SCIPLAY CORPORATION acquired by LIGHT & WONDER

Pollen Street Capital has acquired a majority stake in Assessio from Main Capital Partners. This transaction marks the culmination of a successful transformation phase where the company pivoted from a consultancy-driven model to a scalable SaaS business. The deal provides an exit for Main Capital, which tripled the company's revenue during its four-year holding period through aggressive international expansion and bolt-on acquisitions in the Benelux and Nordic regions. Pollen Street Capital intends to continue this "Buy-and-Build" strategy, supporting the management team to further consolidate the fragmented European assessment market and drive product innovation in AI-driven talent analytics.

The acquisition of Appli-Key by Santiane marks a strategic expansion of the latter's capabilities in the InsureTech sector, enabling the company to strengthen its market position and accelerate its growth. Through this transaction, Santiane aims to leverage Appli-Key's expertise in software development and digital solutions to enhance its own offerings and improve its operational efficiency. The deal is part of Santiane's broader strategy to diversify its business and expand its market footprint, driven by regulatory changes and evolving customer needs. By integrating Appli-Key's innovative solutions and talented team, Santiane seeks to create a leading player in the French insurance brokerage market, capable of delivering high-quality, tailored services to its clients. The acquisition is expected to generate significant synergies, driven by the combination of Santiane's industry expertise and Appli-Key's technological capabilities, and is financed through a combination of capital and debt raised from LGT Capital Partners and Tikehau.

TA Associates and Montagu acquired a majority stake in Harvest from Five Arrows (Rothschild & Co), which had owned the company since 2019. Five Arrows successfully delisted the company in 2020 (valued at EUR120M then) and executed a rapid build-up strategy. The deal was competitive, with interest from Wendel and Cinven, and was structured primarily as an equity deal.

Technology investment firm Silver Lake has entered into a definitive agreement to acquire a significant minority equity stake in software provider TeamSystem. Following the completion of the transaction, which remains subject to customary closing conditions and regulatory approvals, Hellman & Friedman (H&F) will retain its position as the controlling majority shareholder. Evercore acted as the exclusive financial advisor to both H&F and TeamSystem throughout this corporate syndication process. For Hellman & Friedman, the transaction brings a premier technology sponsor into the shareholder register while retaining operational control of an asset that has aggressively scaled its customer base from 200,000 to approximately 1.8 million since the initial 2016 buyout. For Silver Lake, the investment directly aligns with its institutional mandate to back high-growth European cloud software champions, capitalizing on TeamSystem's rapid expansion. This exceptional growth trajectory has been heavily fueled by a highly active external growth playbook, characterized by numerous small, targeted bolt-on acquisitions to drive market consolidation. Under the continued leadership of CEO Federico Leproux, TeamSystem will leverage this strategic partnership to accelerate the rollout of AI-driven tools within its ERP solutions and drive the digital transformation of SMBs across its core Italian and Spanish markets, all while sustaining its aggressive pace of M&A execution.

Edenred acquired 100% of Reward Gateway. Strategically, this is a "platform expansion" play. Edenred aims to take Reward Gateway's proven technology (currently strong in the UK/Australia) and roll it out across its own massive footprint in continental Europe (France, Belgium, Germany, Italy, Spain, Romania). By integrating Reward Gateway, Edenred evolves from being a simple provider of "lunch money" to a holistic "Employee Experience" platform, offering a one-stop-shop for benefits, discounts, and corporate culture tools.

Summit Partners has finalized the landmark acquisition of a majority stake in Doctrine, representing the largest transaction to date in the French LegalTech ecosystem. The deal, valued above 100 million EUR, marks a significant entry for the US-based growth equity firm into the European legal intelligence market, utilizing its dedicated European investment vehicle. The transaction structure includes a minority reinvestment by Peugeot Invest, the family office of the Peugeot family, ensuring a continued French presence in the company’s capital. This strategic move facilitated the full exit of historical early-stage investors, including Kima Ventures and Frst, while allowing a significant portion of the company’s workforce to participate in the new equity structure. The strategic rationale for the investment is centered on accelerating Doctrine’s internationalization and supporting its expansion into European law services. Despite historical friction with traditional legal publishers, the company’s transition to institutional ownership validates its AI-driven model as a global industry standard.

Bridgepoint acquired a majority stake in Equativ, valuing the company at over EUR300M. This transaction aims to support the group's international growth, particularly in the US market, and finance its build-up strategy to consolidate the independent AdTech market.

The acquisition of Viasat Group by Targa Telematics is a strategic move aimed at creating a leading global player in the IoT and digital solutions market for connected mobility. The deal is expected to strengthen Targa Telematics' position in the Italian market and accelerate its European expansion, while also enhancing its capabilities in the development and implementation of innovative electronic solutions. The integration of Viasat Group's operations is anticipated to drive significant synergies, particularly in the areas of research and development, sales and marketing, and operational efficiency. The combined entity will have a strong presence in eight European countries, as well as a presence in Chile, and will be well-positioned to capitalize on the growing demand for connected mobility solutions. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the first half of 2023. The strategic rationale behind the deal is to create a global leader in the IoT and digital solutions market, with a comprehensive portfolio of products and services that cater to the evolving needs of the automotive and mobility sectors. The acquisition is expected to drive significant revenue growth, improve profitability, and enhance the combined entity's competitive position in the global market.

The Carlyle Group has entered into exclusive negotiations to acquire a majority stake in Lacour Group. This marks the first-ever opening of Lacour's capital since its 1985 inception. CEO Angelo Maida will significantly reinvest alongside Carlyle to remain a key stakeholder. The strategic rationale for the transaction is to transform Lacour from a French market leader into a pan-European champion through an aggressive external growth strategy. The deal is supported by a unitranche debt facility provided by Capza. Following the investment, Lacour aims to leverage Carlyle's expertise in software and automotive sectors to conquer adjacent markets and integrate innovative AI-driven features into its SaaS platform, targeting over €50 million in revenue for 2023.

This transaction involves the sale of 100% of Quanos Solutions by IK Partners (via the IK Small Cap II Fund) to Keensight Capital. The exit marks the culmination of a successful four-year holding period during which IK transformed three separate software entities into a unified, market-leading brand through a disciplined M&A and integration strategy. The strategic rationale for the acquisition by Keensight centers on the continued digitization of the industrial aftersales market and the potential for Quanos to expand its InfoTwin cloud platform globally. Keensight intends to support the existing management team in its next phase of growth, focusing on further international market penetration and opportunistic acquisitions.