SOFTWAY MEDICAL acquired by BAIN CAPITAL

Proximus Group entered into a binding agreement to sell its 92.7% stake in Be-Mobile to Arrive for an enterprise value of EUR170 million. The transaction allows Proximus to complete its EUR500 million divestment program two years ahead of the original 2027 schedule, leading the group to raise its total asset disposal target to EUR600 million. For Arrive, the acquisition significantly strengthens its footprint in the Benelux region and expands its service portfolio through Be-Mobile's specialized big data and AI capabilities. The deal remains subject to approval by the Belgian Interfederal Screening Committee (CFI) for foreign direct investments.

This transaction involves the acquisition of an 80% majority stake in Visicon GmbH by Var Group, a strategic move designed to reinforce the acquirer's Enterprise Platform Competence Center and accelerate its internationalization in the DACH market. The business combination is driven by the demand for end-to-end digitalization of business processes within mid-market manufacturing enterprises. By integrating the target’s specialized SAP and EDI expertise, the acquirer strengthens its service portfolio and gains a new regional foothold, particularly in Germany and Austria. The rationale includes the cross-pollination of EDI and digital document flow solutions across the acquirer’s broader European customer base, creating significant potential for revenue synergies.

Salesforce has entered into a definitive agreement to acquire Informatica for a total consideration of $8 billion. Under the terms of the agreement, Salesforce will pay $25 per share in cash to Informatica’s shareholders. This successful bid comes after a previous attempt in 2024, valued at approximately $11 billion, failed to materialize. Since that time, Informatica's market capitalization had decreased by 40%, allowing Salesforce to secure the asset at a more favorable valuation. Prior to this deal, the company was largely controlled by a consortium led by Permira and CPPIB, who took the firm private in 2015 before re,listing it in 2021. The strategic rationale for the acquisition is the deployment of a "performant and responsible agentic AI" platform. By combining Informatica’s data catalog, governance, and MDM capabilities with Salesforce’s Data Cloud, MuleSoft, and Tableau, the group aims to power its "Agentforce" initiative. This integration will allow autonomous agents to access high,quality, governed data to deliver more accurate and secure business outcomes.

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.

N2F completes a new funding round and capital reorganization led by the US-based growth equity firm FTV Capital. This operation marks the exit of the French fund Isai, which had backed the company since 2021. The investment aims to fuel N2F's international expansion, particularly in Europe and potentially North America, and to accelerate R&D to integrate more AI-driven features into its expense management platform.

Pennylane has raised €75 million in a Series D funding round. The round was led by new US-based investors Meritech Capital Partners and CapitalG (Alphabet), joining existing backers including Sequoia, DST Global, and Partech. The strategic rationale for this capital injection is to prepare for the mandatory electronic invoicing reform in France, currently scheduled for late 2026/2027. This regulatory shift represents a massive market opportunity as 6 million French companies must select a certified invoicing provider. Pennylane plans to use the funds to double its workforce to 800 employees (with 50% in R&D), intensify marketing efforts, and pursue strategic external growth, following its 2024 acquisition of Billy. The founders retain governance control while steering the company toward a target of exceeding €100 million in revenue by the end of 2025.

Hawk Infinity Software (HIS) has entered into a definitive agreement to sell 100% of Jotta AS to a newly established strategic joint venture (SJV) owned 50/50 by HIS and Telenor. The Transaction involves the combination of Jotta with Telenor Software Lab AS (TSL), the provider of the "Min Sky" cloud service. The strategic rationale for the deal is to create a dominant Norwegian alternative to international cloud providers, boasting over 2 million active users and expected revenues exceeding 200 MNOK in 2025. For HIS, this represents a significant crystallization of value for its first majority SaaS investment made in 2016, which has seen a 300% revenue increase under its tenure. The net cash proceeds are earmarked for further M&A opportunities and general corporate purposes. The transaction, which is subject to Norwegian competition authority approval, will also result in a corporate restructuring where Jotta is replaced by a new subsidiary, SH Int AS, within the HIS bond obligor group, while the SJV itself will transition to a non,consolidated ownership model.

TXT e-solutions entered into a binding agreement to acquire 100% of IT Values S.r.l. to bolster its specialized "Smart Solutions" portfolio for the public sector. The transaction was structured with an 80% cash payment and a 20% stock payment in TXT shares to ensure the long-term alignment of the target’s leadership. This acquisition builds on existing commercial partnerships between IT Values and TXT's subsidiaries, WebGenesys and HSPI. Beyond the initial price, the deal includes a performance-based earn-out of up to €2.5 million linked to growth targets through 2028, reflecting a strategy aimed at capturing a significant share of the Italian public administration's digital transformation budget.

The acquisition of a controlling stake in Namirial represents a significant capital deployment by Bain to capitalize on the secular growth of the Digital Transaction Management market. This transaction sees the exit of the previous financial sponsor, marking the conclusion of a successful five-year holding period characterized by international expansion and extensive M&A activity. The investment thesis focuses on leveraging the existing market leadership in DTM and high-assurance digital services to accelerate further cross-border growth and product innovation. By partnering with the existing management team, the new sponsor aims to support the company’s strategic objective of becoming a global industry champion, reinforcing its presence in highly regulated sectors where compliance and security are paramount. The deal includes significant reinvestment from the founder and key leadership, ensuring strong alignment on the future growth trajectory. Market participants view this transaction as a benchmark for high-quality, tech-enabled business services, signaling sustained investor appetite for European software platforms with established regulatory moats and strong cash flow visibility.

EQT and First Kraft jointly announced a voluntary public tender offer for all outstanding shares in Fortnox at SEK 90 per share, implying a total equity value of approximately SEK 54.9 billion. The offer represents an extremely high valuation in absolute terms, reflecting Fortnox's exceptional combination of sustained revenue growth exceeding 20% per annum, a ~54% EBITDA margin, and its dominant market position in Swedish SME financial software. First Kraft, as Fortnox's largest existing shareholder, participates as a co-bidder rather than a seller, reinforcing its long-term conviction in the business.