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💰 August 2025: European HRTech Investment Update - M&A 🚀

Our July Newsletter on M&A already included a sneak peak teasing that August 2025 really has been an exceptional month in #HRTech transactions that also created some waves in the industry and will continue to impact the global HRTech ecosystem. 

Let's summarize a month that very well mirrors that M&A has reached new heights in 2025 with AI technology being one of the drivers of this consolidation. Acquisitions of AI-based vendors - especially in talent acquisition - continue to be at the forefront next to continued market consolidation throughout Europe. Several of the acquisition powerhouses even announced two acquisitions within a months - including Visma, zvoove, HR Path and also Thrive. 

Here is the summary for August 2025:

𝐇𝐑𝐓𝐞𝐜𝐡 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬:

📝 Ingentis (DE) backed by Maguar Capital (DE) was sold to The Carlyle Group (US). Carlyle will work with Ingentis’ management team to further accelerate its transition into a global category champion in the fast-growing organizational charting, design and analytics market with its continued international expansion, expanding the company’s partner ecosystem, investing in additional analytics and AI functionalities and pursuing strategic M&A opportunities: https://www.carlyle.com/media-room/news-release-archive/carlyle-invest-ingentis

📝 Thrive Learning (UK) acquired Huler (UK) marking its second transaction shortly after the acquisition of Guider. Thrive plans to integrate the employee hub technology into its portfolio to build a fully integrated learning, mentoring and employee experience platform. The acquisition of Huler, a smart intranet with AI-powered search and personalization, signals Thrive’s continued mission to design a unified future for learning and employee experience: https://www.thrivelearning.com/blog-news/thrive-acquires-huler-to-form-the-worlds-first-integrated-learning-mentoring-and-employee-experience-platform

📝 Visma (NO) acquired milia.io (DE) and Taxy.io (DE), providers of AI-powered solutions for accountants and tax advisors in Germany. milia.io offers an AI-powered platform for accounting offices which facilitates client collaboration and automates and standardizes internal workflows. Taxy.io has pioneered the use of AI in tax advisory, and is used by more than 1,500 tax firms and tax departments across Germany. Its AI tax assistant helps tax advisors respond efficiently and precisely to complex tax inquiries, and recently became the first digital assistant to pass the official tax advisor exam: https://www.visma.com/news/visma-strengthens-offering-to-german-accountants-and-tax-advisors-with-two-acquisitions 

📝 zvoove (DE) communicated the acquisition of two companies in August underlining its ambition to build European market leader for cloud based software for temporary staffing, facility management, and cleaning service providers. It acquired Nivel IV a zvoove company (ES) in Spain and CleanManager (DK) in Denmark. Nivel IV is the leading software provider for Spain’s temporary staffing industry. This move follows zvoove’s 2024 acquisition of Freematica, and with both companies now part of the group, zvoove becomes the market leader in Spain, one of Europe’s most important and fastest-growing markets for temporary staffing. CleanManager’s platform, used by over 425 customers and 15,000 users, will continue to focus on core workflows such as scheduling, time tracking, documentation, and quality control, while now benefiting from additional resources to support development and expansion. https://arcticstartup.com/cleanmanager-acquired-by-zvoove/ and https://zvoove.de/wp-content/uploads/2025/08/20250822_press-release-zvoove_Nivel-IV_EN.pdf

📝 Kombo (DE) acquired Midlane (acquired by Kombo) (DE) to accelerate its mission of becoming the infrastructure layer for HR Tech and jointly solve the integration challenge at scale with Midlane leadership joining in engineering and GTM advisor roles: https://www.linkedin.com/posts/alexander-kuebel-8b8351180_weve-just-made-our-first-acquisition-activity-7361758543286366212-VViL

Some deals were also communicated in the HR services, consulting & outsourcing space (less HR Tech) that are notable as they are oftentimes partners in the ecosystem and also moving closer together by advanced tech:

📝 HR Path (FR) acquired RKM Consulting - an HR Path company (Australia) and PREDICTIVEHR (US). RKM Consulting's specialized focus on HRIS technology, in particular SAP SuccessFactors, reinforces HR Path's already well-established position in the SAP HCM market and further supports its commitment to driving organizational growth and excellence through strategic HR solutions. PredictiveHR’s dedicated focus on UKG implementation, post-go-live optimization, and managed services aligns seamlessly with HR Path’s vision of empowering organizational growth and excellence through strategic HR solutions: https://finance.yahoo.com/news/hr-path-strengthens-global-presence-070000910.html and https://hr-path.com/en/our-news/hr-path-strengthens-global-presence-with-strategic-acquisition-of-predictivehr/2025/08/06/

🌎 Globally, there were several notable US HRTech vendor deals that also created waves in the industry with a focus on talent acquisition: 



Congrats to all of those involved in these deals and all the best for the next iteration of the journey!

Let me know if I overlooked something in the comments below! ⬇

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