This transaction involves the acquisition of an 80% majority stake in Visicon GmbH by Var Group, a strategic move designed to reinforce the acquirer's Enterprise Platform Competence Center and accelerate its internationalization in the DACH market. The business combination is driven by the demand for end-to-end digitalization of business processes within mid-market manufacturing enterprises. By integrating the target’s specialized SAP and EDI expertise, the acquirer strengthens its service portfolio and gains a new regional foothold, particularly in Germany and Austria. The rationale includes the cross-pollination of EDI and digital document flow solutions across the acquirer’s broader European customer base, creating significant potential for revenue synergies.

VISICON, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level around LOGIN lower than the average currently observed in the TMT (Tech, Media, Telecom) sector (12.8x).

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