M&A advisory services in Belgium
Belgium generates a steady flow of technology M&A, with Brussels and Ghent-Leuven producing exits across enterprise software, data and deeptech that attract both European PE houses and US strategic buyers.
Collibra, Showpad and Materialise have set the benchmark for Belgian tech exits, with Odoo and the growing fintech cluster - including Silverfin and Deliverect - representing the next generation of acquirer targets.
Both bootstrapped and venture-backed Belgian companies come to us for lean, KPI-driven sale processes - we bring a strong network of PE and strategic acquirers, manage preparation end-to-end and position each business to secure the right buyer at the best valuation.
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Belgium tech M&A deals in the last 12 months
$108M
Belgium median tech M&A valuation
1.8x
Belgium median tech M&A revenue multiple
$432M
Belgium biggest tech acquisition in the last 12 months
Selling your tech company in Belgium
Belgian M&A follows European mid-market conventions with country-specific overlays around the participation exemption (DBI), the new interfederal FDI screening regime and notarised closings for BV/SRL share transfers.
Completion accounts and locked-box
Belgian private M&A uses both locked-box and completion accounts. Locked-box is increasingly common in tech and PE-led processes; completion accounts remain frequent in traditional sectors. Choice driven by sector convention.
W&I insurance is increasingly common
Warranty & indemnity insurance is now standard in Belgian deals above roughly €15M. Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow.
Interfederal FDI screening
Belgium's interfederal FDI screening regime (in force from 2023) requires notification of qualifying investments by non-EU acquirers in Belgian companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Adds notification time and conditions.
Capital gains for founders
Belgian individuals generally benefit from a tax exemption on private capital gains on shares (in normal management of private wealth). Specific anti-abuse rules apply; share sales by significant shareholders or in unusual circumstances can be taxed at progressive rates. Worth pre-clearing with a Belgian tax advisor on material exits.
DBI participation exemption
Sales of shares by a Belgian corporate seller can be exempt from corporate income tax under the Belgian DBI (Définitivement Imposé / Definitief Belaste Inkomsten) - typically requires 10%+ holding or €2.5M+ acquisition value for one year. Often drives whether a transaction is share or asset-structured.
Merger control and notarisation
BMA (Belgian Competition Authority) reviews transactions where parties' combined Belgian turnover exceeds €100M and at least two parties each have €40M+ Belgian turnover. Most tech deals don't trigger. BV/SRL share transfers require notarisation - a recurring closing-day cost.
Recently acquired tech companies in Belgium
Biggest M&A recently in Belgium was a $432M acquisition of ScioTeq by Tikehau Capital in June 2025.
See all M&A deals in Belgium| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jun-25 | ScioTeq | | ScioTeq is a designer and manufacturer of avionics displays and mission computers headquartered in Brussels, Belgium. Its products include high-resolution video displays, radar interfaces, and software for air traffic control, fighter jets, and naval vessels. With facilities in Belgium and the United States, ScioTeq equips platforms like Eurofighter Typhoon and supports NATO programs. | Tikehau Capital | $432M | 3.0x | |
Jun-25 | Be-Mobile | | Be-Mobile is a Belgium-headquartered IT firm delivering smart mobility solutions for transport, logistics, automotive, and multimodal sectors. Its portfolio includes traffic management systems, electronic tolling platforms, logistics optimization tools, traveler information services, and mobility payment gateways. Serving public authorities, road operators, and private firms across Europe, Be-Mobile operates from offices in Leuven and Antwerp to streamline urban mobility and reduce congestion. | Arrive | $198M | - | |
Apr-26 | Solvice | | Solvice is a B2B SaaS company that supplies APIs integrating AI into scheduling and planning tools through heuristics, optimization, and ML. Software customers in workforce management, field service, and last-mile delivery use its products. OnRoute offers route optimization accounting for vehicle capacity, delivery windows, and over 50 constraints, while OnShift handles workforce scheduling in compliance with labor laws. | Quickbase | $17M | - | |
Dec-25 | Wobby | | - | HCLSoftware | $5.3M | 0.6x | |
May-26 | FleetMaster | | FleetMaster is a fleet management software provider focused on scheduled transport, short-term rentals, and long-term leases. The Dutch firm, headquartered in Eindhoven, develops modules for vehicle tracking, maintenance planning, driver management, and cost reporting tailored to transport companies. FleetMaster integrates telematics data to monitor fuel consumption, route adherence, and compliance with EU regulations. Established in 1998, it serves haulage firms and leasing companies throughout the Benelux region and Germany. | UFOFLEET | - | - | |
May-26 | FleetMaster | | FleetMaster is a fleet management software provider focused on scheduled transport, short-term rentals, and long-term leases. The Dutch firm, headquartered in Eindhoven, develops modules for vehicle tracking, maintenance planning, driver management, and cost reporting tailored to transport companies. FleetMaster integrates telematics data to monitor fuel consumption, route adherence, and compliance with EU regulations. Established in 1998, it serves haulage firms and leasing companies throughout the Benelux region and Germany. | UFOFLEET | - | - | |
Apr-26 | Optimile | | Optimile is a provider of a cloud-based mobility platform. | DKV Mobility Services Group | - | - | |
Apr-26 | 4itego Group | | 4itego Group unites companies in industrial automation and digital transformation to aid European manufacturing. Innoptus improves product development and production processes, while Infinite Simulation Systems supplies simulation software for testing innovations. | MAIT | - | - | |
Mar-26 | AiVidens | | AiVidens is an AI-based receivables management platform that automates accounts receivable processes. Machine learning assesses payment behavior, forecasts cash flow, and prioritizes collections, integrating with billing, ERP, and CRM systems. Dashboards track DSO, aging, and cash receipts to support finance teams. | RecVue | - | - | |
Feb-26 | Twikey | | Twikey provides a contract negotiation framework connecting companies and customers through bank ecosystems. Seamless integration with third-party CRM and ERP systems complements internal mandate management. | Smile Sail | - | - | |
Feb-26 | Effex | | Effex is a cloud platform optimizing physical testing workflows for businesses and labs, emphasizing collaboration, efficiency, and data analysis. | Minitab | - | - | |
Feb-26 | Tunify | | Tunify is a professional streaming music service delivering licensed background audio for businesses worldwide. | Soundtrack Your Brand | - | - | |
Jan-26 | Beatswitch | | BeatSwitch is an Amsterdam-based software platform that connects festival organizers, booking agencies, and artists for event planning and real-time management. Launched to streamline scheduling, rider fulfillment, and lineup changes, it tracks modifications during events and delivers customized views to stakeholders including stage managers and performers. | Tourmanagement | - | - | |
Jan-26 | MyCellHub | | MyCellHub is a Belgium-based SaaS platform originating from KU Leuven targeting the biotherapeutics sector. The company offers regulatory-compliant data management and analytics tools that optimize cell production processes, deliver cell culture-specific insights, and ensure compliance via real-time audit trails and automated batch records. | Title21 | - | - | |
Dec-25 | Tipik Communication Agency | | Tipik is a Brussels-based PR and communication agency providing content creation, web design, and targeted campaigns. | MCI Group Holding | - | - |
Who is buying tech companies in Belgium?
UFOFLEET, MCI Group Holding and Eurazeo are the most active acquirers in Belgium.
See all acquirers in Belgium| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
UFOFLEET |  | UFOFLEET is an integrated mobility platform that automates products, services, and operations at scale. | FleetMaster | 2 | |
MCI Group Holding | | MCI Group Holding manages global events, congresses, and association services from Geneva, Switzerland, organizing over 20,000 meetings yearly across 100 countries. The firm handles PCO duties for medical conferences like European Society of Cardiology and corporate incentives for brands including Nestlé and UBS. MCI operates hybrid platforms for virtual participation, with teams in 30 offices worldwide supporting HCP meetings and trade shows in Asia, Americas, and Europe. | Tipik Communication AgencyESNConferences, Groups and Incentives | 2 | |
Eurazeo | | Eurazeo SE is an investment holding company operating as a conglomerate of four private equity segments. The company makes investments across a diverse array of industries and asset sizes, mostly in Europe. Eurazeo Capital, the company's greatest revenue contributor, makes investments in medium and large-sized companies above a certain asset threshold. Its other divisions consist of investments in small- and medium-sized companies, provide growth capital to smaller-sized enterprises, and make investments in real assets. The company is increasingly expanding into the Chinese, Brazilian, and American markets. Eurazeo measures performance by changes in net asset value. | 3PRydooNetCo+1 | 2 | |
BCS | | BCS is a Utrecht-headquartered provider of HR and payroll software for SMEs in the Netherlands. Its platform handles salary administration, workforce scheduling, leave management, and employee benefits for over 5,000 clients. BCS integrates with Dutch tax authorities and pension funds, supporting compliance with CAO agreements. The company offers cloud-based solutions like BCS Payroll and Workforce Management, serving sectors including retail, manufacturing, and healthcare from offices in Utrecht and Amsterdam. | CVWarehouseEpowerhrPlek+1 | 2 | |
Wiismile | | Wiismile is a employee benefits provider distributing holiday and gift vouchers in France. It customizes packages for companies to reward staff through redeemable credits at retailers like Fnac and Decathlon. Paris-headquartered since 2015, Wiismile handles tax-compliant distribution and tracks redemption rates for HR teams. | Beehire | 1 | |
hinlab | | hinlab is a medical technology firm with offices in Palo Alto, California, and Paris, France. It develops AI-powered devices for cardiology, focusing on diagnostics and treatment of cardiovascular diseases. The team of AI engineers, hardware experts, physicians, and scientists creates advanced tools to enhance cardiac care accessibility worldwide. | Gabi SmartCare | 1 | |
Uber | | Uber Technologies is a technology provider that matches riders with drivers, hungry people with restaurants and food couriers, and shippers with carriers. The firm's on-demand technology platform is currently utilized by traditional cars as well as autonomous vehicles, but could eventually be used for additional products and services, such as delivery via drones or electronic vehicle take-off and landing (eVTOL) technology. Uber operates in over 70 countries, with over 202 million users who order rides or food at least once a month. | Segments.aiVoiFly Taxi+2 | 1 | |
Aikido Security | | Aikido Security is a Ghent-based cybersecurity platform that unifies code scanning, cloud security, and runtime protection. Its AI-driven system automatically detects and remediates vulnerabilities across applications, infrastructure, and deployments. Engineering teams at companies like bol.com and Showpad rely on Aikido for comprehensive coverage without workflow disruptions. The platform scans repositories, containers, and cloud environments such as AWS and Kubernetes, prioritizing fixes to eliminate security debt efficiently. | AllseekHaickerTrag | 1 | |
Position Green | | Position Green is a sustainability management platform collecting ESG data for reporting and compliance. It automates Scope 1, 2, and 3 emissions tracking and integrates with ERP systems like SAP. The tool supports CSRD and EU Taxonomy standards. Headquartered in Stockholm, Sweden, Position Green serves enterprises across Europe. | GreenomyFactlinesESG Today | 1 | |
DKV Mobility Services Group | | - | OptimileGreenFlux | 1 |
Public tech companies in Belgium
Melexis is Belgium's largest publicly listed tech company, with a market cap of $3.5B.
See all public companies in Belgium| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Melexis | Melexis designs analog/mixed-signal automotive semiconductors for the automobile industry. Its chips measure position, temperature, electrical current, and pressure and convert real-world signals into digital signals to control car functionalities like the powertrain, rotation, safety systems, and pumps and fans, among others. | $89.22 | +30.8% | $3.5B | $3.8B | 3.8x | ||
X-FAB | X-FAB Silicon Foundries SE is a specialty foundry for analog and mixed-signal technologies with a strategic focus on the automotive, industrial, and medical markets. It provides manufacturing and design support services to its customers designing analog and mixed-signal integrated circuits and other semiconductor devices. Its geographies are Europe, Asia, the United States of America, and the Rest of the world. Geographically, the company receives maximum revenue from Europe. | $8.79 | +48.2% | $1.1B | $1.4B | 1.7x | ||
Barco | Barco NV is an electronics company with three business segments: Entertainment, Enterprise, and Healthcare. The Entertainment business segment, which generates maximum revenue, comprises two business units; Cinema which offers the industry's complete range of laser and lamp-based cinema projectors, including image processing and audio solutions; and the Immersive Experience business unit, which offers solutions tailored to the specific needs of large venues, live events, themed entertainment (museums, theme parks, digital immersive art installations, projection mapping, etc.) and simulation applications: projection, image processing, and related services. Geographically, the group generates maximum revenue from the Americas, followed by EMEA and the Asia-Pacific regions. | $10.47 | -29.7% | $852M | $636M | 0.6x | ||
EVS Broadcast Equipment | EVS Broadcast Equipment SA is a video technology provider for broadcast and new media productions. EVS solutions are used by production teams across the world to deliver live sports images, entertainment shows, and news to viewers every day and in real-time. The company's products and solutions offering include a live production asset management suite, live production server, live replay and highlights system, network hub to connect to EVS servers, media storage systems, media workflow management solutions, and others. In addition, the company also provides technical assistance services, training and e-learning, and cybersecurity services to its clients in the media industry. Geographically, it generates maximum revenue from the Europe, Middle East and Africa (EMEA) region. | $42.61 | +8.9% | $571M | $503M | 2.0x | ||
IBA Group | Ion Beam Applications SA develops and manufactures medical devices and software solutions. The firm operates in two segments: proton therapy and other accelerators and dosimetry. Proton therapy and other accelerators business contribute to the majority of sales. It offers solutions for precision cancer treatment through the use of proton beams, as well as cyclotrons used for the production of radioisotopes and industrial accelerators for sterilization and ionization. The dosimetry business sells measurement and quality assurance instruments for radiotherapy and medical imaging. The firm operates in three geographical areas: Belgium, the United States, and the Rest of the World. | $18.07 | +29.4% | $526M | $586M | 0.8x | ||
Materialise | Materialise NV is a provider of 3D printing services. The products and services of the group are organized in three segments: Medical segment, which develops and delivers medical software solutions, medical devices, and other related products and services; Software segment, which develops and delivers additive manufacturing software solutions and related services; and Manufacturing segment, which delivers 3D printed products and related services. Its geographical segments are the United States, the Americas (excluding the USA), Belgium, Germany, France, Switzerland, the United Kingdom, Italy, the Netherlands, Other Europe, and the Asia Pacific. | $5.69 | +5.5% | $332M | $247M | 0.8x | ||
Nyxoah | Nyxoah SA is a health-technology company focused on the development and commercialization of solutions and services to treat sleep-disordered breathing conditions. The company's solution platform is based on the Genio system, a CE-Mark validated, user-centered, bilateral neurostimulation therapy to treat moderate to severe Obstructive Sleep Apnea (OSA), the common sleep disordered breathing condition that is associated with increased mortality risk and comorbidities including cardiovascular diseases, depression and stroke. | $2.81 | -64.3% | $126M | $136M | 5.8x | ||
Banqup Group | Banqup Group SA is an integrated cloud-based SaaS solution to streamline business transactions across the entire lifecycle, from e-invoicing and e-payments to tax reporting. The group provides solutions for businesses, unifies purchase-to-pay, order-to-cash, e-invoicing compliance, and e-payments into one secure platform, removing the complexity of juggling disconnected tools. The company generates revenue from digital services and from traditional communication services. | $2.76 | -37.3% | $102M | $148M | 2.1x | ||
Agfa-Gevaert | Agfa-Gevaert NV develops, produces, and distributes a range of analog and digital imaging systems and information technology solutions, for the printing sector, healthcare sector, and specific industrial applications. The company's operating segment includes CONOPS; Digital Print and Chemicals; Radiology Solutions and Healthcare IT. It generates maximum revenue from the Digital Print and Chemicals segment. The company operates in Europe, NAFTA, Latin America and Asia/Oceania/Africa. | $0.537 | -50.6% | $83M | $213M | 0.2x | ||
Sequana Medical | Sequana Medical NV is a commercial-stage medical device company focused on the development of treatment solutions for the management of fluid overload in liver disease, malignant ascites, and heart failure. The company's products include an alfa pump, which provides a treatment solution for the long-term management of liver refractory ascites and malignant ascites with safety, efficacy, and quality of life benefits demonstrated in multiple clinical studies. The company's geographical segments include Switzerland, Germany, the United Kingdom, France, and the Rest of the world, out of which Germany accounts for the majority of the revenue. | $0.710 | -39.4% | $56M | $95M | 31x | ||
FLOWSPARKS | FLOWSPARKS NV is engaged in providing online educational services. It provides an e-learning platform that enables organizations to create, manage, and deliver digital training based on their internal expertise. With built-in instructional design, multilingual capabilities, reporting features, and AI Co-Authoring, FLOWSPARKS helps companies scale training across teams, locations, and languages. In addition to the platform, it offers customized training content creation services for customers who require support. | $22.09 | +6.9% | $48M | $44M | - | ||
European Medical Solutions | European Medical Solutions Formerly DMS Imaging SA is a clinical-stage biopharmaceutical company. The company is engaged in the development and future commercialization of a range of breakthrough immunotherapy products for the treatment of allergies, based on its ASIT+ technology platform. Its lead product is gp-ASIT+, a phase III trial for the treatment of grass pollen rhinitis. Its pipeline products consist of hdm-ASIT+ for the treatment of house dust mite asthma; and pnt-ASIT+ for the treatment of peanut allergy. | $6.28 | +23.6% | $27M | $42M | - | ||
Keyware | Keyware Technologies NV is a network service provider. The company works in the area of electronic payment solutions. The company operates in various business segments that are Terminals, which comprise the rental, the sale, and the installation of payment terminals; Authorisation, which relates to the revenues in connection with payment transactions, and authorisation services transaction; Corporate, which is involved in finance and administration, expenses in connection with the listing on the stock market; and Software, which includes activities of Magellan. The Terminal segment generates maximum revenue for the company. It offers its services to Netherlands, Germany, and France. | $11.22 | +1107.5% | $25M | $16M | - | ||
Invibes Advertising | Invibes Advertising NV is a digital advertising services provider. It offers advertisers communication solutions tailored to users' experiences on media websites. It considers operating in a single sector, digital advertising services. | $0.837 | -33.5% | $3.8M | -$1.4M | - | ||
Remedent | Remedent Inc is a manufacturer of cosmetic dentistry products in Europe. The company is engaged in the research, development, and manufacturing of oral care and cosmetic dentistry products. It designs, develops, manufactures, and distributes cosmetic dentistry products, including a full line of professional dental products that are distributed in Europe, Asia, the Middle East, and the United States. | $0.001 | -96.7% | $14K | $14K | - |
Why Flow Partners as your M&A advisor
Access to relevant buyers
We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.
No corporate red tape
We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.
Thorough preparation
KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.
Optimize value, not valuation
Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.
We provide M&A advisory services across Belgium and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Belgium.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've closed sell-side and buy-side transactions across European, US and emerging-market tech.
Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
Recently completed M&A advisory projects
Selected M&A transactions and prior deal experience.
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