At what enterprise value was SMARTTRADE TECHNOLOGIES acquired in 2020?

During the acquisition of SMARTTRADE TECHNOLOGIES by HG CAPITAL in 2020, the transaction's Enterprise Value is estimated to be in the range of 300M - 700M EUR.

What was the EV/EBITDA of SMARTTRADE TECHNOLOGIES when it was acquired by HG CAPITAL?

The estimated EV/EBITDA multiple for SMARTTRADE TECHNOLOGIES is in the range of Above 20x.

When was SMARTTRADE TECHNOLOGIES acquired by HG CAPITAL?

SMARTTRADE TECHNOLOGIES was acquired by HG CAPITAL in 2020.

What was the revenue of SMARTTRADE TECHNOLOGIES at the time of the deal?

The revenue of SMARTTRADE TECHNOLOGIES at the time of the deal is estimated to be in the range of 25M - 50M EUR.

What was the EBITDA of SMARTTRADE TECHNOLOGIES during the acquisition?

SMARTTRADE TECHNOLOGIES's EBITDA is estimated to be in the range of 5M - 25M EUR.

How is the data for the SMARTTRADE TECHNOLOGIES acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the SMARTTRADE TECHNOLOGIES deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.hgcapitaltrust.com/news-insights/news/2020/07-02-2020-131431771

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Home Database TMT (Tech, Media, Telecom)SMARTTRADE TECHNOLOGIES

02/2020

SMARTTRADE TECHNOLOGIES acquired by HG CAPITAL

FRANCE Software / Industry-Specific Software / Financial Services / Banking EV 300M - 700M EUR

Context

Hg has acquired a majority stake in smartTrade Technologies, facilitating the exit of minority shareholders Keensight Capital and Pléiade Venture. CEO and co-founder David Vincent, along with the broader management team, reinvested alongside Hg to maintain a significant stake in the business. The strategic rationale for the transaction was to accelerate smartTrade’s global expansion—particularly in Asia—and to strengthen its R&D capabilities in automated trading. Under Keensight’s five-year tenure, the company doubled its revenues while maintaining high profitability, leading to a successful "5x money" return for the exiting fund. This investment represents Hg’s 7th deal in the capital markets technology sector, underscoring its commitment to backing high-growth, technically advanced financial software platforms.

SMARTTRADE TECHNOLOGIES, which reported an EBITDA margin of in 2019, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

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Target

Founded in 1999, SmartTrade Technologies is a leading global provider of multi-asset electronic trading and payments platforms. The company’s business model is built on an end-to-end SaaS and hosted software delivery, enabling financial institutions to develop and run high-performance trading platforms for FX, equities, cryptocurrencies, and derivatives. Its value proposition centers on technological agility and secure, cost-efficient liquidity management through its flagship modular solutions (LiquidityFX and smartFI). Strategically, smartTrade caters to a prestigious global client base, including Tier-1 banks and asset managers, with operations spanning major financial hubs in London, New York, Tokyo, and Singapore. By prioritizing R&D and localized support, the firm has established itself as a best-in-class vendor in the highly regulated and complex capital markets technology sector.

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Other operations with SMARTTRADE TECHNOLOGIES

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
12/2025	SMARTTRADE TECHNOLOGIES	KACE FINANCIAL	UNITED KINGDOM	Financial Services / Banking
04/2025	TA ASSOCIATES	SMARTTRADE TECHNOLOGIES	FRANCE	Financial Services / Banking

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 25M - 50M EUR

EBITDA range: 5M - 25M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of SMARTTRADE TECHNOLOGIES by HG CAPITAL 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: smarttrade technologies

Acquirer: hg capital