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10/2024Majority

Bonnier Capital takes majority stake in Vertiseit

SWEDEN Software / MarTech EV SEK 1–10bn

Context

Bonnier Capital significantly increased its stake in Vertiseit to become the company’s largest shareholder, holding approximately 18% of the capital. This strategic investment served as the primary financing engine for Vertiseit’s simultaneous acquisition of its competitor, Visual Art. By enabling this "Buy-and-Build" transaction, Bonnier Capital transformed Vertiseit from a high-growth SaaS specialist into a dominant European Adtech platform with a consolidated revenue of nearly SEK 700 million. The deal ensures long-term institutional backing for Vertiseit’s "2025-2032" growth plan, which aims to reach SEK 1 billion in ARR. As part of the agreement, Bonnier Capital’s CEO joined the board of directors to actively guide the group's international expansion and retail media monetization strategy.

Vertiseit, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of Above 20x, standing directly in line with the average observed in the TMT (Tech, Media, Telecom) sector (16.1x in 2024).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Vertiseit is a leading platform company within the Digital In-store sector, offering specialized In-store Experience Management (IXM) through its core platforms, Grassfish and Dise. The company focuses on helping global brands—including Marks & Spencer, Bosch, and Volkswagen—create seamless customer journeys by integrating digital content into physical store locations. Vertiseit follows an aggressive "Buy-and-Build" strategy to consolidate the fragmented digital signage market, aiming to become the global leader in the sector. Its operational model is centered on high-margin Annual Recurring Revenue (ARR) from its SaaS stack, supported by a unified back-end platform known as IXM Grid that streamlines technical integration for large-scale retail networks.

Ent. Value

SEK 1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

Above 20x

EV / EBIT

[members only]

Historical Financials (SEK)

Year
Rev
EBITDA
EBIT
2023
SEK 250–500M
SEK 50–100M
[members only]
2022
SEK 250–500M
SEK 50–100M
[members only]

Other operations with Vertiseit

Other operations with Vertiseit
DateAcquirerTargetCountrySector
10/2024VERTISEITVISUAL ART SWEDENSWEDENMarTech

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REFERENCES

Valuation range: EV SEK 1–10bn

Revenue range: SEK 250–500M

EBITDA range: SEK 50–100M

EV/Revenue range: 2x - 6x

EV/EBITDA range: Above 20x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Vertiseit by Bonnier Capital 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.

Press release: view release

Acquirer: bonnier capital

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Vertiseit, a Swedish company specialised in MarTech, by Bonnier Capital in 2024.

How was the acquisition of Vertiseit by Bonnier Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the SEK 1–10bn band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Vertiseit’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Vertiseit generated annual revenue estimated in the SEK 250–500M range and EBITDA in the SEK 50–100M bracket (FY 2023). Detailed financial figures are available to members.

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

With an estimated multiple range of Above 20x, the transaction stands directly in line with historical averages for the TMT (Tech, Media, Telecom) sector (16.1x in 2024).

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.