Buyer landscape

Likely buyers · Software in France.

Prepared 2026-09-29 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

How companies like this sold · 620 verified exits: 23% to sponsors, 76% to corporates and platforms, 1% via IPO, 0% other routes. Route shift since 2020: sponsors 23% (was 23%), corporates and platforms 76% (was 75%), IPO 1% (was 2%).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 15 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.

Financial buyers · 25

Tier 1 · Very High · score 70+

1. Isai Gestion SponsorVery High94

61 platform investments in Software & IT · 113 in France · 32 deals 2024–26

AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M

25 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.

Backed ProcurePro, 2026 · Software, Australia

2. TeamSystem PE-backedVery High90

86 acquisitions in Software & IT · 5 in France · 28 deals 2024–26

Active in France since 2024.

Added on ACD (ACD Finances), 2026 · Software, France

3. Meanings Capital Partners SponsorVery High90

9 platform investments in Software & IT · 16 in France · 8 deals 2024–26

AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M

Accelerating: 7 deals in the last 2 years vs 1.8/yr before.

Backed Instant System, 2026 · Software, France

4. BID Equity Continuation Fund I SCSp SponsorVery High89

23 platform investments in Software & IT · 5 in France · 15 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

Accelerating: 13 deals in the last 2 years vs 2.8/yr before.

Bought everii Group GmbH from BID Equity, 2025 · Software, Germany

5. Oakley Capital SponsorVery High88

15 platform investments in Software & IT · 7 in France · 20 deals 2024–26

AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M

10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Senef, 2026 · Software, France

6. Turenne Groupe SponsorVery High87

25 platform investments in Software & IT · 311 in France · 34 deals 2024–26

AUM €2.0B · Capital Sante 3 · 2025 vintage · deploying · check €3-21M

20 platform investments since the 2025 vintage · early in deployment vs its usual 80 per fund.

Backed M&C3i, 2026 · Software, France

7. Entrepreneur Invest SponsorVery High87

34 platform investments in Software & IT · 100 in France · 11 deals 2024–26

AUM €1.8B · FPCI Entrepreneurs & Croissance N°5 · 2022 vintage · partially deployed · check €3-23M

33 platform investments since the 2022 vintage · largely deployed vs its usual 17 per fund.

Backed Groupe Pandora, 2026 · Software, France

8. Meanings Capital Partners with Bpifrance SponsorVery High86

8 platform investments in Software & IT · 16 in France · 7 deals 2024–26

AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M

Accelerating: 6 deals in the last 2 years vs 1.8/yr before.

Backed Instant System, 2026 · Software, France

9. Ring Capital SponsorVery High85

10 platform investments in Software & IT · 52 in France · 32 deals 2024–26

AUM €470M · Ring Altitude II · 2025 vintage · deploying · check €4-33M

17 platform investments since the 2025 vintage · largely deployed vs its usual 13 per fund.

Backed Enaos, 2025 · Software, Belgium

10. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High85

15 platform investments in Software & IT · 6 in France · 19 deals 2024–26

AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M

10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Senef, 2026 · Software, France

11. BID Equity SponsorVery High85

19 platform investments in Software & IT · 4 in France · 10 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed everii Group GmbH, 2025 · Software, Germany

12. Docebo PE-backedVery High83

5 acquisitions in Software & IT · 6 in France · 5 deals 2024–26

Accelerating: 5 deals in the last 2 years vs 0.8/yr before.

Bought 365Talents from Axeleo Capital, 2026 · Software, France

13. Hg SponsorVery High82

49 platform investments in Software & IT · 6 in France · 22 deals 2024–26

AUM €69.0B · Hg Mercury 4 · 2023 vintage · deploying · check €48-360M

24 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed Parte, 2025 · Software, Belgium

14. EQT SponsorVery High81

40 platform investments in Software & IT · 12 in France · 51 deals 2024–26

AUM €291.0B · EQT X · 2023 vintage · deploying · check €440M-3.3B

53 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Bought Next One Technology from Monterro, 2024 · Software, Sweden

15. Bpifrance Investissement SponsorVery High81

6 platform investments in Software & IT · 99 in France · 38 deals 2024–26

AUM €57.3B · Bpifrance Amorçage Industriel · 2023 vintage · deploying · check €1-8M

Accelerating: 32 deals in the last 2 years vs 5.8/yr before.

Backed Sekoia.io, 2025 · Cybersecurity, France

16. Axcel SponsorVery High81

21 platform investments in Software & IT · 1 in France · 14 deals 2024–26

Axcel VII · 2023 vintage · deploying · check €26-194M

15 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.

Backed KapitalKontroll, 2026 · Software, Norway

17. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High81

18 platform investments in Software & IT · 15 deals 2024–26

AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M

4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Bought Safety21 from BU Bregal Unternehmerkapital, 2026 · Software, Italy

18. Ardian SponsorVery High80

37 platform investments in Software & IT · 249 in France · 52 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.