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02/2020MajorityLBO

HG Capital takes majority stake in Smarttrade Technologies

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

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 [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of Above 20x, standing directly in line with the average observed in the TMT (Tech, Media, Telecom) sector (13.5x in 2020).

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

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.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

Above 6x

EV / EBITDA

Above 20x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2019
€25–50M
€5–25M
[members only]
2018
€25–50M
€5–25M
[members only]

Other operations with Smarttrade Technologies

Other operations with Smarttrade Technologies
DateAcquirerTargetCountrySector
12/2025SMARTTRADE TECHNOLOGIESKACE FINANCIALUNITED KINGDOMFinancial Services / Banking
04/2025TA ASSOCIATESSMARTTRADE TECHNOLOGIESFRANCEFinancial Services / Banking

Other operations with HG Capital

Other operations with HG Capital
DateAcquirerTargetCountrySector
12/2023HG CAPITALVISMA GROUPNORWAYERP, HR & Finance
09/2023HG CAPITALNOMADIAFRANCESupply Chain & Ops
12/2020HG CAPITALGEOMATIKKNORWAYIndustry-Specific Software
06/2017HG CAPITAL / GIC / MONTAGU PRIVATE EQUITY / ICGVISMA GROUPNORWAYERP, HR & Finance
04/2017HG CAPITALMITRATECHUNITED STATESIndustry-Specific Software
04/2014HG CAPITAL / KKR / CINVENVISMA GROUPNORWAYERP, HR & Finance
01/2014HG CAPITALZENITHUNITED KINGDOMFleet Management Finance
12/2013HG CAPITALLEASEDRIVE GROUPUNITED KINGDOMFleet Management Finance
10/2012HG CAPITALVALUEWORKSUNITED KINGDOME-commerce & Marketplaces
05/2012HG CAPITALQUNDISGERMANYInstrumentation & Measurement

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REFERENCES

Valuation range: EV €300–700M

Revenue range: €25–50M

EBITDA range: €5–25M

EV/Revenue range: Above 6x

EV/EBITDA range: Above 20x

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

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Smarttrade Technologies, a French company specialised in Industry-Specific Software, by HG Capital in 2020, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with TA Associates in April 2025 (see the dedicated deal page for details).

How was the acquisition of Smarttrade Technologies by HG Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the Above 6x range. Exact figures are available to members.

What were Smarttrade Technologies’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Smarttrade Technologies generated annual revenue estimated in the €25–50M range and EBITDA in the €5–25M bracket (FY 2019). Detailed financial figures are available to members.

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

With an estimated multiple range of Above 20x, the transaction stands directly in line with historical averages for the TMT (Tech, Media, Telecom) sector (13.5x in 2020).

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

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