the serial acquirer Market Observatory · 2026-Q3

What was paid, per unit of revenue

Every disclosed price in the register, one row per observation, coloured by how well it is evidenced rather than by who the buyer is.

0.77x–2.71x paid per unit of annual revenue for small, mature vertical software — 13 observations
3.14x–13.95x paid for larger, growing cloud businesses — 14 observations
0.43x the gap between them, where no measured price falls
0x2x4x6x8x10x12x14x Hawk Infinity AS — Maskinpakking AS (90 per cent) 0.53xHawk Infinity AS — Nordic Flow AS (100 per cent) 0.77xBending Spoons S.p.A. — Brightcove 1.08xSoftware Circle plc — vintage 2023 1.18xEverfield — Inforum SARL + Codngo SARL 1.33xEverfield — MyKnowledgeMap Ltd 1.36xChapters Group AG — FY2025 ceiling 1.59xBending Spoons S.p.A. — Eventbrite 1.73xEverfield — Fenz Software GmbH 2.08xTopicus.com — CS (individually material acquisition) 2.08xSoftware Circle plc — vintage 2025 2.10xBending Spoons S.p.A. — Evernote 2.10xEverfield — Parkhere GmbH 2.11xHawk Infinity AS — Digiflow AS (67 per cent) 2.27xHawk Infinity AS — ceiling 2.29xBending Spoons S.p.A. — AOL (AOL Holdco I LLC) 2.30xBanyan Software UK — Softera Oy (Finland, ERP) 2.36xClearCourse — ThinkSmart Group 2.63xHawk Infinity AS — Bedriftshelsen AS (100 per cent) 2.71xBending Spoons S.p.A. — FY2024 ceiling 3.04xTeamSystem — Multifatture S.r.l. (IT, property-mana… 3.14xBending Spoons S.p.A. — Vimeo 3.26xSoftware Circle plc — vintage 2024 3.92xThe Access Group — STAAH 4.02xTeamSystem — ClicData Sas (FR, data analytics) 4.16xVisma — CXM Holding (MobilExpense) 4.22xThe Access Group — Onboarded + Smart AI 4.75xThe Access Group — Donorfy 5.46xThe Access Group — Paytronix 5.86xBending Spoons S.p.A. — FY2025 ceiling 5.89xVisma — Conta Azul 5.91xVisma — other 31 companies (aggregate) 6.17xVisma — other 21 companies (aggregate) 6.70xHawk Infinity AS — MyKid AS (67 per cent) 7.68xThe Access Group — Tradify 7.83xTeamSystem — Rochelle Luxco (Sellsy + Quipu, FR/ES) 9.47xTeamSystem — Golden Soft S.L. (ES, practice softwar… 13.95x
measured — consideration and revenue both stated in the acquisition note — nothing computed but the division grossed up from a partial stake — price paid for a majority stake, scaled to 100% — a control premium would make the true figure lower reconstructed — derived from disclosed bridges; the individual price appears nowhere ceiling only — no per-deal revenue disclosed; an upper limit follows, not a value
Colour shows where the number comes from, not who the buyer is. Whether a figure can be trusted has nothing to do with whether the buyer is listed. A ceiling is drawn as a marker, not a dot: it is the only value consistent with the disclosure, and the true price lies below it.
BuyerAcquired company Revenue, EUR mYear Price paidBasis
Hawk Infinity ASMaskinpakking AS (90 per cent)27.620240.53xscaled from a stake
Hawk Infinity ASNordic Flow AS (100 per cent)19.720240.77xmeasured
Bending Spoons S.p.A.Brightcove US178.020251.08xmeasured
Software Circle plcvintage 20238.520231.18xreconstructed
EverfieldInforum SARL + Codngo SARL1.220241.33xmeasured
EverfieldMyKnowledgeMap Ltd3.120241.36xmeasured
Bending Spoons S.p.A.Eventbrite US258.320261.73xmeasured
EverfieldFenz Software GmbH3.320242.08xmeasured
Topicus.comCS (individually material acquisition)107.720252.08xmeasured
Software Circle plcvintage 20255.120252.10xreconstructed
Bending Spoons S.p.A.Evernote US87.920232.10xmeasured
EverfieldParkhere GmbH3.720242.11xmeasured
Hawk Infinity ASDigiflow AS (67 per cent)27.120242.27xscaled from a stake
Bending Spoons S.p.A.AOL (AOL Holdco I LLC) US560.520262.30xmeasured
Banyan Software UKSoftera Oy (Finland, ERP)3.520242.36xmeasured
ClearCourseThinkSmart Group2.220242.63xmeasured
Hawk Infinity ASBedriftshelsen AS (100 per cent)6.620242.71xmeasured
TeamSystemMultifatture S.r.l. (IT, property-management software)7.720253.14xmeasured
Bending Spoons S.p.A.Vimeo US368.720253.26xmeasured
Software Circle plcvintage 20241.320243.92xreconstructed
The Access GroupSTAAH8.620254.02xmeasured
TeamSystemClicData Sas (FR, data analytics)3.820254.16xmeasured
VismaCXM Holding (MobilExpense)23.620244.22xmeasured
The Access GroupOnboarded + Smart AI3.120254.75xmeasured
The Access GroupDonorfy3.320255.46xmeasured
The Access GroupPaytronix72.920255.86xmeasured
VismaConta Azul47.320255.91xmeasured
Vismaother 31 companies (aggregate)87.420246.17xmeasured
Vismaother 21 companies (aggregate)102.620256.70xmeasured
Hawk Infinity ASMyKid AS (67 per cent)2.220247.68xscaled from a stake
The Access GroupTradify17.820257.83xmeasured
TeamSystemRochelle Luxco (Sellsy + Quipu, FR/ES)23.720259.47xmeasured
TeamSystemGolden Soft S.L. (ES, practice software)1.9202513.95xmeasured
Price paid per unit of the acquired company's annual revenue. “Measured” means consideration and revenue both appear in the acquisition note — nothing computed but the division. “Scaled from a stake” means a majority stake was bought and the figure is grossed up to 100%, which a control premium would push lower. “Reconstructed” means the price was derived from disclosed revenue and goodwill bridges, because the buyer never states it per acquisition. The buyers are European; five of the 33 acquisitions in this table are not. Targets outside Europe carry their region beside the name (US). They are a different market and are shown so they can be read separately. Amounts are converted to euro at the ECB annual reference rate; the multiples are ratios within one currency and are not converted.

Tracked but not in the table: Constellation Software, Chapters Group AG, Lumine Group. They are in the register for capital deployed and deal counts, but none of them states a price against the revenue of a single acquisition — so there is nothing to put in the last column. Chapters Group discloses enough for a ceiling only, which is not a price paid.

The rest of the register

Guess what serial acquirers paid →What European software serial acquirers actually pay, from filed accounts. Guess the price, then see the source.
How much they deploy →How much capital each European software serial acquirer actually puts to work, and across how many acquisitions.
What they owe, and what it costs →Net debt against revenue, the interest each buyer actually pays, and every credit facility on file with its terms.
What their own capital costs →An estimate of what each buyer pays for capital, set against the 20-30% return they demand of the companies they buy.
Method, limits and imprint →How every figure in this register is sourced, what the sample does not support, and the legal notices.

Get the next set of figures

The form is provided by beehiiv and brings its own script. beehiiv’s visitor-tracking script is not used here. What that means.

Figures as at 2026-09-08. Every number on this page comes from a filed account or a company’s own published report — how, and what it does not support.