M&A advisory services in Turkey
Turkey's technology M&A market has matured significantly, with European PE, US strategics and regional acquirers all active across e-commerce, gaming, fintech and B2B SaaS.
Peak Games (Zynga), Iyzico (PayU) and Yemeksepeti (Delivery Hero) established the template for Turkish tech exits at scale; Trendyol, Dream Games and Getir are the current cohort attracting secondary and strategic interest. Netherlands, Luxembourg and Cyprus holding structures are standard tools for reshaping the pre-exit tax position.
We advise both bootstrapped and venture-backed Turkish founders through the full sale process, drawing on a strong network of PE sponsors and strategic acquirers with Turkey and MENA–CEE mandates. Our lean end-to-end process covers KPI-driven preparation, vendor due diligence, CIM, buyer process management and term negotiation - with holding-structure and participation-exemption planning built in from the start.
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KazakhstanTurkey
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Turkey tech M&A deals in the last 12 months
$66M
Turkey median tech M&A valuation
-
Turkey median tech M&A revenue multiple
$1.0B
Turkey biggest tech acquisition in the last 12 months
Selling your tech company in Turkey
Turkish M&A follows European mid-market conventions with country-specific overlays around offshore holding structures, Trade Registry filings and the Turkish Competition Authority merger control regime.
Completion accounts and locked-box
Turkish private M&A uses both locked-box and completion accounts. Locked-box is growing in PE-led and tech deals; completion accounts remain frequent in traditional sectors.
W&I insurance is growing
Warranty & indemnity insurance is becoming more common in Turkish deals above roughly USD 25M, particularly in cross-border transactions. Premiums (around 2-3% of cover) typically split between buyer and seller.
Foreign investment screening
Turkey's general FDI screening is limited but specific approvals apply in defence, banking, energy and certain critical infrastructure. Sectoral consents add notification time and conditions to scoped transactions.
Capital gains for founders
Turkish individuals are taxed on share disposal gains at marginal income tax rates (with two-year holding exemption for unlisted shares in specific cases). Holding-company structures (Netherlands, Luxembourg, Cyprus) routinely used to defer or reshape the tax bill - worth planning ahead of a sale.
Corporate participation exemption
Sales of subsidiary shares by a Turkish corporate seller can benefit from a 75% participation exemption - requires 2-year holding and the subsidiary being a qualifying entity. Often drives whether a transaction is share or asset-structured.
Merger control
Turkish Competition Authority (Rekabet Kurumu) reviews transactions where parties' combined Turkish turnover exceeds TRY 750M and each of at least two parties has TRY 250M+ Turkish turnover. Most tech deals don't trigger.
Recently acquired tech companies in Turkey
Biggest M&A recently in Turkey was a $1.0B acquisition of Loom Games by Scopely in February 2026.
See all M&A deals in Turkey| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Feb-26 | Loom Games | | Loom Games is a mobile studio crafting hybrid-casual puzzle games with innovative mechanics for broad player engagement. | Scopely | $1.0B | - | |
Feb-26 | G | Getir (food delivery unit) | | Getir's food delivery unit operates as the restaurant meal delivery arm of the Turkish ultrafast logistics company, connecting eateries to consumers via app-based rapid service. | Uber | $435M | - |
Nov-25 | Apsiyon | | Apsiyon is an Istanbul-based cloud platform automating property management for residential buildings, gated communities, and mixed-use developments. The software covers financial accounting, CRM, tenant portals, maintenance tracking, and reporting across the full lifecycle. Launched in 2015, Apsiyon integrates with Turkish banks and government systems for over 4,000 managers. | Aareon | $80M | - | |
Dec-25 | T | Techpace Communications | | Techpace Communications is a specialist in data mining, communication technologies, and research into communication licenses. | Techpace | $52M | - |
Jul-25 | Milsoft Software Technologies | | Milsoft Software Technologies is an Ankara-based developer of enterprise resource planning software for manufacturing, distribution, and service industries in Turkey. Solutions include modules for inventory management, production planning, financial accounting, and customer relationship management integrated with local tax regulations. Deployments serve over 1,000 clients through on-premise and cloud options. | Forte | $10M | - | |
Feb-26 | Flexi.now | | Flexi.now is a protocol transforming e-commerce into intelligent B2B negotiations. It enables AI agents to scan inventories, vet suppliers, and execute contracts autonomously across logistics, media, and employment services. | EBS Network | $1.0M | - | |
Apr-26 | Playable Factory | | Playable Factory is a software developer providing creative marketing technology for advertising. | Tamatem | - | - | |
Apr-26 | DIA | | DIA is a software development company in Turkey supplying data security, CRM, e-commerce, ERP, cloud, production, and mobile management solutions. | TeamSystem | - | - | |
Mar-26 | TARCOM | | TARCOM is a Turkish agriculture company that operates a platform where farmers purchase inputs from contracted dealers on cash or harvest-deferred terms through a sales orchestration and agricultural gateway model. | Ergün Holding | - | - | |
Mar-26 | GTech | | GTech delivers advanced analytics, big data, business intelligence, database, and financial technology services. | Odine | - | - | |
Feb-26 | ETG Global | | ETG Global implements end-to-end ERP solutions with Dynamics 365 Finance, Supply Chain, and Commerce modules using industry templates for inventory, production, POS, WMS, and hospital systems like MedAX. | FUJIFILM | - | - | |
Feb-26 | M | MT Bilgi Teknolojileri | | MT Bilgi Teknolojileri develops IP-based communication platforms tailored for financial services across industries. | Castles Technology | - | - |
Jan-26 | N | Navee Technology | | Navee Technology delivers satellite communications, network management, TV broadcasting, cybersecurity, and equipment supply services. | Pulsar International | - | - |
Oct-25 | Carvak | | Carvak is an online platform for automotive sales, rentals, and workshop management in Turkey. Headquartered in Istanbul, it connects car owners with buyers through listing tools featuring high-resolution photos, virtual tours, and price analytics based on market data. The marketplace includes peer-to-peer rentals with insurance coverage, a SaaS dashboard for repair shops to track inventory and appointments, and a content hub with maintenance guides and vehicle reviews to inform Turkish consumers. | Borusan Next | - | - | |
Sep-25 | ConectoHub | | ConectoHub is a Vilnius-based SaaS platform that digitizes workflows for remote and hybrid teams across Europe. It tracks tasks, employee performance, and project results while highlighting process bottlenecks to enhance productivity. The platform supports OKR goal setting, real-time analytics, and customizable dashboards for better team alignment. Serving small to medium enterprises, ConectoHub integrates with popular tools like Slack and Google Workspace to streamline operations in various industries. | Idenfit | - | - |
Who is buying tech companies in Turkey?
Param, TeamSystem and Mediazone are the most active acquirers in Turkey.
See all acquirers in Turkey| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Param | | Param is an Istanbul-headquartered fintech delivering embedded payment solutions including digital wallets, prepaid cards, virtual POS terminals, and API gateways. The platform processes transactions for e-commerce merchants and underserved individuals across Turkey and Europe, supporting Visa, Mastercard, and local schemes. Features encompass fraud detection with machine learning, real-time settlements via SEPA, and white-label integrations for banks and retailers. | NebimPayCoreUnivis+1 | 4 | |
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. | DIAMikro YazilimMikrogrup+1 | 3 | |
Mediazone | | Mediazone is a platform connecting digital media networks with advertisers. It facilitates out-of-home and programmatic DOOH campaigns, enabling brands to target screens in malls, transit, and public spaces worldwide. | WebteknoMynetOnedio | 2 | |
Kolay | | Istanbul-based Kolay provides a SaaS platform integrating employee engagement surveys, performance tracking, and HR management tools. The system automates onboarding, leave requests, and payroll for Turkish businesses. | PeopleomaTalentics | 2 | |
Pionr | | Pionr is a Berlin-headquartered venture builder launching fintech companies for SMEs in Africa and Latin America. Its portfolio includes payment processors and supplier finance platforms operating in Nigeria, Kenya, and Mexico. Established in 2022, Pionr designs licensed solutions for credit access and cash management deployed across emerging markets. | TahsildarNorma | 2 | |
Constructor Tech | | Constructor Tech is a machine intelligence platform for research, science, and education sectors. It equips corporations, academics, and schools with tools for data analysis, experiment design, and collaborative learning powered by AI and data science. Based in Israel, the company facilitates innovation through features like automated hypothesis generation and virtual simulations. | AdvancityPerculus | 2 | |
RePie Asset Management | | RePie Asset Management is an Istanbul-headquartered firm managing real estate investment funds. Authorized by Turkey's Capital Markets Board in 2015, it oversees 500 million TRY in assets across office, retail, and logistics properties. RePie's team deploys strategies in Ankara and Izmir developments, partnering with local banks for financing. | ModanisaLink Bilgisayar | 2 | |
NODWIN Gaming | | NODWIN Gaming is an esports organizer hosting tournaments for PUBG Mobile, Valorant, and FIFA across Asia. Noida-headquartered since 2017, it manages properties like BGMI Masters and ESL India. NODWIN partners with Tencent and Red Bull, reaching 100 million viewers annually. The company operates in India, Pakistan, and Southeast Asia with integrated fan apps. | Ninja BilgiPublishMeStarLadder+2 | 2 | |
Odine | | Odine Solutions Teknoloji Ticaret ve Sanayi AS is a company whose systems integration and software technology expertise delivers revolutionary solutions for Tier 1 SDN, virtualization, and cloudification. It is a communication solutions company that enables international telecoms companies to evolve with a sustainable approach. With market technology, holistic solutions, and collaborative partnership, It will support the clients to reinvent its value creation formula. | GTechLogate | 1 | |
Castles Technology |  | Castles Technology Co Ltd mainly operates in the purchase, sale, and lease of personal finance application products, electronic financial transaction terminals, electronic cash registers, and peripherals. Geographically, the company generates maximum revenue from Europe and the rest from the Americas and Asia (excluding Taiwan), and Taiwan. | MT Bilgi TeknolojileriSpire Payments | 1 |
Public tech companies in Turkey
ASELSAN is Turkey's largest publicly listed tech company, with a market cap of $38B.
See all public companies in Turkey| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
ASELSAN | Aselsan Elektronik Sanayi Ve Ticaret AS provides defense technologies to the Turkish armed forces. Additionally, it exports systems and solutions to clients in other countries and has taken on civil projects. Its products may help with communications, radars, sensing, or other defense systems to enhance proficiencies within the industrials sector. Marketing efforts may be geared toward a specific customer or specific segment in the market, and plans are implemented to showcase product capabilities. | $8.29 | - | $38B | $38B | 7.8x | ||
Odine | Odine Solutions Teknoloji Ticaret ve Sanayi AS is a company whose systems integration and software technology expertise delivers revolutionary solutions for Tier 1 SDN, virtualization, and cloudification. It is a communication solutions company that enables international telecoms companies to evolve with a sustainable approach. With market technology, holistic solutions, and collaborative partnership, It will support the clients to reinvent its value creation formula. | $26.17 | +1472.0% | $2.9B | $2.9B | - | ||
Hepsiburada | D-MARKET Electronic Services & Trading offers an e-commerce platform in Turkey and the surrounding region. The company is comprised of one reportable segment, namely e-commerce operations. The Group derives revenue from the sales of goods, marketplace revenues and other revenues. | $2.85 | +7.0% | $1.0B | $850M | 0.4x | ||
CW Enerji | Cw Enerji Muhendislik Ticaret Ve Sanayi Ab is a manufacturer, solution provider, and service company in the photovoltaic power generation sector. CW Enerji’s scope of products comprises solar power plant investment and technical consulting, projecting, system design, solar power plant installations, licensing, and operation, as well as licensed and unlicensed production regulations for solar power plants projects planning, designing, financing, implementation, and general maintenance matters. | $0.733 | +143.4% | $791M | $970M | - | ||
Kalyon Güneş Teknolojileri | Kalyon Gunes Teknolojileri Uretim AS is engaged in the production and sale of solar panels. In addition, it also produces ingots, wafers and cells. | $1.23 | -13.2% | $505M | $505M | - | ||
Mia Teknoloji | Mia Teknoloji AS is a research & development, Innovation, Software Development, Integration, and Solution Provider company located in Technology Development Area. It focuses on the information infrastructure needs of both public and private organizations and develops tailor-made system solutions. The company's services include Facility and Building Installation, Information security training, Data Center Consultancy, Penetration test, and Network security products. | $0.925 | +32.6% | $457M | $466M | - | ||
Netcad | Netcad Yazilim AS a developer of software in this field in Turkey focused on Geographic Information Systems (GIS), CAD, engineering and smart-city solutions. Its solutions involve Smart Cities, Smart Planning, Digital Mapping, Land Management, Smart Mining, Smart Grid Management, and Smart Transportation. | $3.24 | - | $443M | $439M | - | ||
Smart Gunes Enerjisi Tek | Smart Gunes Enerjisi Tek Arastirma Gelistirme Uretim San ve Tic AS, formerly Smart Gunes Teknolojileri is an integrated solar energy company operating in the area of turnkey installation services and PV module production offers a wide range of solar energy solutions to commercial and retail users. The company provides photovoltaic solar panels based on crystal silicon cells for use in the field and rooftop solar plants. | $0.241 | +14.8% | $437M | $668M | - | ||
BiNBiN | Bin Ulasim ve Akilli Sehir Teknolojileri AS is a technology company. The Company is engaged in developing, implementing, and operating all kinds of smart city technologies, applications, and solutions for transportation. The company also purchases, sells, rents, and operates electric, non-electric, bicycle, motorcycle, scooter, and other vehicles. The Group has a business model that generates high-added value based on new technology by supporting green energy and digital transformation and derives a large portion of its sales from scooter rental revenues. | $3.76 | -35.4% | $421M | $416M | - | ||
Alfa Solar | Alfa Solar Enerji Sanayi Ve Ticaret AS engages in the manufacturing of photovoltaic (PV) panels in an ultra-modern facility. Its product portfolio comprises Polycrystalline Panels, Monocrystalline Panels, and half-cut panels. | $1.04 | +4.4% | $383M | $428M | - | ||
ARD Grup | ARD Grup Bilisim Teknolojileri AS is engaged in software development. It offers architecture solutions, software development, enterprise software solutions, cloud solutions, cybersecurity software. | $1.15 | +91.5% | $357M | $387M | - | ||
Altınay Savunma | Altinay Savunma Teknolojileri AS is a company which has has been providing products and solutions in the fields of Motion Control Systems, Unmanned Systems, Stealth Systems, Weapon Systems, Ammunition Destruction, and Production Systems to various stakeholders in the government, private sector, and international markets. | $0.351 | -5.6% | $351M | $393M | - | ||
Logo Yazılım | Logo Yazilim Sanayi ve Ticaret AS is a software company developing software for engineering and project management. The company's vast array of solutions includes Enterprise Resource Planning solutions, Project Solutions, Small and Medium Enterprise Solutions, Business Analytics Solutions, Human Resource Solutions, Supply Chain Solutions, Integrated Products, Work Flow Management Solutions, Retail Cloud Solutions, Customer Relationship Management Solutions, and Mobile Solutions. The group generates revenue from the sale of off-the-shelf software, logo enterprise membership, SaaS membership, after-sales services, Netsis software license, development of customized software and version upgrade package sales. | $3.12 | -1.2% | $296M | $268M | 1.8x | ||
Patek | Pasifik Donanim Yazilim ve Bilgi Teknolojileri A S is a company that provides services such as cyber security, software development, IT hardware and OT technological infrastructure, and international trade and logistics. In the cybersecurity field, it offers its clients solutions that protect against cyber threats. It focuses on network and network security solutions with software development, consulting, and engineering services. | $0.438 | +25.4% | $295M | $216M | - | ||
Hitit | Hitit Bilgisayar Hizmetleri AS develops software solutions for airlines, travel companies and airports, carry operations to provide these as a service, to host and to sell. The company operates in a single reporting unit that develop software solutions for the travel industry, especially for airlines, tour operators and airports, providing them as a service, additional development, maintenance and operating activities. | $0.842 | -3.3% | $253M | $247M | 5.7x |
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 Turkey and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Turkey.
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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M&A is the ultimate goal, but we play a long game. We're your fractional CFO to help you build financial discipline, and advise you on raising growth capital.
Fractional CFO in Turkey
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
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We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
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Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
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- UK Fractional CFO
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