Vereinigte Wirtschaftsdienste VWD Group acquired by Infront

GERMANY Fintech & Payments EV €100–350M

Context

Infront ASA agreed to acquire vwd Group from The Carlyle Group to create one of the largest financial technology and market data providers in Europe. The strategic rationale for the merger is the highly complementary nature of their product portfolios: Infront provides world-class "Front-Office" trading and real-time data solutions, while vwd contributes deep expertise in "Mid and Back-Office" functions, including portfolio management, regulatory compliance, and advisory tools. This integration allows the combined entity to offer a complete end-to-end platform for private wealth management and institutional investing. The deal strengthens Infront's footprint in Germany, Switzerland, and Austria (DACH region), while vwd customers gain access to advanced global trading capabilities.

Vereinigte Wirtschaftsdienste VWD Group, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, to compare with the average currently observed in the Financial Services sector (12.3x in 2026).

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Target

Established as a premier European provider of information and technology solutions, VWD GROUP is specialized in high-end software for the investment industry. It operates a modular technology platform that provides wealth management and investment professionals with data feeds, portfolio management, advisory tools, and regulatory calculation services. The company is a critical partner for European financial institutions, enabling regulatory-compliant decision-making and efficient distribution of financial information.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2018

2017

Similar deals in Fintech & Payments

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Date	Acquirer	Target	Country	Sector
10/2022	PARTNERS GROUP	TELEPASS	ITALY	Fintech & Payments
10/2021	ADVENT INTERNATIONAL / EURAZEO	PLANET PAYMENT	IRELAND	Fintech & Payments
11/2020	NEXI	NETS	DENMARK	Fintech & Payments
10/2020	THE CARLYLE GROUP	CALASTONE	UNITED KINGDOM	Fintech & Payments
10/2020	ANACAP FINANCIAL PARTNERS	MARKET PAY	FRANCE	Fintech & Payments
08/2020	EURONEXT	VP SECURITIES	DENMARK	Fintech & Payments
11/2015	EURAZEO	PLANET PAYMENT	IRELAND	Fintech & Payments
03/2014	ADVENT INTERNATIONAL / ATP PEP / BAIN CAPITAL	NETS	DENMARK	Fintech & Payments
09/2013	CVC	SKRILL GROUP	UNITED KINGDOM	Fintech & Payments
08/2012	EXPONENT PRIVATE EQUITY	PLANET PAYMENT	IRELAND	Fintech & Payments

REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EBITDA range: €5–25M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Vereinigte Wirtschaftsdienste VWD Group by Infront 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.

FAQ

What transaction does this page cover?

This page covers Infront’s acquisition of 100% of Vereinigte Wirtschaftsdienste VWD Group, a German company specialised in Fintech & Payments, in 2019.

How was the acquisition of Vereinigte Wirtschaftsdienste VWD Group by Infront valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Vereinigte Wirtschaftsdienste VWD Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Vereinigte Wirtschaftsdienste VWD Group generated annual revenue estimated in the €50–100M range and EBITDA in the €5–25M bracket (FY 2018). Detailed financial figures are available to members.

How does the valuation of Vereinigte Wirtschaftsdienste VWD Group compare to benchmarks in the Financial Services sector?

With an estimated valuation multiple in the range of 10x - 18x in 2019, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Financial Services sector are valued at a multiple of 12.3x EBITDA.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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