mynth
11/2025

STP ONE acquired by SEPTEO

GERMANY Software / Industry-Specific Software EV 500M - 1.5b EUR

Context

Septeo's acquisition of stp.one is a strategic move to consolidate the European legaltech market, particularly in the DACH region. This acquisition strengthens Septeo's position in German-speaking regions and countries, leveraging stp.one's established presence in these areas. With a workforce of 400 employees, stp.one offers a comprehensive range of integrated legal solutions, from workflow automation to AI-powered document management. The transaction, which is expected to be completed in the first quarter of 2026, is financed 50% through Septeo's equity and the remaining amount through a senior debt facility. This acquisition is a continuation of Septeo's external growth strategy, following several buy-and-build operations in recent years, notably in Spain and Portugal. The French company, which expects to generate €460 million in revenue this year, aims to significantly boost its international presence, with a substantial increase in foreign activity. The combination of Septeo and stp.one is also expected to generate operational synergies and enhance the company's ability to innovate and develop new solutions for its clients.

By taking control of Stp One, Septeo continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Ymag in 2024.

STP ONE, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.8x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

stp.one is a software publisher specializing in workflow automation, enriched document management using artificial intelligence, and critical data management for legal professionals, law firms, judicial administrators, and corporate legal departments. Operating primarily in the DACH region with commercial extensions to the Benelux, Slovenia, and Lithuania, the company markets its solutions through software licenses and subscriptions, generating recurring revenue from a portfolio of 8,000 institutional and professional clients. Its business model relies on the mandatory interfacing of its tools with clients' IT infrastructure, creating a strong operational dependence on the daily management of insolvency procedures, disputes, and regulatory risks. The provision of specialized outsourcing services assisted by software complements its offering, requiring the maintenance of a secure server infrastructure and strict compliance with local regulations on the conservation of legal data. The company's activity growth is directly correlated to the increasing complexity of regulatory compliance in Central Europe and the digitization of workflows within justice auxiliary structures, which outsource the maintenance of their productivity tools to mitigate administrative bottlenecks, with a focus on developing its presence in the region through strategic expansion into new markets, entering 5 new countries, and increasing its client base by 15% annually, while maintaining a strong operational presence with 400 employees across 12 offices, serving 8,000 clients with a suite of integrated legal solutions, including workflow automation, document management, and data management, as well as specialized outsourcing services, with a revenue growth of 20% over the past two years.

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Historical Financials (EUR)

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REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 50M - 100M EUR

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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: stp one