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06/2025Majority

Sesa Group takes majority stake in Visicon

GERMANY Software / ERP, HR & Finance EV €0–15M

Context

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.

The acquisition of Visicon is part of the growth strategy of Sesa Group, which already has several external growth operations under its belt, notably Delta Tecnologías de Información in 2025.

Visicon, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average observed in the TMT (Tech, Media, Telecom) sector (14.8x in 2025).

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

Target

Visicon GmbH is a specialized provider of consulting and support services centered on SAP implementations and Electronic Data Interchange (EDI) solutions. Established in 1998, the firm delivers end-to-end management of business processes, offering consultancy, technical support, and continuous training to medium-sized enterprises. Its core service offering facilitates the integration of digital document flows and electronic invoicing, essential for modern business operations. With a geographic focus on Germany and Austria, the company supports clients primarily within the manufacturing sector, enabling the digitalization of operational workflows. By acting as a technical bridge between complex ERP environments and external business ecosystems, the firm ensures streamlined data exchange and process efficiency.

Ent. Value

€0–15M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€5–25M
€0–5M
[members only]
2024
€5–25M
€0–5M
[members only]

Other operations with Sesa Group

Other operations with Sesa Group
DateAcquirerTargetCountrySector
11/2025SESA GROUP4IT SOLUTIONSSWITZERLANDMSP (Managed Services)
10/2025SESA GROUPALBASOFTITALYERP, HR & Finance
05/2025SESA GROUPDELTA TECNOLOGÍAS DE INFORMACIÓNSPAINCybersecurity Services
03/2025SESA GROUPINNOFOURNETHERLANDSConsulting & Integration
10/2024SESA GROUPSMART ENGINEERINGGERMANYEngineering & Design Software
12/2022SESA GROUPCYRES CONSULTINGGERMANYCybersecurity Services

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REFERENCES

Valuation range: EV €0–15M

Revenue range: €5–25M

EBITDA range: €0–5M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

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

Target: visicon

Acquirer: sesa group

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Visicon, a German company specialised in ERP, HR & Finance, by Sesa Group in 2025.

How was the acquisition of Visicon by Sesa Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €0–15M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

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

At the time of the transaction, Visicon generated annual revenue estimated in the €5–25M range and EBITDA in the €0–5M bracket (FY 2025). Detailed financial figures are available to members.

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

The estimated multiple of 5x - 12x sits below the sector median of 14.8x recorded in 2025, indicating an attractive entry multiple for Sesa Group or reflecting specific complexities. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

What is mynth?

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