M&A advisory services in France
France sees over 400 private tech company acquisitions annually, with Paris-headquartered strategic buyers and an active cross-border PE market driving consistent demand for French software assets in particular.
Categories anchored by companies such as Doctolib in healthtech, Qonto in fintech and Back Market in re-commerce have attracted global strategic acquirers and growth PE alike, creating a well-tested exit path for French founders across multiple verticals.
Our M&A advisory in France is built around both bootstrapped and venture-backed companies looking to find the right buyer at the right moment. We leverage a strong network of French and pan-European PE houses alongside strategic acquirers, build KPI-driven positioning that resonates with sophisticated buyers, and run a lean end-to-end process designed to keep closing timelines tight - including IEF notification where it applies.
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France tech M&A deals in the last 12 months
$30M
France median tech M&A valuation
2.8x
France median tech M&A revenue multiple
$2.2B
France biggest tech acquisition in the last 12 months
Selling your tech company in France
French private-company M&A follows European mid-market patterns with some French-specific nuance: foreign investment review is real and frequently triggered, earn-outs are more common than in the UK, and the tax treatment of the founder's exit deserves planning a year ahead of close.
Completion accounts more common than locked-box
Where UK M&A is overwhelmingly locked-box, French deals split more evenly: completion accounts remain the default in many transactions, with locked-box growing in private-equity-led processes and larger tech deals. The choice has material cash-flow consequences for the founder at close.
W&I insurance penetration is growing
Warranty & indemnity insurance is now standard in French private equity deals above roughly €25M and increasingly used in tech mid-market. Premiums (0.8–1.5% of cover) typically paid by the buyer or split, replacing escrow as the main protection mechanism.
Foreign investment review (IEF)
Investissements Étrangers en France, administered by DG Trésor at Bercy, requires pre-completion authorisation for non-EU acquirers taking control of a French company in roughly 17 sensitive sectors. Tech deals involving AI, dual-use technology, cybersecurity or critical infrastructure routinely trigger filings. The review can add 30 to 60 working days to closing.
Capital gains tax for founders
French tax residents are taxed on disposal gains at the 30% flat tax (PFU): 12.8% income tax plus 17.2% social levies. Founders can elect into progressive rates if more favourable, and a tapering relief (abattement renforcé) of up to 85% remains available for shares held over eight years in companies that qualified as SMEs at the time of subscription.
Earn-outs are routine
Earn-outs feature in a higher share of French mid-market tech deals than in UK equivalents, typically 12-36 months and capped at 20-40% of headline consideration. The fiscal treatment depends on whether the earn-out is paid as additional purchase price (capital gains) or in another form - a frequent drafting trap for founder sellers.
Merger control thresholds
The Autorité de la concurrence reviews deals where the parties' combined worldwide turnover exceeds €150M and each has €50M+ of French turnover (lower thresholds for retail). Most tech transactions don't trigger French merger control but always worth checking when the target has French B2C reach or the buyer is a large group.
Recently acquired tech companies in France
Biggest M&A recently in France was a $2.2B acquisition of Multiven by Photon AI in June 2025.
See all M&A deals in France| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jun-25 | Multiven | | Multiven is a Los Gatos, California-based provider of third-party maintenance and cyber-defense for network and IoT hardware from Cisco, Juniper, and HP. It offers firmware integrity checks, vulnerability patching, and 24/7 support extending equipment life beyond vendor EOS. Serving enterprises in finance and telecom, Multiven avoids OEM lock-in. Established in 2015, the company audits millions of devices annually. | Photon AI | $2.2B | - | |
Apr-26 | IDEMIA | | IDEMIA is a Courbevoie-headquartered global provider of identity and security technologies. The company supplies governments with biometric passports, national ID cards, and voter registration systems deployed in countries including India and Brazil. It equips airports such as Paris Charles de Gaulle with facial recognition gates and delivers contactless payment cards to banks like BNP Paribas. IDEMIA manufactures secure SIM cards for telecom operators and digital signatures for enterprise workflows. Formed in 2017 through the merger of Oberthur Technologies and Morpho, it maintains production facilities in France, Portugal, and South Africa. | Amadeus | $1.4B | 1.7x | |
Sep-25 | La Centrale | | La Centrale is a French online marketplace for new and used cars, motorcycles, and vans listing vehicles from dealers and private sellers. Users access search filters by brand, model, mileage, and region alongside valuation tools and expert advice articles. Headquartered in Paris, the platform connects buyers with over 300,000 listings monthly and covers the entire French automotive market. | OLX Group | $1.2B | - | |
Dec-25 | Brevo | | Brevo is a Paris-headquartered cloud marketing platform founded in 2012. Formerly Sendinblue, it offers email campaigns, SMS transactional messaging, CRM tools, and automation for SMBs and e-commerce. Users access newsletter builders, segmentation, A/B testing, and analytics to nurture customer relationships across sales funnels. | BpifranceBridgepoint Group+1 | $540M | 2.5x | |
Jan-26 | T | Towerlink France | | Towerlink France is a developer and operator of data centers in France, supporting digital infrastructure growth with a focus on sustainability. | VIFSP6 TRINITY | $463M | 91x |
Feb-26 | Gleamer | | Gleamer is a Paris-headquartered AI software provider for radiology diagnostics. Its BoneView and ChestView tools integrate into PACS systems for automated fracture detection on X-rays and lung abnormality identification on chest scans. Deployed in over 300 institutions across 13 countries including France, U.K., and U.S., the solutions achieve 95% sensitivity in clinical validations. | DeepHealth | $271M | 9.0x | |
Aug-25 | Exaion | | Exaion is a Paris-based blockchain subsidiary of TotalEnergies that offers decentralized cloud storage and NFT platforms for energy trading. Launched in 2021, it powers 3D visualization tools for oil and gas simulations and secure data sharing for financial institutions. Exaion hosts nodes across five continents, supporting media clients with immutable content ledgers. | MARA Holdings | $263M | - | |
Jul-25 | Dimo Maint | | - | Keensight Capital | $212M | - | |
Oct-25 | Gojob | | Gojob is a Paris-headquartered workforce platform matching temporary workers with employers across France in sectors such as logistics, construction, industry, sales, services, and transportation. The company deploys proprietary algorithms for rapid job matching and handles payroll processing, serving thousands of daily job openings primarily in blue-collar roles. Gojob expanded into Spain in recent years, partnering with major firms to address labor shortages in manufacturing and retail. | Persol Holdings | $168M | 0.9x | |
Jan-26 | 365talents | | 365talents runs a talent management platform leveraging machine learning to identify employee skills and match them to internal jobs, projects, and training. Paris-based, it enables personalized career development for enterprises, boosting retention through data-driven opportunity recommendations and skill gap analysis. | Docebo | $55M | 6.1x | |
Dec-25 | Illuin Technology | | Illuin Technology is a France-based firm executing strategic projects in artificial intelligence and emerging technology interaction modes. | Seven2 | $53M | 3.8x | |
Mar-26 | Amalia.io | | Amalia.io is a Paris-based software provider of automated sales commission management. The platform calculates commissions, verifies payouts, and approves incentives for sales teams in enterprises. Integrating with CRM systems like Salesforce and accounting tools such as NetSuite, Amalia.io handles variable pay structures including bonuses and SPIFs. The company serves B2B organizations across Europe to streamline finance-sales alignment. | Allshares | $30M | - | |
Nov-25 | Logipren | | Logipren is a pharmacy software provider that leverages the proprietary Reference Thesaurus drug database to power its prescription generation module, enabling accurate data extraction and streamlined pharmaceutical operations primarily in France. | GPI Group | $29M | 5.8x | |
Oct-25 | Claap | | Claap is a Paris-based async video collaboration platform for screen recordings, contextual feedback, and decision-making. The tool replaces lengthy meetings and email threads with quick videos, serving remote teams in tech, marketing, and product development globally. | Lemlist | $25M | 13x | |
Sep-25 | Predictice | | Predictice is a business intelligence platform for legal professionals offering real-time predictive analysis on case outcomes. The service applies machine learning and text analysis to open case law data, computing success probabilities and optimization strategies. Paris-headquartered Predictice integrates with lawyer workflows to enhance client consultations across French courts. | Doctrine | $24M | - |
Who is buying tech companies in France?
ChapsVision, ISAGRI and Visma are the most active acquirers in France.
See all acquirers in France| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
ChapsVision | | ChapsVision is a Paris-headquartered software provider delivering data management platforms for retail, finance, and public services sectors. Its solutions unify customer and product repositories with analytics and investigation tools to drive digital transformation. The company integrates master data management systems that handle large data volumes, enabling compliant data governance and real-time insights for European enterprises. | SinequaArticqueAnycommerce+2 | 6 | |
ISAGRI | | ISAGRI SAS develops farm management software for agriculture and viticulture, covering field operations, livestock, swine, vineyards, arable crops, specialized production, and financial oversight from its French headquarters. | SENCROPBobbeeCrisalid+2 | 6 | |
Visma | | Visma is an Oslo-headquartered SaaS group delivering accounting, HR, and administration software across Northern Europe and beyond. Organized into Software SMB, Software Government & Large Accounts, and Business Process Outsourcing divisions, it powers operations for 1.7 million customers in 13 countries with products like Visma.net ERP and eAccounting. The company maintains a presence in Norway, Sweden, Finland, Denmark, and expanding markets. | EvolizFinthesisquarksUp+2 | 6 | |
Inherent | | - | InovacomSystonicEverlink Services+2 | 5 | |
Septeo Group | | Septeo Group is a Aix-en-Provence-headquartered software publisher serving legal, real estate, and hospitality sectors in France and Europe. Formed in 2021 through mergers of Silae, Lexbase, and Sequoia, it offers HR payroll, property management, and reservation systems. The group operates 20 subsidiaries with cloud-based platforms compliant with GDPR and French labor laws. | MisterbookingnetCool'n CampIdeta+2 | 5 | |
TeamSystem | | TeamSystem is an Italian software developer supplying management solutions for SMEs, professionals, accountants, lawyers, and artisans. The company provides ERP systems, access control for sports facilities, and training programs. Pesaro-headquartered since 1979, TeamSystem operates 42 offices across Italy. | ACD GroupeSellsyClicData+1 | 4 | |
TVH Consulting | | TVH Consulting is a provider of ERP consulting, integration, and support services operating in France and abroad. Specializing in solutions from vendors like Sage and Microsoft Dynamics, it handles international project deployments, proof-of-concept studies, and system optimizations. Based in Lyon, France, the firm offers software distribution, diagnosis services, and outsourcing for manufacturing and distribution sectors. TVH Consulting maintains a network of experts across Europe for ongoing maintenance and upgrades. | Augusta ReevesBCSYSCalliope Business Solutions+1 | 3 | |
OVHcloud | | OVH Groupe is a provider of cloud services, occupying a position in the cloud market. It provides businesses with a complete suite of solutions designed to meet the growing demand for multi-cloud and hybrid cloud strategies, addressing a wide range of needs and customer segments. Geographically operates in France, Europe and Rest of the world. It has three operating segments: Private Cloud, Public Cloud and Web Cloud & Other. | Dragon LLMSealdapi.video | 3 | |
Asker Healthcare Group | | Asker Healthcare Group AB is a provider of medical products and solutions that drive progress in the European healthcare sector. The company is engaged in building and acquiring companies to support the healthcare system to improve patient outcomes, reduce the total cost of care, and ensure a fair and sustainable value chain. The company also offers a range of value-added solutions to support its suppliers and customers in, for example, market access, efficiency, and sustainability. | Cardio DépôtFINMEDMELET SCHLOESING Laboratoires+2 | 3 | |
Bridgepoint Group | | Bridgepoint Group PLC is an international alternative asset fund management group, providing private equity and private debt lending solutions to the middle market. The reporting segments of the company are Private Equity, Credit, Infrastructure and Central out of which, the company derives maximum revenue from Private equity. | BrevoLumAppsSinari+2 | 3 |
Public tech companies in France
Schneider Electric is France's largest publicly listed tech company, with a market cap of $173B.
See all public companies in France| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Schneider Electric | Schneider Electric is a global leader in energy management and industrial automation. It holds leading positions in electrical distribution. Its four end-markets include: Buildings, Data Center & Networks, Infrastructure, and Industry. Its largest countries include the United States, China and India. | $307.61 | +20.4% | $173B | $188B | 3.9x | ||
Airbus | Airbus is a global aerospace and defense firm that designs, develops, and manufactures commercial and military jets and helicopters, as well as space launch vehicles and satellites. The company operates three divisions: commercial, defense and space, and helicopters. Commercial offers multiple configurations of aircraft ranging from the narrow-body (120-200 seats) A220 and A320 series to the much larger A330 and A350 wide-body models. The defense and space segment supplies governments with military hardware, including transport aircraft, aerial tankers, and the Eurofighter Typhoon multirole jet. The helicopter division manufactures turbine helicopters for the civil and public markets. | $201.54 | +7.8% | $159B | $153B | 1.7x | ||
Thales | Thales is a French aerospace and defense industrial and one of Europe's largest defense contractors. The company has three segments: defense and security provides sensors, mission systems, communications, and control systems to European and export defense customers; aerospace sells avionics and satellites to the civil, defense, and governmental markets; and digital identity and security provides biometric, data, and identity security solutions, payments services, and the manufacturing of SIM cards. | $266.80 | -13.5% | $55B | $57B | 2.2x | ||
Dassault Systemes | Dassault Systèmes is a leading provider of computer-assisted design and product lifecycle management software, serving customers like Boeing and Volkswagen throughout the production process. The company’s flagship product, Catia, primarily serves the transportation, industrial equipment, and aerospace and defense industries. In life sciences, Dassault’s Medidata cloud platform optimizes clinical trial efficiency and is the leader in electronic data capture. | $23.53 | -38.2% | $31B | $28B | 3.8x | ||
Dassault Aviation | Dassault Aviation, a subsidiary of French multinational company Dassault Group, designs, builds, and maintains military fighter jets and is one of the largest manufacturers of business jets. It has a 26% stake in Thales, which contributes significantly to Dassault’s net profit. In 2024, Dassault Aviation generated EUR 6.2 billion in revenue with 14,600 employees. About 62% of revenue comes from defense aircraft equipment sales and services, while Falcon business jets generate the remaining 38% of sales. | $330.62 | -10.1% | $26B | $15B | 1.6x | ||
Publicis Groupe | Headquartered in France, Publicis is the world’s second-largest ad holding company based on revenue. Publicis’ services, which include traditional and digital advertising, public relations, and consulting, are provided worldwide, with over 80% of its revenue coming from more-developed regions such as North America and Europe. | $96.91 | -12.4% | $24B | $26B | 1.5x | ||
Capgemini | Capgemini is a French IT services company with a global presence. The firm has over 450 offices globally, with more than half of its employees based in India. Capgemini provides services related to IT consulting, software application and technology services, infrastructure management, engineering research and development, and business process outsourcing. | $118.46 | -29.8% | $20B | $27B | 1.0x | ||
Bureau Veritas | Bureau Veritas is a testing, inspection, and certification company. Its primary activities include testing products and materials, inspecting sites and equipment, and certifying products and systems to maintain global standards. Bureau Veritas is one of a handful of companies in the TIC sector that operate globally across numerous industries, including marine, industry, commodities, construction, and consumer products. Bureau Veritas was listed in 2007; it was previously privately owned by the Wendel Group, which retains a significant holding. | $31.46 | -9.4% | $14B | $16B | 2.1x | ||
Soitec | Soitec is a French company that manufactures and sells engineered semconductor wafers. Soitec supplies silicon-on-insulator, or SOI, wafers worldwide and also provides other engineered substrates like gallium nitride or silicon carbide. Soitec sells wafers to fabrication plants that use the them to produce chips. Soitec has facilities in France, Singapore, and China. | $183.68 | +266.6% | $6.6B | $7.1B | 10x | ||
Edenred | Edenred is a France-listed prepaid corporate services provider operating in 45 countries. The company was listed in 2010 following a spinoff from hotel group Accor. Edenred's main business, Ticket Restaurant, offers prepaid meal vouchers that employers provide their employees as an additional benefit. The company is also involved in other areas, such as prepaid fuel cards and payment and expense management systems. Edenred is also moving beyond its historical services, adding well-being, gift, EV, toll, and business-to-business accounts payable automation services. | $25.05 | -21.1% | $5.8B | $7.0B | 2.0x | ||
Teleperformance | Teleperformance SE provides outsourced customer experience management services, such as customer care solutions, technical support, customer acquisition services, digital solutions, analytics, visa application management, debt collection services, interpreting and translation services, and back-office services. The clients of Teleperformance's services range over various industries, from telecoms and technology firms to the public and retail sectors. The company is organized into two operating segments: Core Services & D.I.B.S (Digital Integrated Business Services) and Specialized Services. A vast majority of the company’s revenue is generated by the Core Services & D.I.B.S segment. | $87.89 | -14.5% | $5.1B | $9.6B | 0.8x | ||
FDJ United | FDJ United is engaged in Offline and online lottery games and sports betting. Its lottery games include draw games and instant games. Its lottery offers in France include prize draws such as Loto and Euromillions, as well as Illiko instant games. Also through its subsidiaries it has diversified with the roll-out of a French payment and collection service under the Nirio brand name. | $26.68 | -28.5% | $4.9B | $6.6B | 1.5x | ||
JCDecaux | JCDecaux SE is an outdoor advertising company. The company focuses on three main business areas namely Street Furniture, Transport advertising, and Billboard advertising. Street furniture advertising relates to bus stop advertising, newspaper kiosks, public benches, and free-standing panels. Transport which focuses on advertising in land transport networks and airports and Billboard Advertising which concerns the marketing of billboards, neon-light billboards, and advertising wraps. The company generates the majority of its revenue from the Street Furniture segment in the form of Advertising. The company has a geographical presence in Europe, Asia-Pacific, France, the Rest of the world, the United kingdom, and North America. | $21.26 | +21.9% | $4.5B | $7.5B | 1.6x | ||
Exosens | Exosens SA is a high-tech company specializing in electro-optical technologies for amplification, detection, and imaging. It offers products such as night vision tubes, ultraviolet cameras, travelling wave tubes, and various detectors for defense, life sciences, nuclear, and industrial sectors. With multiple production sites in Europe and North America. The company’s activities are organized into two main segments: Amplification, which focuses on electron or electromagnetic wave amplification systems mainly used in defense night vision equipment and generates the majority of its revenue, and Detection & Imaging, which provides high value-added components for commercial markets such as nuclear power, research, and industrial applications. | $71.38 | +42.7% | $3.6B | $3.5B | 6.1x | ||
Sopra Steria | Sopra Steria is a French IT services company operating across Europe. Just over a third of its employees are based in France, where around half of the group's revenue is generated. Sopra Steria's primary business is systems integration, which accounts for around 60% of the group's revenue. Other services offered include business process outsourcing, hybrid cloud, technology services, and consulting. | $160.31 | -26.8% | $3.1B | $3.9B | 0.6x |
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 France and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in France.
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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