STARBLUE (STAR2STAR) acquired by SANGOMA

Hyland Software completed the acquisition of Nuxeo, taking full control of the French content‑services and digital asset management platform, including its products, technology, and open‑source community.  The strategic rationale is grounded in the content services and DAM convergence. Nuxeo brings a cloud‑native, low‑code, AI‑enhanced platform that complements Hyland’s existing portfolio, particularly in the areas of digital asset management, media‑rich content orchestration, and open‑source‑driven developer ecosystems. The acquisition supports Hyland’s push to become the largest open‑source‑oriented content services provider, reinforcing its cloud‑native roadmap and extending its footprint with additional customers, partners, and technical talent across Europe and North America. The integration of Nuxeo Insight, an AI and machine‑learning engine, allows Hyland to enrich large document and media libraries with business‑specific metadata, automate workflows, and generate actionable insights, thereby deepening its value proposition in information‑intensive verticals.

Astorg acquired a majority stake in Xceptor from CBPE Capital. The transaction was highly competitive, with Astorg prevailing over other top-tier sponsors (including Hg and Nordic Capital) with an all-equity bid. For the seller, CBPE, this exit is delivering a 10.8x Money Multiple and an 89% IRR after a four-year hold. Management reinvested significantly alongside Astorg to drive the next phase of growth, which focuses on US expansion and AI integration.

Hg has finalized a majority investment in Geomatikk Group, a maneuver designed to fundamentally accelerate the group’s transformation into a European champion of underground mission-critical GIS data. The strategic rationale for this transaction centers on a "tech-scaling" play, merging the target's technical operational depth in infrastructure protection with the acquirer's proven track record in building business-critical software platforms. This structural alignment provides the organization with the institutional capital and strategic expertise required to pursue a definitive expansion beyond its core Nordic markets into broader Northern Europe. The operation specifically aims to replicate the successful "Visma model" of growth through systematic software enhancement and geographic consolidation. By incorporating the sponsor's strategic discipline and appoints of high-level industrial expertise to the board, the group is now positioned to leverage an integrated technology backbone to address the entire excavation ecosystem.

Funds managed by CapVest Partners LLP have agreed to acquire Datasite Global Corporation, a leading global SaaS provider specialized in the end-to-end deal lifecycle. The transaction represents a strategic investment in a high-growth digital platform that sits at the core of global mergers and acquisitions activity. Datasite operates as a critical infrastructure provider for financial and corporate dealmakers, offering a suite of cloud-based applications including Datasite Diligence™, Datasite Prepare™, Datasite Outreach™, and Datasite Acquire™. These tools support the entire transaction process, from early-stage deal marketing to due diligence and final execution, making the company a comprehensive technology partner for the global M&A ecosystem. At the time of the transaction, Datasite had established a strong global footprint, with more than 750 employees across 25 locations in 13 countries and a client base spanning over 180 countries. The company had demonstrated strong momentum, including revenue growth of more than 30% in 2019 and participation in approximately 10,000 transactions, reflecting its deep penetration into global deal flow. The acquisition reflects CapVest’s strategy of investing in scalable, technology-enabled platforms with strong market positioning and recurring revenue profiles. Datasite’s SaaS model, high customer retention, and embedded role in transaction workflows make it a highly attractive asset in the financial technology ecosystem. The increasing digitization of M&A processes and the growing complexity of global transactions further reinforce the company’s long-term growth prospects. Following the acquisition, CapVest is expected to support Datasite in its next phase of expansion, with a focus on product innovation, geographic growth, and continued development of its integrated deal lifecycle platform. The addition of new modules such as Prepare, Outreach, and Acquire highlights the company’s evolution toward a fully comprehensive end-to-end solution for dealmakers.

Eurazeo Capital and IK Partners have acquired a majority stake in Questel, alongside Raise Investissement and the management team. The strategic rationale for the deal is to finance and accelerate Questel’s ambitious external growth strategy, particularly in Europe, the US, and Japan. The transaction is supported by a €555 million ESG unitranche debt facility co-arranged by CAPZA, which includes an innovative margin adjustment mechanism based on the achievement of specific environmental, social, and governance criteria. This partnership aims to consolidate Questel’s leadership in the fragmented IP solutions market, leveraging the combined expertise of its new majority shareholders to continue its rapid scaling. For CAPZA, this marks a renewal of a long-term relationship with the group, transitioning from a previous shareholder role to a key debt provider.

Apax Partners has entered into exclusive negotiations with Capgemini to acquire Odigo. This transaction marks a rare "triple-play" for the private equity firm, which previously held stakes in the company from 1997 to 1999 and again from 2007 to 2011 (when the company was known as Prosodie). Capgemini originally acquired the entity from Apax in 2011 for 382 million EUR. However, the anticipated synergies between the IT services giant and the software subsidiary did not fully materialize, leading to a decline in profitability over the last decade. The strategic rationale for Apax is to relaunch Odigo as a standalone software leader in the competitive CCaaS market. By carving out the asset from Capgemini, Apax aims to refocus the company’s R&D and sales efforts to regain market share in the cloud customer-service space.

Private equity firm Abenex, utilizing its dedicated Small Caps fund Abenex Croissance, has successfully completed the acquisition of healthcare software publisher Inlog from US-based industrial group Haemonetics. Executed on September 21, 2020, this corporate carve-out ends a 12-year integration within the American conglomerate, with Inlog's management team reinvesting alongside the new financial sponsor. The buyout is supported by a senior debt facility co-arranged by Banque Populaire Val de France and Caisse d’Epargne Rhône-Alpes. This transaction represents the fourth platform investment for the Abenex Croissance fund. For Abenex, the investment is designed to provide the necessary resources to institutionalize the internationally active software publisher and accelerate its operational growth. Leveraging this new financial backing, Inlog will expedite the development of new functional features for its CE-marked medical device software, which provides mission-critical blood product traceability and laboratory management solutions. Furthermore, the company aims to solidify its strategic partnerships with its base of over 250 French and European clients, which prominently includes university hospitals (C.H.U.) and the French Blood Establishment (EFS).

The transaction involves the 100% acquisition of Silae by Silver Lake from its five founding partners. The strategic rationale is driven by Silver Lake’s ambition to accelerate the company’s growth in the TPE/PME segment and expand its functional scope into a full-suite HR software provider. The deal was initially funded 100% with equity from Silver Lake’s Fund V and its successor fund, with a planned debt push-down at a moderate leverage of 3.0x to 4.0x EBITDA post-closing. This investment highlights a significant move by a premier US-based tech-focused private equity firm into the French mid-market, targeting high-quality SaaS assets with dominant domestic positions. Key post-deal objectives include optimizing the solution's ergonomics to shorten deployment cycles and pursuing targeted add-on acquisitions to bridge gaps in the product offering for larger corporate clients.

Ambienta has acquired 70% of Namirial. The strategic rationale for the deal centers on capitalizing on the accelerating secular trend toward digital transformation in highly regulated industries. By acquiring a controlling interest, the sponsor aims to leverage the target’s market-leading position in Digital Transaction Management (DTM) to drive further international expansion and broaden the product portfolio. The partnership is specifically designed to capitalize on the convergence between digital services and environmental sustainability, as the digitization of business processes directly contributes to the reduction of paper, energy, and waste. Post-acquisition, the sponsor intends to support the company in scaling its organizational structure, professionalizing governance, and executing an ambitious growth strategy, including potential bolt-on acquisitions. The founders remain as significant minority shareholders, ensuring management continuity and alignment with the long-term value creation objectives.

Management of JVS Group completed a new OBO transaction alongside Parquest Capital and Bpifrance. The deal marks the exit of Apax Partners Development (formerly EPF Partners) and UI Gestion. Following the transaction, the management team retains a majority stake (approx. 60%), with Parquest taking a ~30% minority interest and Bpifrance holding ~10%. This operation is designed to provide JVS with the financial means to scale its CRM offerings and accelerate its acquisition strategy, building on the five successful integrations performed under Apax's tenure (including Start ABI and Sistec). Financing for the transaction was supported by a senior debt pool led by Crédit Agricole Nord Est.