Buyer landscape
Likely buyers · Cybersecurity in France.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 598 verified exits: 23% to sponsors, 75% to corporates and platforms, 1% via IPO, 0% other routes. Route shift since 2020: sponsors 23% (was 22%), corporates and platforms 76% (was 76%), IPO 1% (was 2%).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 10 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. Oakley Capital SponsorVery High86
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 Assured Data Protection, 2024 · Cybersecurity, UK
2. 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.
Bought Bridewell from Growth Capital Partners, 2025 · Cybersecurity, UK
3. EQT SponsorVery High83
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.
Backed ReliaQuest, 2025 · Cybersecurity, US
4. Isai Gestion SponsorVery High83
61 platform investments in Software & IT · 111 in France · 30 deals 2024–26
AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M
23 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.
Backed datadome, 2023 · Cybersecurity, France
5. Bpifrance Investissement SponsorVery High83
5 platform investments in Software & IT · 89 in France · 35 deals 2024–26
AUM €57.3B · Bpifrance Amorçage Industriel · 2023 vintage · deploying · check €1-8M
Accelerating: 30 deals in the last 2 years vs 4.5/yr before.
Backed Sekoia.io, 2025 · Cybersecurity, France
6. Hg SponsorVery High81
48 platform investments in Software & IT · 5 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 A-LIGN, 2025 · Cybersecurity, US
7. Ring Capital SponsorVery High80
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
8. Capital Croissance SponsorVery High80
16 platform investments in Software & IT · 44 in France · 20 deals 2024–26
AUM €950M · Club des entrepreneurs Capital Croissance · 2025 vintage · deploying · check €2-15M
9 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed STid, 2024 · Cybersecurity, France
9. Meanings Capital Partners SponsorVery High80
9 platform investments in Software & IT · 15 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
10. Sophora Unternehmerkapital SponsorVery High80
5 platform investments in Software & IT · 5 deals 2024–26
Sophora Capital Unternehmer-Fonds I · 2023 vintage · deploying · check €1-8M
Accelerating: 4 deals in the last 2 years vs 0.8/yr before.
Backed Argos Security, 2025 · Cybersecurity, Germany
11. Turenne Groupe SponsorVery High79
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
12. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High79
19 platform investments in Software & IT · 138 in France · 25 deals 2024–26
AUM €1.3B · Arkea Capital 3 · 2025 vintage · deploying · check €1-11M
11 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Heliaq, 2025 · IT Services, France
13. Arkea Capital Partenaire SponsorVery High79
19 platform investments in Software & IT · 137 in France · 25 deals 2024–26
AUM €1.3B · Arkea Capital 3 · 2025 vintage · deploying · check €1-11M
11 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Heliaq, 2025 · IT Services, France
14. Sodero Gestion, CENCD SponsorVery High79
5 platform investments in Software & IT · 40 in France · 22 deals 2024–26
AUM €350M · Transmettre & Pérenniser III · 2025 vintage · deploying · check €2-15M
12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.
Backed Skyld, 2025 · Cybersecurity, France
15. TeamSystem PE-backedVery High78
86 acquisitions in Software & IT · 5 in France · 28 deals 2024–26
Active in France since 2024.
Bought Muscope Cybersecurity from Primo Capital SGR, 2024 · Cybersecurity, Italy
16. Deutsche Beteiligungs SponsorVery High78
13 platform investments in Software & IT · 1 in France · 10 deals 2024–26
AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M
9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.
Backed Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland
17. Meanings Capital Partners with Bpifrance SponsorVery High78
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
18. Waterland Private Equity SponsorVery High77
18 platform investments in Software & IT · 11 in France · 39 deals 2024–26
Waterland Private Equity Fund IX (WPEF IX) · 2023 vintage · deploying · check €70-525M
48 platform investments since the 2023 vintage · largely deployed vs its usual 19 per fund.
Backed dacoso, 2024 · Cybersecurity, Germany
19. Irdi Capital-Investissement SponsorVery High77
34 platform investments in Software & IT · 131 in France · 33 deals 2024–26
AUM €550M · IRDI Impulsion · 2021 vintage · partially deployed · check €2-15M
76 platform investments since the 2021 vintage · largely deployed vs its usual 26 per fund.
Backed PRADEO SECURITY SYSTEMS, 2024 · Cybersecurity, France
20. Entrepreneur Invest SponsorVery High77
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
32 platform investments since the 2022 vintage · largely deployed vs its usual 17 per fund.
Backed Trustbuilder, 2021 · Cybersecurity, France
21. Deutsche Beteiligungs AG SponsorVery High76
12 platform investments in Software & IT · 1 in France · 9 deals 2024–26
AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M
9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.
Backed Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland
22. Axcel SponsorVery High76
20 platform investments in Software & IT · 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 BullWall, 2022 · Cybersecurity, Denmark
23. Queka Real Partners SponsorVery High76
8 platform investments in Software & IT · 8 deals 2024–26
AUM €350M · Queka Real Partners II · 2023 vintage · deploying · check €4-29M
Accelerating: 7 deals in the last 2 years vs 1.5/yr before.
Bought Datos101 from Faraday Venture Capital, 2025 · Cybersecurity, Spain
24. Apax Partners SponsorVery High75
35 platform investments in Software & IT · 16 in France · 21 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Bought Vitaprotech from Eurazeo, 2022 · Cybersecurity, France
25. Apax Partners (with NewAlpha) SponsorVery High75
30 platform investments in Software & IT · 8 in France · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed Vitaprotech, 2022 · Cybersecurity, France
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.