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10/2024Majority

Sesa Group takes majority stake in Smart Engineering

GERMANY Software / Engineering & Design Software EV €0–15M

Context

On October 28, 2024, Sesa S.p.A., through its subsidiary Var Group, finalized a binding agreement to acquire a 55% majority stake in SMART Engineering GmbH, a specialized provider of CAE software and engineering simulation services. This transaction represents a strategic expansion of the Var Industries business unit, reinforcing the acquirer's capabilities in the high-growth engineering and industrial design software sector. By incorporating the target's specialized know-how in FEM and CFD calculations, Sesa aims to further consolidate its position as a primary digital transformation partner for manufacturing enterprises across Europe. The acquisition is aligned with the group’s broader strategy of building a robust European center for digital engineering, characterized by vertical technical expertise and a strong footprint in the key DACH industrial markets. This operation is expected to yield immediate benefits in terms of expanded human capital, with a specialized team joining the broader organization to support complex engineering design workflows.

Smart Engineering, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average observed in the TMT (Tech, Media, Telecom) sector (16.1x in 2024).

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

Target

SMART Engineering GmbH is a German engineering specialist founded in 1996, recognized for its expertise in Computer Aided Engineering (CAE) and high-level simulation solutions. The company provides a robust portfolio of software and engineering services, including complex FEM (Finite Element Method) and CFD (Computational Fluid Dynamics) calculations, which are critical for the design processes of industrial leaders. Operating out of Buchholz in der Nordheide and Dillenburg, the firm serves a diverse client base across high-stakes industries, such as aerospace, automotive, defense, shipbuilding, and machinery automation. As a strategic partner to major technology providers, SMART Engineering enables its customers to streamline product development, reduce engineering cycles, and enhance simulation accuracy through its proprietary and integrated technical know-how. The company’s focus on the intersection of mechanical design and electronic simulation positions it as a key technical partner for businesses looking to navigate the complexities of modern engineering.

Ent. Value

€0–15M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
€0–5M
€0–5M
[members only]
2022
€0–5M
€0–5M
[members only]

Other operations with Sesa Group

Other operations with Sesa Group
DateAcquirerTargetCountrySector
11/2025SESA GROUP4IT SOLUTIONSSWITZERLANDMSP (Managed Services)
10/2025SESA GROUPALBASOFTITALYERP, HR & Finance
06/2025SESA GROUPVISICONGERMANYERP, HR & Finance
05/2025SESA GROUPDELTA TECNOLOGÍAS DE INFORMACIÓNSPAINCybersecurity Services
03/2025SESA GROUPINNOFOURNETHERLANDSConsulting & Integration
12/2022SESA GROUPCYRES CONSULTINGGERMANYCybersecurity Services

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REFERENCES

Valuation range: EV €0–15M

Revenue range: €0–5M

EBITDA range: €0–5M

EV/Revenue range: below 1.5x

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 Smart Engineering by Sesa Group 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: smart engineering

Acquirer: sesa group

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Smart Engineering, a German company specialised in Engineering & Design Software, by Sesa Group in 2024.

How was the acquisition of Smart Engineering by Sesa Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €0–15M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Smart Engineering’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Smart Engineering generated annual revenue estimated in the €0–5M range and EBITDA in the €0–5M bracket (FY 2023). Detailed financial figures are available to members.

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

The estimated multiple of 5x - 12x sits below the sector median of 16.1x recorded in 2024, indicating an attractive entry multiple for Sesa Group or reflecting specific complexities. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

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.

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