE INVESTORS

The acquisition of Doctrine by the British listed group RELX represents a landmark transaction in the European LegalTech sector. The strategic rationale for RELX centers on the integration of Doctrine’s specialized AI capabilities into its global legal analytics portfolio, creating significant industrial synergies and reinforcing its dominance in the European market. The deal was finalized following a competitive auction process involving several high-profile private equity sponsors, but ultimately shifted toward an industrial buyer capable of leveraging the target’s advanced technology stack. From a transaction fact perspective, the deal reflects a robust valuation multiple exceeding 10x ARR (Annual Recurring Revenue), driven by Doctrine's impressive 50% organic growth rate and its established profitability. The management team, which participated in the prior round's capital structure, will remain in place to lead the next phase of development within the RELX ecosystem. This acquisition highlights the intense market demand for AI-driven software platforms that offer clear productivity gains for professional services, signaling a continued phase of sector consolidation where large-scale industrial players acquire agile, tech-forward platforms to maintain a competitive edge.

IKS Health has entered into a definitive agreement to acquire 100% of the equity of TruBridge Inc. through its U.S. arm. The acquisition is a strategic move to create a comprehensive "system of record plus system of action" platform. The strategic rationale is driven by the desire to diversify the acquirer's portfolio into sticky, recurring SaaS-based Electronic Health Record (EHR) segments while deepening its penetration into the rural and community hospital market. By integrating TruBridge’s established EHR backbone with IKS Health’s proprietary AI-driven clinical enablement tools, the combined entity aims to solve complex operational challenges for healthcare organizations. This transaction follows the acquirer's successful playbook of acquiring documentation services and RCM providers, marking its first move into proprietary EHR assets. The deal will facilitate significant cross-selling opportunities, allowing the acquirer to deploy its suite of care-enablement software into the target's extensive installed base of community hospital clients, thereby cementing a more defensible market position within the U.S. healthcare technology landscape.

Main Capital Partners has acquired a majority stake in Gingco Systems GmbH, marking a strategic entry into the German workplace management software market. The transaction was structured as a majority buyout, with the existing management team retaining a significant minority reinvestment to ensure long-term alignment and continuity. The sale process was overseen by MCF Corporate Finance, with the platform being marketed as a high-margin, scalable enterprise resource leader. The strategic rationale for the acquisition is focused on capitalizing on the "New Work" era, where hybrid work models have increased the complexity of corporate resource management. Main Capital intends to accelerate Gingco’s transition to a pure SaaS model and invest heavily in AI-driven product features to enhance the platform's analytical and predictive capabilities. Furthermore, Main will utilize Gingco as a platform for a targeted "buy-and-build" strategy, evaluating complementary add-on opportunities to expand the group’s product suite and geographical footprint. For Gingco, the partnership provides the institutional backing and international software expertise required to consolidate its market leadership and scale its operations across the DACH region and beyond.

MTIP has completed a majority strategic investment in Verifarma, a Spain,headquartered software provider. The transaction is designed to propel the next phase of the company's growth, with a specific focus on international scaling and technological advancement. All four co,founders, including the CEO, CFO, COO, and Chief AI Officer, will continue to lead the business post,investment, ensuring management continuity and the preservation of long,term customer relationships. The strategic rationale for the partnership involves significant investment in the core track,and,trace technology platform and the expansion of AI,driven quality management features. Furthermore, the capital will be used to strengthen the group's go,to,market infrastructure in Europe and to further penetrate the Latin American market. This investment aligns with the growing global demand for rigorous pharmaceutical traceability and regulatory compliance, positioning the organization as a leading international player in the healthtech space. MTIP intends to leverage its extensive experience in scaling healthcare technology companies to support the entity's continued internationalization and platform development.

Asmodee has finalized the acquisition of 100% of the French publisher ATM Gaming, marking the group's largest acquisition since its recent listing on the Stockholm stock exchange. The transaction is structured as a combinaison of cash payment, newly issued Asmodee shares, and a deferred payment component. This acquisition allows Asmodee to significantly reinforce its position in the "party game" category, which is currently seeing the highest growth rates in the industry. The group anticipates strong financial performance from the target, with Revenue and EBITDA projected to grow by 47% in 2026, reaching €50 million in sales and an EBITDA of €25 million, maintaining a robust 50% EBITDA margin. The deal includes an earn-out mechanism based on the target's performance over the next five years, aligning the interests of the founders with the group's long-term profitability goals. Strategically, this move signals a resumption of Asmodee’s historical M&A program, which has historically accounted for nearly half of the group's total expansion. By integrating ATM Gaming’s popular titles, Asmodee intends to deploy these IPs across its global distribution network to maximize international sales.

Wonderful has raised €129.8 million ($150 million) in a Series B funding round, valuing the company at €1.7 billion ($2 billion). The round was led by Insight Partners, with significant follow-on participation from existing investors including Index Ventures, IVP, Bessemer Venture Partners, and Vine Ventures. The strategic rationale for the deal is to fund Wonderful's aggressive global expansion and the scaling of its "forward-deployed" workforce, which is projected to grow from 350 to 900 employees by the end of 2026. This funding follows a €86.5 million Series A in November 2025, highlighting the company's hyper-growth trajectory since emerging from stealth in mid-2025. The fresh capital will be used to further invest in the agentic platform and serve a growing list of multinational enterprises across Europe, the Middle East, APAC, and Latin America.

Total Specific Solutions (TSS) has successfully completed the acquisition of Cyberjet, a French software provider specializing in Air Transport Information Systems. Following the completion of the transaction, Cyberjet will continue to operate autonomously as an independent business unit within Groupe TSS, marking the division's 21st specialized software company in the French-speaking region. This platform investment represents a significant strategic milestone for the acquirer, enabling its initial entry into the highly specialized aviation software vertical in France. The transaction aligns perfectly with the acquirer's established mandate of targeting mature, niche-dominant software providers with deep vertical knowledge and exceptional client retention profiles. By integrating this asset, TSS not only establishes a foundational foothold in the aeronautical industry but also unlocks potential synergies and best-practice sharing with B. Rekencentra, a Belgian aviation software entity previously acquired by the group in 2024. For the target, integrating a perpetual software consolidator provides a robust, institutional foundation to accelerate business growth, leverage extensive operational playbooks, and ensure long-term stability for its multi-generational client base, while preserving the legacy built by its founding team.

Axcel has reached a definitive agreement to acquire Geomatikk Group from Hg, a maneuver designed to fundamentally accelerate the group’s pan-European expansion strategy. The strategic rationale for this transaction centers on a "platform-scaling" play, merging the target's industry-leading technical operational depth in infrastructure protection with the acquirer's extensive Nordic network and track record in professional services. This fusion effectively provides the organization with the institutional capital and strategic backing required to pursue a definitive structural expansion into new European territories. Following a period of intensive digital transformation under previous ownership, the organization has evolved into a high-performance software and services platform. By incorporating the sponsor's strategic discipline, the group is now positioned to leverage AI-driven automation to address the increasing complexity of global utility management. The maneuver optimizes the group's financial flexibility, enabling it to pursue further bolt-on acquisitions and reinforce its technological leadership.

This transaction marks the acquisition of a majority stake in MASA Group by Nicolas Walewski, facilitating the exit of the previous financial sponsors. The strategic rationale for the deal centers on preserving the company's independence as a "best-of-breed" simulation provider while ensuring it remains under domestic control. The operation follows a phase of significant scale-up where the group successfully expanded its international footprint and institutionalized its commercial operations. The acquirer’s offer was preferred by the management team as it allows the current leadership to remain at the helm and avoid integration into a larger industrial group. Due to the strategic nature of the target's simulation technology for national defense, the deal required formal government clearance before completion.

Extens structured a majority MBI to merge Orthalis and Dentalsoft into a new holding entity called SignalSoft Developpement. The project is led by Laurent Urien (CEO), who takes over from the exiting founders. The merger aims to create a dominant French platform with over EUR20M in revenue, focused on product innovation and international expansion into Switzerland, Italy, Spain, and Portugal.