mynth
12/2019100%LBO

Softway Medical acquired by Five Arrows

FRANCE Software / Industry-Specific Software / Healthcare EV €100–350M

Context

Securing a specialized digital health platform that generates €50–100M in annual turnover, Five Arrows Principal Investments executed the buyout of Softway Medical in December 2019. This transaction officially transfers ownership from the target's former institutional backer, the private equity firm Naxicap Partners. Structured as a secondary leveraged buyout, the definitive agreement aligns with the acquiring sponsor's mandate to invest in mature technology assets. The strategic rationale articulated around the deal focuses on capitalizing on the accelerating digitization of medical infrastructure, a sub-sector attracting sustained investor interest due to strict regulatory compliance and the demand for workflow automation. By backing the software provider, the financial sponsor instantly captures a dominant market position within the French healthcare ecosystem. Throughout the transaction process, the buy-side execution was managed by Arma Partners, which acted as the exclusive financial advisor to the acquiring private equity fund.

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Target

Founded in 1999, Softway Medical specializes in cloud-native healthcare software solutions and designs comprehensive digital infrastructures aimed at optimizing clinical and administrative workflows across various European healthcare facilities. Located in Fuveau, within the Bouches-du-Rhône department, the technology provider maintains a massive operational footprint anchored by a deployment across 1,300 hospitals and clinics. This extensive penetration translates to a commanding 40 percent market share in its domestic institutional segment. Furthermore, the proprietary software ecosystem serves an established network comprising 1,300 specialized radiology centers, 700 multidisciplinary health centers, and 400 medical laboratories. To sustain the continuous development of its technological portfolio, the organization relies on a workforce exceeding 1,200 dedicated professionals. Under the operational leadership of Chief Executive Officer Guillaume Pascal, the software publisher executes a structured expansion strategy, notably conceptualized through its internal eNov development plan. This growth trajectory is historically supported by a vigorous external integration roadmap, characterized by the successful assimilation of ten strategic acquisitions, including the Belgian entity SBIM and epidemiology data firm EpiConcept. The enterprise also maintains active distribution channels in Canada. The core engineering focus remains firmly centered on translating complex healthcare data into actionable, secure digital environments.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€50–100M
[members only]
[members only]
2019
€50–100M
[members only]
[members only]

Other operations with Softway Medical

Other operations with Softway Medical
DateAcquirerTargetCountrySector
05/2025BAIN CAPITALSOFTWAY MEDICALFRANCEHealthcare

Other operations with Five Arrows

Other operations with Five Arrows
DateAcquirerTargetCountrySector
11/2025FIVE ARROWS / DEUTSCHE BETEILIGUNGS (DBAG)TOTALMOBILEUNITED KINGDOMIndustry-Specific Software
05/2025FIVE ARROWSHUBLOFRANCEHealth Tech
05/2022FIVE ARROWSGROUPE EDHFRANCEEducation Providers
12/2018FIVE ARROWSHARVESTFRANCEFinancial Services / Banking
10/2017FIVE ARROWSA2MAC1FRANCEAutomotive
01/2014FIVE ARROWSDUTSCHERFRANCEMedical Consumables

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REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EV/Revenue range: 2x - 6x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Softway Medical by Five Arrows 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: softway medical

Acquirer: five arrows

FAQ

What transaction does this page cover?

This page covers Five Arrows’s acquisition of 100% of Softway Medical, a French company specialised in Industry-Specific Software, in 2019, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Bain Capital in May 2025 (see the dedicated deal page for details).

How was the acquisition of Softway Medical by Five Arrows valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What was Softway Medical’s revenue at the time of the deal?

At the time of the transaction, Softway Medical’s annual revenue was estimated within the €50–100M range (FY 2020). Detailed financial figures are available to members.

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

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 11.6x EBITDA during 2019.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside 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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