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VERTISEIT

Acquired by

BONNIER CAPITAL

SWEDEN Software / MarTech EV 1b SEK - 100b SEK 10/2024

Target

VERTISEIT

Acquirer

BONNIER CAPITAL

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 LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN as high as the average currently observed in the TMT (Tech, Media, Telecom) sector (12.8x).

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

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

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (SEK)

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2023
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2022
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Other operations with VERTISEIT

DateAcquirerTargetCountrySectorDeal Context
10/2024VERTISEITVISUAL ART SWEDENSWEDENSoftware

Vertiseit acquired 100% of the outstanding shares in Visual Art. This transformative transaction significantly expands Vertiseit's global footprint, particularly in the Nordics, UK, and North America, while increasing its total Annual Recurring Revenue (ARR) by over 40% to SEK 254 million. A key component of the deal was the entry of Bonnier Capital as the new lead shareholder in Vertiseit, holding a 17.7% stake. Visual Art will continue to operate as an independent brand within the group, focusing on technical synergies between its Azure-based software and Vertiseit's IXM Grid back-end.

REFERENCES

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

Press release: view release

Acquirer: bonnier capital