WONDERFUL acquired by INSIGHT PARTNERS

Zinc BidCo, the investment vehicle of a global private equity firm and a specialized Italian asset manager, in concert with a long-standing industrial shareholder, has finalized a mandatory tender offer (OPA) to acquire the total share capital of the target. This strategic transaction marks the transition of the organization from a publicly-traded entity on the Euronext STAR Milan to a private subsidiary. The strategic rationale for the move centers on the consolidation of the target’s leadership in the European digital trust and credit information sectors, providing a stable, private environment for the next chapter of its international growth. To comply with national "Golden Power" regulations regarding strategic assets, the organization has agreed to separate its defense-related operations into a specialized blind trust for eventual divestment to a government-approved entity. This integration facilitates a renewed focus on core commercial digital services and specialized marketing solutions. The partnership is designed to leverage the acquirers' global network and operational resources to accelerate the group's multidisciplinary expansion and technical operational depth. The delisting process will be finalized through the merger of the target into the acquisition vehicle.

The transaction involves the entry of Turenne Emergence into Kizeo’s capital, acquiring a ~20% minority stake through an equity investment of 10 million EUR. This growth LBO represents a strategic partnership aimed at accelerating the company's development trajectory over the next five years. The deal rationale is centered on supporting the target's ambitious growth plan, which includes doubling the firm's size through the expansion of its functional software coverage, pursuing international deployment, and evaluating potential external growth opportunities (buy-and-build). By providing capital and strategic support, the acquirer positions the company to further leverage AI technologies for data-driven decision-making and solidify its status as a leading partner for mobile professionals. This deal underscores the continued investor appetite for resilient, B2B vertical software providers that demonstrate high operational efficiency and strong integration within the critical workflows of industrial and construction sectors.

Axcel has reached a definitive agreement to acquire Geomatikk Group from Hg, a maneuver designed to fundamentally accelerate the group’s pan-European expansion strategy. The strategic rationale for this transaction centers on a "platform-scaling" play, merging the target's industry-leading technical operational depth in infrastructure protection with the acquirer's extensive Nordic network and track record in professional services. This fusion effectively provides the organization with the institutional capital and strategic backing required to pursue a definitive structural expansion into new European territories. Following a period of intensive digital transformation under previous ownership, the organization has evolved into a high-performance software and services platform. By incorporating the sponsor's strategic discipline, the group is now positioned to leverage AI-driven automation to address the increasing complexity of global utility management. The maneuver optimizes the group's financial flexibility, enabling it to pursue further bolt-on acquisitions and reinforce its technological leadership.

MTIP has completed a majority strategic investment in Verifarma, a Spain,headquartered software provider. The transaction is designed to propel the next phase of the company's growth, with a specific focus on international scaling and technological advancement. All four co,founders, including the CEO, CFO, COO, and Chief AI Officer, will continue to lead the business post,investment, ensuring management continuity and the preservation of long,term customer relationships. The strategic rationale for the partnership involves significant investment in the core track,and,trace technology platform and the expansion of AI,driven quality management features. Furthermore, the capital will be used to strengthen the group's go,to,market infrastructure in Europe and to further penetrate the Latin American market. This investment aligns with the growing global demand for rigorous pharmaceutical traceability and regulatory compliance, positioning the organization as a leading international player in the healthtech space. MTIP intends to leverage its extensive experience in scaling healthcare technology companies to support the entity's continued internationalization and platform development.

This transaction marks the acquisition of a majority stake in MASA Group by Nicolas Walewski, facilitating the exit of the previous financial sponsors. The strategic rationale for the deal centers on preserving the company's independence as a "best-of-breed" simulation provider while ensuring it remains under domestic control. The operation follows a phase of significant scale-up where the group successfully expanded its international footprint and institutionalized its commercial operations. The acquirer’s offer was preferred by the management team as it allows the current leadership to remain at the helm and avoid integration into a larger industrial group. Due to the strategic nature of the target's simulation technology for national defense, the deal required formal government clearance before completion.

The founders of Rivalis-Henrri have bought back the 20% stake held by Ardian Growth. This transaction is a classic sponsorless management buyout, marking the complete exit of the private equity fund that had supported the company since its delisting several years prior. The founding management team effectively leveraged a comprehensive senior debt package, syndicated by a consortium of historical banking partners, to repurchase all outstanding externally held shares and regain total corporate control. Crucially, the carefully structured debt facility simultaneously secures vital capital reserves specifically earmarked to trigger the company's inaugural inorganic growth phase. While reclaiming full independence today, the leadership remains open to future capital partnerships once their upcoming acquisition roadmap matures.

Main Capital Partners has acquired a majority stake in Gingco Systems GmbH, marking a strategic entry into the German workplace management software market. The transaction was structured as a majority buyout, with the existing management team retaining a significant minority reinvestment to ensure long-term alignment and continuity. The sale process was overseen by MCF Corporate Finance, with the platform being marketed as a high-margin, scalable enterprise resource leader. The strategic rationale for the acquisition is focused on capitalizing on the "New Work" era, where hybrid work models have increased the complexity of corporate resource management. Main Capital intends to accelerate Gingco’s transition to a pure SaaS model and invest heavily in AI-driven product features to enhance the platform's analytical and predictive capabilities. Furthermore, Main will utilize Gingco as a platform for a targeted "buy-and-build" strategy, evaluating complementary add-on opportunities to expand the group’s product suite and geographical footprint. For Gingco, the partnership provides the institutional backing and international software expertise required to consolidate its market leadership and scale its operations across the DACH region and beyond.

Asmodee has finalized the acquisition of 100% of the French publisher ATM Gaming, marking the group's largest acquisition since its recent listing on the Stockholm stock exchange. The transaction is structured as a combinaison of cash payment, newly issued Asmodee shares, and a deferred payment component. This acquisition allows Asmodee to significantly reinforce its position in the "party game" category, which is currently seeing the highest growth rates in the industry. The group anticipates strong financial performance from the target, with Revenue and EBITDA projected to grow by 47% in 2026, reaching €50 million in sales and an EBITDA of €25 million, maintaining a robust 50% EBITDA margin. The deal includes an earn-out mechanism based on the target's performance over the next five years, aligning the interests of the founders with the group's long-term profitability goals. Strategically, this move signals a resumption of Asmodee’s historical M&A program, which has historically accounted for nearly half of the group's total expansion. By integrating ATM Gaming’s popular titles, Asmodee intends to deploy these IPs across its global distribution network to maximize international sales.

Total Specific Solutions (TSS) has successfully completed the acquisition of Cyberjet, a French software provider specializing in Air Transport Information Systems. Following the completion of the transaction, Cyberjet will continue to operate autonomously as an independent business unit within Groupe TSS, marking the division's 21st specialized software company in the French-speaking region. This platform investment represents a significant strategic milestone for the acquirer, enabling its initial entry into the highly specialized aviation software vertical in France. The transaction aligns perfectly with the acquirer's established mandate of targeting mature, niche-dominant software providers with deep vertical knowledge and exceptional client retention profiles. By integrating this asset, TSS not only establishes a foundational foothold in the aeronautical industry but also unlocks potential synergies and best-practice sharing with B. Rekencentra, a Belgian aviation software entity previously acquired by the group in 2024. For the target, integrating a perpetual software consolidator provides a robust, institutional foundation to accelerate business growth, leverage extensive operational playbooks, and ensure long-term stability for its multi-generational client base, while preserving the legacy built by its founding team.

Carasent's acquisition of Infosolutions reinforces its presence in the Swedish private healthcare market, driven by a vertical integration strategy to internalize a previously outsourced technological interoperability component, thereby securing control over the supplier's digital ecosystem. By acquiring the primary diagnostic routing network in the Swedish market, the acquirer gains exclusive control over the data exchange infrastructure that supports its own practice management software, eliminating the strategic risk of an independent middleware operator dictating connectivity standards or imposing price increases on critical data flows. The transaction marks the conversion of an autonomous connectivity editor into a captive infrastructure asset, with a post-closure integration agenda targeting immediate restructuring to align the target's profitability with the group's standards, by absorbing administrative support functions and gradually migrating historical billing flows to the acquirer's highly evolved SaaS revenue architecture. Meanwhile, control of this data highway provides the management team with a unique commercial lever to upsell its captive customer base with new proprietary clinical modules, leveraging end-to-end integration of radiological and biological prescription processes to displace peripheral niche software editors, and entering new markets through expanded service offerings. This transaction will be paid for 90% in cash and 10% in Caracent shares.