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💰 February 2026: European HRTech Investment Update - M&A 🚀

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 workforce management, talent acquisition benefits and education - again with some involvement of private equity and/ or venture capital backed companies.

Here is the summary for what happened in February 2026:

𝐇𝐑𝐓𝐞𝐜𝐡 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬:

📝 Veremark (UK) acquired Risk Management Intelligence (SG), a background verification company, as part of its international expansion strategy. The acquisition follows Veremark’s recent $26 million Series B funding round and its acquisition of Agenda Screening Services Ltd, a specialist background screening firm. This latest investment in RMI strengthens Veremark’s screening capabilities in the region, expanding its expertise in government visa checks for the Singapore market while providing organisations with access to fully compliant, end-to-end screening solutions across the region: https://www.veremark.com/blog/veremark-acquires-singapore-based-risk-management-intelligence-to-strengthen-asia-pacific-presence

📝 VEDA GmbH (DE) backed by Investcorp acquired LOHNunion GmbH (DE), a prominent German payroll accounting service provider. This strategic move is part of VEDA's buy-and-build strategy aimed at enhancing its position in the payroll software and services sector. With LOHNunion, VEDA Group aims to lay a solid foundation for future growth by reinforcing its comprehensive support to organizations throughout the employee life cycle, particularly in payroll services: https://www.veda.net/presse-mitteilungen/veda-group-uebernimmt-lohnunion/

📝 Totalmobile Ltd (UK) and Solvares Group (DE) have announced they are to merge, creating a comprehensive international provider of field service and workforce optimisation technology. This follows the investment in Solvares in December 2024 by Five Arrows and funds advised by Deutsche Beteiligungs AG, and the completion of the subsequent acquisition of Totalmobile, following regulatory approval. The merger brings together Solvares and Totalmobile’s field service management solutions. Totalmobile’s ‘Field First’ platform for field service execution, alongside innovative workforce scheduling, planning and optimisation expertise from Solvares: https://www.totalmobile.com/news/totalmobile-and-solvares-group-announce-merger-to-create-an-international-leader-in-field-service-management/

📝 SD Worx (BE) backed by WorxInvest acquired Paie & RH Solutions (FR), a fast growing French payroll outsourcing specialist which is also one of the earliest adopters and shareholders of Yeap (FR), France’s cloud native payroll technology. With this transaction, SD Worx expands its presence in the French SME and midmarket segment and reinforces its longterm strategy of offering modern, scalable payroll and HR solutions across Europe: https://www.sdworx.com/en-en/about-sd-worx/press/2026-02-23-sd-worx-acquires-paie-rh-solutions-and-invests-yeap-payroll-tech 

📝 TMA the Talent Method (NL) backed by Main Capital Partners acquired Styr (NL), a provider of software for organization design and reward management. The acquisition marks TMA’s third transaction since partnering with Main Capital Partners in December 2024, following the earlier acquisition of US-based DecisionWise in May 2025 and HMG in July 2025. STYR adds a reward and compensation component to TMA’s product suite and positions the group ahead of the upcoming EU Pay Transparency legislation (effective January 2027), which is expected to drive structural demand for equal-pay and reward-transparency solutions: https://main.nl/press-release/tma-acquires-styr/

📝 EG A/S (DK) acquired two software businesses from Tieto. The deal comprises Edlevo, leading software for school administration across all education levels in Sweden and for preschools in Finland as well as the HR & Payroll business with the products Primula and eCompanion providing leading software for HR & payroll administration in the Swedish public sector. The transaction is subject to customary regulatory approvals, with closing expected in the second quarter of 2026. After the acquisition, EG will integrate the businesses into its common operating model, combining Edlevo’s and HR & Payroll’s domain expertise with EG's global industry-specific software capabilities and resources: https://egsoftware.com/global/ressource/eg-acquires-two-software-businesses-from-tieto

📝 Vivecti Group (DE) acquired InSitu Software GmbH (DE), a platform to tackle digital workforce shortage management in healthcare. With the integration of InSitu, Vivecti Group is strengthening their digital platform capabilities and expanding their service portfolio in the area of flexible workforce management: https://vivecti-group.com/aktuelles/vivecti-group-ubernimmt-insitu-software-gmbh

📝 sofatutor (DE) acquired SchoolMouv (FR), a French vendor offering a curriculum-aligned online learning platform tailored to the French education system, including videos, structured courses, interactive quizzes, a flashcard product, and AI-powered content generation features. Similar to sofatutor, its business model includes both B2C subscriptions and B2B sales: https://us.sofatutor.com/about/press/sofatutor-acquires-french-learning-platform-schoolmouv

📝 Hrmony (DE) acquired HelloBonnie (part of Hrmony) (DE) further expanding its position as a comprehensive multi-benefit provider in the German HR tech market. The integration will be carried out gradually, combining the strengths of both applications. HelloBonnie's founders, Maximilian Roskosch and Niklas Klein, will move into management positions at Hrmony and contribute their product and market expertise to the platform's strategic development: https://www.hrmony.de/blog/hrmony-uebernimmt-hellobonnie

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:

📝 RGH-Global | People Services (UK) acquired Kelaca (US), a Raleigh, NC USA, headquartered recruiting solutions firm known for its human-centred approach to talent acquisition and advisory services, marking RGH’s first strategic move into the Americas and the start of its expansion into the USA, Canadian and South American markets: https://www.resourcegroupholdings.com/resource-group-holdings-acquires-kelaca-americas-expansion/

🌎 Globally, there were fewer notable US HRTech vendor deals that did not involve European vendors:

Congrats to Daniel Callaghan, Ivan Bagaric, Kobe Verdonck, Dr. Ralf Graessler, Glenn Frijde, Mikkel Bardram, Prof. Dr. Benjamin I. B., Stephan Bayer, Dennis Ortmann, Maximilian Roskosch, Mahe Bayireddi, Bill McDermott and 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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