Here comes the update for M&A activity in April 2026 - a bit delayed due to my stay at Acadian Ventures Summit in sunny San Diego. Whilst the discussions in WorkTech and B2B SaaS continues to focus on the impact of AI on the SaaS business model and B2B SaaS valuations in general, this does not put M&A to a hold but actually speeds up consolidation and in several areas at the moment. A dominant theme across deals worth flagging are the continued build-up of - oftentimes also P

Here comes the update for M&A activity in April 2026 - a bit delayed due to my stay at Acadian Ventures Summit in sunny San Diego. Whilst the discussions in WorkTech and B2B SaaS continues to focus on the impact of AI on the SaaS business model and B2B SaaS valuations in general, this does not put M&A to a hold but actually speeds up consolidation and in several areas at the moment. A dominant theme across deals worth flagging are the continued build-up of - oftentimes also P

Again, April saw some interesting growth investments from VCs into European HRTech and WorkTech startups and scaleups. With a still challenging market environment as all, clients, investors and vendors, are still trying to find the exact sweet-spots of opportunities coming about with the rise of AI, we still see similar patterns in continued funding. Workforce management saw several larger funding rounds following the hypothesis of vertical solutions in underdigitized frontli

Here comes the update for M&A activity in March 2026. Whilst the current discussion in global HR Tech and B2B SaaS focuses on the impact of AI on the SaaS business model and B2B SaaS valuations in general, the were still several acquisitions and mergers communicated in March that were mostly negotiated prior to this discussion. Two dominant themes across deals worth flagging are the continued build-up of PE-backed European payroll/ HR platforms and AI-native add-ons to establ

With a bit of delay due to Easter location we are looking back fundings of European HRTech and WorkTech startups and scaleups. Whilst the market as well as the funding environment remains challenging for software vendors in the era of AI and SaaSpocalypse, March still showed that a lot of European scaleups with strong traction are also able to raise significant funding rounds. Again, topics that vendors that received investments operate in similar HR tech companies primarily

Here comes the update for M&A activity in February 2026. Whilst the discussion in global HR Tech and B2B SaaS was strongly focusing on the impact of AI on the SaaS business model and B2B SaaS valuations in general, the were still several acquisitions and mergers communicated in February that were probably also negotiated prior to this discussion. Main drivers of this consolidation were again in the payroll segment (combination of payroll outsourcing services and software), in

Here comes the first update for M&A activity in 2026. 2025 has been an extremely busy year in HR Tech/ WorkTech consolidation and with underlying reasons for the enforced consolidation, experts expect this trend to continue into 2026. Main drivers of consolidation expected for 2026 remain: Portfolio extensions of larger (suite) vendors for more up- & cross-selling as well as ensuring AI innovation - often also driven by investors. Market and customer access into untapped ma

The year 2026 started of with a limited number of fundings announced - likely also due to holiday season. Similar to the last months of 2025, investments are again primarily in the benefits, learning and talent acquisition space. Here are the details: ⬇𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬: 💵 Carol (IT) raised a €6.5M Series-A round led by Futura SGR and P101 plus an additional €2M debt financing. Carol's total equity raised thus exceeds €11 million since its founding. Specific

The last month of 2025 contained a few larger European HR Tech fundings for new start-ups or uprising scale-ups. Again different areas of employee benefits plays as well as several recruiting and learning focus investments characterize the fundings in the European and also in the US market. US has seen less super large rounds at the end of the year - whilst there is still a chance that some closing from end of December will be communicated in early 2026. Here are the deta

Following a very active October in terms of HRTech M&A this update summarizes November transactions and there were several ones again in the European HR Tech space. Again, multiple are characterized by established vendors acquiring AI-first vendors. Furthermore, also the payroll and HCM consolidation driven by the HCM and payroll groups continued. Here is the summary for November 2025: 𝐇𝐑𝐓𝐞𝐜𝐡 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬: 📝 Epassi (FI) backed by TA Associates and

In November, HR Tech fundings for new start-ups or uprising scale-ups in Europe were less significant and notable in size compared to some previous months, while US showed some additional larger rounds. In general, the direction of funding towards AI-first talent acquisition and learning startups continues. Here are the details: ⬇𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬: 💵 Guidoio (IT) raised a €3.5M seed-round led by led 360 Capital alongside Azimut Libera Impresa for Italy's fir

After a record-breaking third quarter in terms of numbers of transaction in #HRTech ( Venero Capital Advisors counted 111 - highest since they started recording), analysts and advisors including myself expect the wave of consolidation to continue. Economic environment in combination with new tech advancements as well as a lot of "dry powder" = capital to deploy in private equity continue to boost acquisition interest as well as selling interest at the same time. Also in O

Nach den ersten Anzeichen einer Verbesserung des Geschäftsklimas im Frühjahr 2025, bestätigt die Konjunkturbefragung unter HR Software-Anbietern im Herbst diese Entwicklung. Die Bewertung der aktuellen Geschäftslage macht einen deutlichen Sprung nach oben und auch die Geschäftserwartungen verbessern sich weiter gegenüber denen im Frühjahr. Geschäftslage und -erwartungen Der Geschäftsklimaindex für den deutsch­sprachigen HR-Tech-Markt folgt den geäußerten Hoffnungsschimmern

I n October, HR Tech fundings for new start-ups or uprising scale-ups in Europe were not as notable in size compared to some previous months, while US showed some additional very significant rounds. The stream for additional fundings for AI-based talent acquisition, learning and benefits startups continues, thus investments again underlining that AI is driving innovation across HRTech disciplines. Here are the details: ⬇𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬: 💵 Jack & Jill (UK) raised

Whilst the August update included some major transactions in HRTech already, this streak continued into September 2025. With more than 100 acquisitions announced in Q3, we are in the midst of a strong consolidation period in HRTech. Also in September there were several transactions of AI-based vendors in the talent acquisition space. Furthermore, also the benefit and payroll consolidation driven by the large employee benefits and payroll groups continued. Here is the summary

In September HR Tech fundings for new start-ups or uprising scale-ups picked up again compared to a less busy August summer month. There...

Our July Newsletter on M&A already included a sneak peak teasing that August 2025 really has been an exceptional month in #HRTech...

The numbers for 2024 are in: Despite a cooling economy, HR software in Germany, Austria, and Switzerland continues to grow strongly - clearly outperforming the overall market

August despite summer break was similarly busy as July in terms of funding news but with less larger rounds. There have been some...

Whilst August in #HRTech started with a big bang on August 1st with the announcement of the planned acquisition of SmartRecruiters by...