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07/2025Minority

Perwyn invests in Softnext

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

Context

Groupe Baelen entered into a definitive agreement to sell a minority stake of less than 30% in its software subsidiary, SoftNext, to the family-backed investor Perwyn. This strategic partnership was established to reinforce the group’s acquisition engine and provide the professional expertise required to scale the organization toward a multi-billion euro valuation. While the operational management remains autonomous, the entry of new strategic capital is intended to refine the group’s consolidation processes and broaden its network of potential acquisition targets across Europe. The deal was structured to allow the parent group to retain control while benefiting from the sector-specific experience of a specialist investor in scaling technology platforms.

Softnext, 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

SoftNext operates as a specialized industrial platform dedicated to the acquisition and long-term development of vertical software editors (VMS). The group specializes in identifying small to medium-sized software companies that possess leading positions within niche markets, such as transportation, travel agencies, and specialized professional services. Its operational model is built on a "buy-and-hold" philosophy, providing subsidiary founders with a permanent home that ensures managerial autonomy while offering centralized support in areas like technical infrastructure, cybersecurity, and strategic development.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€100–200M
€25–50M
[members only]
2024
€100–200M
€25–50M
[members only]

Similar deals in Software

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07/2025IN GROUPEIDEMIA SMART IDENTITYFRANCEIndustry-Specific Software
07/2025SYNOPSYSANSYSUNITED STATESEngineering & Design Software
07/2025GOLDMAN SACHS / BLACKSTONENAVEXUNITED STATESERP, HR & Finance
07/2025ROCSCIENCE2SIITALYEngineering & Design Software
07/2025FTV CAPITALFUNDAPPSUNITED KINGDOMFinancial Services / Banking
07/2025REGNOLOGYWOLTERS KLUWER FCC FRRNETHERLANDSFinancial Services / Banking
07/2025GAZTRANSPORT & TECHNIGAZ (GTT)DANELECDENMARKData, Analytics & AI
07/2025BLACKSTONENETBRAIN TECHNOLOGIESUNITED STATESData, Analytics & AI

REFERENCES

Valuation range: EV €300–700M

Revenue range: €100–200M

EBITDA range: €25–50M

EV/Revenue range: 2x - 6x

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 Softnext by Perwyn 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.

Press release: view release

Acquirer: perwyn

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Softnext, a French company specialised in Industry-Specific Software, by Perwyn in 2025.

How was the acquisition of Softnext by Perwyn valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

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

At the time of the transaction, Softnext generated annual revenue estimated in the €100–200M range and EBITDA in the €25–50M bracket (FY 2025). Detailed financial figures are available to members.

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

With an estimated valuation multiple in the range of 15x - 25x, Softnext 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?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

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