Likely buyers · Software in Italy.

1. TeamSystem PE-backedVery High93

86 acquisitions in Software & IT · 85 in Italy · 28 deals 2024–26

Active in Italy since 2007.

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

2. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High90

18 platform investments in Software & IT · 5 in Italy · 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

3. Alkemia SGR SponsorVery High86

8 platform investments in Software & IT · 19 in Italy · 8 deals 2024–26

AUM €270M · Food Excellence I · 2025 vintage · deploying

6 platform investments since the 2025 vintage · largely deployed vs its usual 4 per fund.

Backed Circle Group, 2026 · Software, Italy

4. Isai Gestion SponsorVery High83

61 platform investments in Software & IT · 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 ProcurePro, 2026 · Software, Australia

5. BU Bregal Unternehmerkapital SponsorVery High83

17 platform investments in Software & IT · 4 in Italy · 14 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.

Backed Safety21, 2026 · Software, Italy

6. Oakley Capital SponsorVery High82

15 platform investments in Software & IT · 4 in Italy · 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

7. Swanlaab Venture Factory SponsorVery High82

12 platform investments in Software & IT · 1 in Italy · 18 deals 2024–26

Swanlaab Innvierte Agrifood Tech · 2024 vintage · deploying

Accelerating: 15 deals in the last 2 years vs 1.3/yr before.

Backed Junsoft, 2025 · Software, Brazil

8. Deutsche Beteiligungs AG SponsorVery High81

12 platform investments in Software & IT · 4 in Italy · 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 Totalmobile, 2026 · Software, UK

9. Deutsche Beteiligungs SponsorVery High81

13 platform investments in Software & IT · 4 in Italy · 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 Totalmobile, 2026 · Software, UK

10. Axcel SponsorVery High81

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 KapitalKontroll, 2026 · Software, Norway

11. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High81

15 platform investments in Software & IT · 4 in Italy · 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

12. Via Equity SponsorVery High80

27 platform investments in Software & IT · 8 deals 2024–26

AUM €500M · VIA equity Fund V · 2023 vintage · deploying · check €5-38M

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

Backed Robopack Group, 2026 · Software, Denmark

13. Meanings Capital Partners SponsorVery High80

9 platform investments in Software & IT · 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

14. Turenne Groupe SponsorVery High79

25 platform investments in Software & IT · 1 in Italy · 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

15. Apax Partners SponsorVery High79

35 platform investments in Software & IT · 6 in Italy · 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 OCS from Charme Capital Partners SGR, 2023 · Software, Italy

16. Elvaston Capital SponsorVery High79

27 platform investments in Software & IT · 2 in Italy · 3 deals 2024–26

AUM €3.0B · Elvaston Capital Fund VI · 2024 vintage · deploying · check €17-124M

3 platform investments since the 2024 vintage · mid-deployment vs its usual 6 per fund.

Backed ERP GmbH, 2025 · Software, Germany

17. bm-t Beteiligungsmanagement Thueringen SponsorVery High79

6 platform investments in Software & IT · 13 deals 2024–26

AUM €465M · Mittelstands-Fonds Thueringen II (MFT II) · 2025 vintage · deploying · check €0-3M

Accelerating: 8 deals in the last 2 years vs 2.5/yr before.

Backed Leapter, 2025 · Software, Germany

18. Apax Partners (with NewAlpha) SponsorVery High78

30 platform investments in Software & IT · 4 in Italy · 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 OCS, 2023 · Software, Italy

19. Apax Partners and Inova Capital SponsorVery High78

29 platform investments in Software & IT · 4 in Italy · 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 OCS, 2023 · Software, Italy

20. Apax Partners and JMI Equity SponsorVery High78

29 platform investments in Software & IT · 4 in Italy · 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 OCS, 2023 · Software, Italy

21. Apax Partners SAS SponsorVery High78

29 platform investments in Software & IT · 5 in Italy · 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 OCS, 2023 · Software, Italy

22. Hg SponsorVery High78

48 platform investments in Software & IT · 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

23. Ring Capital SponsorVery High78

10 platform investments in Software & IT · 1 in Italy · 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

24. VækstPartner Kapital SponsorVery High78

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

VPK Fond III · 2023 vintage · deploying · check €1-8M

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

Backed Subit, 2026 · Software, Denmark

25. Ardian, Finint Infrastrutture SponsorVery High77

35 platform investments in Software & IT · 48 in Italy · 43 deals 2024–26

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

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

Backed Ennov, 2026 · Software, France