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04/2025MajorityLBO

TA Associates takes majority stake in Smarttrade Technologies

FRANCE Software / Industry-Specific Software / Financial Services / Banking EV $500M–1.5bn

Context

TA Associates has entered into an agreement to make a strategic investment in smartTrade Technologies, facilitating the full exit of the previous majority investor, Hg. CEO / Co-Founder along with the broader management team, will reinvest significantly alongside TA to drive the next phase of growth. The strategic rationale for the deal centers on accelerating AI-driven product innovation, expanding smartTrade's global reach, and enhancing deployment flexibility in hosting and execution. Under Hg's five-year ownership (2020–2025), the company doubled its revenue, completed its first major North American acquisition, and established a scalable SaaS infrastructure. This transaction marks a key transition for smartTrade, aiming to solidify its leadership in the rapidly evolving digital payments and capital markets technology landscape.

It is worth noting that the fund HG Capital took control of Smarttrade Technologies through an LBO in 2020.

Smarttrade Technologies, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average observed in the TMT (Tech, Media, Telecom) sector (14.8x in 2025).

-> 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

$500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2025
$50–100M
$25–50M
[members only]
2024
$50–100M
$25–50M
[members only]

Other operations with Smarttrade Technologies

Other operations with Smarttrade Technologies
DateAcquirerTargetCountrySector
12/2025SMARTTRADE TECHNOLOGIESKACE FINANCIALUNITED KINGDOMFinancial Services / Banking
02/2020HG CAPITALSMARTTRADE TECHNOLOGIESFRANCEFinancial Services / Banking

Other operations with TA Associates

Other operations with TA Associates
DateAcquirerTargetCountrySector
01/2025TA ASSOCIATESNEXUSGERMANYHealthcare
01/2024TA ASSOCIATESROCSCIENCECANADAEngineering & Design Software
05/2023TA ASSOCIATES / MONTAGU PRIVATE EQUITYHARVESTFRANCEFinancial Services / Banking
11/2021TA ASSOCIATESNACTAROME GROUPITALYIngredients
08/2019TA ASSOCIATESGONG CHA GROUPTAIWANRestaurants / Chains
06/2015TA ASSOCIATESHANA GROUPFRANCEFood Products

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REFERENCES

Valuation range: EV $500M–1.5bn

Revenue range: $50–100M

EBITDA range: $25–50M

EV/Revenue range: 4x - 10x

EV/EBITDA range: 15x - 25x

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 TA Associates 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: ta associates

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 TA Associates in 2025, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in February 2020, when the company was acquired by HG Capital.

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

mynth displays the transaction’s enterprise value within the $500M–1.5bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 4x - 10x 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 $50–100M range and EBITDA in the $25–50M bracket (FY 2025). 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 valuation multiple in the range of 15x - 25x, Smarttrade Technologies trades above the median sector multiple of 14.8x observed for the TMT (Tech, Media, Telecom) sector in 2025. 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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