SUBSET acquired by TRUESEC GROUP

International private equity firm Cinven has agreed to make a significant investment in Ongoing Warehouse, a leading provider of cloud-native WMS solutions. The transaction represents a partnership, as the company's co-founders, Henrik Ekman and Gerhard Guron, along with CEO Fredrik Einarsson, will remain significant shareholders and continue to lead the business. Cinven's investment thesis is built on several key factors. The firm identified Ongoing as operating in a high-growth segment supported by durable, long-term tailwinds, specifically the continued shift from legacy systems to specialized, cloud-based warehouse management solutions. Cinven was also attracted to Ongoing's strong track record of organic growth, which is underpinned by a predictable, recurring revenue model and high customer retention, offering both visibility and downside protection. The software's business-critical nature, being deeply embedded in customers' daily operations, results in high customer satisfaction and loyalty. With Cinven's support, the go-forward strategy includes accelerating growth in the Nordics, pursuing international expansion, and leveraging AI to enhance automation and optimization. This deal marks the third investment from Cinven’s new mid-market strategy, which focuses on areas aligned with the firm's core sector strengths.

The acquisition of Nostrum Group by IREN Limited is a strategic move that will enable the company to expand its footprint in Europe and add significant development, engineering, construction, and operations capability in support of its global AI Cloud Services strategy. The transaction is subject to the satisfaction of certain closing conditions and is expected to be completed in the near future. The acquisition will provide IREN Limited with access to Nostrum Group's high-quality data center assets in Spain, including approximately 490MW of power capacity, as well as a pipeline of additional development projects. The combination of IREN Limited's global AI Cloud Services platform and Nostrum Group's local expertise and capabilities is expected to create a unique and compelling offering for clients in Europe. The acquisition will also enable IREN Limited to accelerate its growth plans and expand its presence in the European market, which is expected to be a key driver of growth for the company in the coming years. The transaction is a testament to the attractiveness of the Spanish market for data center development and the growing demand for digital infrastructure in Europe. The acquisition of Nostrum Group by IREN Limited is expected to have a positive impact on the company's financial performance and will provide a strong foundation for future growth and expansion.

Vection Technologies has executed a definitive share sale agreement to acquire one hundred percent of Digital Experience Labs in a strategic transaction aimed at bolstering its enterprise automation capabilities. This transaction integrates DXLabs’ no-code service and automation expertise into Vection’s existing XR and AI technology stack. The primary strategic rationale for the deal is to strengthen Vection’s Australian market presence and establish an Asia-Pacific (APAC) launchpad for its broader digital transformation offerings. The combination of Vection’s immersive XR technologies with DXLabs’ systems integration and process automation capabilities enables the delivery of end-to-end solutions that are designed for faster deployment across government and enterprise sectors. Furthermore, the acquisition provides significant cross-sell opportunities, allowing the combined entity to deepen its engagement with DXLabs’ existing loyal customer base in the finance and insurance verticals. The transaction structure is designed to align incentives, ensuring that the acquired vendor is rewarded based on the achievement of specific performance targets, consistent with Vection’s focus on accretive growth.

The French State submitted acquires 100% of Atos's Advanced Computing activities (carved out from the BDS division). The transaction is part of Atos's broader accelerated safeguard financial restructuring plan, approved by the commercial court on October 2024. A previous non-binding offer from the French State had covered a wider perimeter including Mission Critical Systems and Cybersecurity Products, but the final offer was narrowed to Advanced Computing only. Separately, Atos commits to launching a formal sale process for its remaining BDS assets — Cybersecurity Products and Mission Critical Systems. An independent expert will be appointed to validate that the transaction terms reflect fair market value, as agreed with financial creditors.

The acquisition of Blue by Legal & General Asset Management (L&G) represents a significant entry into the French sovereign cloud market for the British institutional manager’s digital infrastructure fund, LDIF. This transaction marks the conclusion of a highly successful holding period for Quilvest Capital Partners, who served as the lead sponsor since 2020. During this period, Blue nearly tripled its revenue, reaching 55 million EUR in 2025, supported by three strategic build-ups: Oceanis, ADMI, and Openhost. The deal structure involves a majority stake acquisition by L&G alongside the founder and CEO, Nicolas Boittin, while Bpifrance continues its long-term support as a minority shareholder. The transaction was negotiated on a bilateral basis following an unsolicited offer from L&G, with the financing package utilizing a portable senior debt facility refinanced in mid-2025. Strategically, the investment aims to capitalize on Blue’s established multi-regional footprint and its transition into a comprehensive MSP with deep expertise in cybersecurity and private networking.

Nord Holding has successfully finalized a majority investment in the share capital of the target, alongside its founding management team. This strategic transaction represents a pivotal step in the acquirer’s objective to establish a dominant digital IT infrastructure platform for the outpatient healthcare system throughout the DACH region. The strategic rationale for the move centers on the high degree of technical alignment between the target’s specialized managed service expertise and the acquirer’s established focus on healthcare technology and software investments. By partnering with the organization’s visionary leadership, the acquirer aims to accelerate the development of a central digital platform that addresses the increasing complexity of medical telematics and IT security. The partnership is designed to leverage the target’s unique market leadership in the dental sector to broaden its reach across the wider outpatient medical landscape. This integration facilitates the scaling of a specialized IT ecosystem, providing the strategic depth and capital required to navigate the rapid digitalization of medical practices and the evolving regulatory requirements of health data management. This move solidifies the group’s standing as a primary enabler of technological modernization in the German medical services market.

Combinedx AB has entered into a definitive agreement to divest its wholly-owned subsidiary, Nethouse, to Nordlo. This strategic carve-out allows Combinedx to realize significant value from an asset it acquired in 2020, while providing Nordlo with a highly profitable and specialized infrastructure unit. The transaction is subject to customary regulatory approvals from the Swedish Competition Authority and the Inspectorate of Strategic Products (ISP), with closing expected within five weeks of the announcement. The strategic rationale for Combinedx is the optimization of its portfolio and the generation of surplus liquidity, which the board intends to evaluate for potential extraordinary dividends or reinvestment into higher-growth digital segments. For Nordlo, the acquisition of Nethouse adds significant scale to its cloud and security offerings, integrating a team of 120 experts with a proven track record in high-availability systems.

WeAreProject, the primary IT services platform controlled by EMK Capital, has successfully entered into a definitive agreement to acquire a majority stake in Sistemi Hardware & Software S.p.A. (Sistemi HS) and its subsidiary Stackna S.r.l. This transaction marks the first inorganic expansion of the group following its change in ownership earlier in the year and represents a significant geographic densification in Northern Italy, particularly within the Piedmont region. The strategic rationale for the move centers on the integration of the target’s established professional services network with the group’s high-density managed services platform. Furthermore, the acquisition provides the group with specialized technical depth in Artificial Intelligence and Data Science through the integration of the target's specialized innovation hub. The partnership is designed to unlock substantial commercial synergies by offering a comprehensive suite of cloud, cybersecurity, and AI-driven process automation tools to a combined base of SMEs and professional consultants. This integration reinforces the organization’s standing as a leading champion for digital transformation in the Italian landscape, ensuring technical durability and operational caliber for its global institutional and private stakeholders.

Spyrosoft has signed a definitive agreement to acquire 100% of the shares in MD Consulting und Informationsdienste GmbH, a strategic move designed to significantly bolster its presence in the German market. This acquisition follows Spyrosoft's stated objective to deepen its penetration in the DACH region, which already accounts for approximately 25% of the group's total turnover. The strategic rationale for the deal is centered on diversification and market access. By integrating MD Consulting, Spyrosoft gains an established gateway into the German public sector, a segment characterized by high technical requirements and significant barriers to entry for non-local firms. This allows Spyrosoft to apply its large-scale software engineering capabilities to public procurement projects that were previously difficult to access.

A consortium consisting of Bridgepoint and Polaris Private Equity has reached a definitive agreement to acquire PDSVISION from the CapMan Buyout XI Fund. This transaction represents a successful exit for the seller, who invested in 2020 as the inaugural deal of its eleventh fund. During the holding period, the target underwent a massive international transformation, expanding from a Nordic-focused organization into a global player with a footprint in 15 countries. The strategic growth was fueled by a combination of robust organic performance and aggressive add-on acquisitions, supported by financing partner CORDET. The new majority owners intend to build upon the established foundation to further accelerate the target’s international journey and deliver enhanced value to its global manufacturing customer base. The transaction is subject to customary regulatory approvals and is expected to close in the first half of 2026.