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

Whilst August in #HRTech started with a big bang on August 1st with the announcement of the planned acquisition of SmartRecruiters by SAP and continued with the announcement of Dayforce being taken private for $12.3bn by Thoma Bravo and did not even finish yet with the announcement of Workday's planned acquisition of Paradox, this is still "just" the M&A summary of July 2025. We can also look back at a strong number of M&A announcements in July. This time, acquisitions of AI-based vendors are at the forefront next to continued market consolidation throughout Europe.

As already stated August deals summary will also come with several interesting deals - next to the ones stated above already. Here is the summary for July 2025:

𝐇𝐑𝐓𝐞𝐜𝐡 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬:

📝 LumApps (FR) acquired Beekeeper by LumApps (CH) backed by Bridgepoint Group, valuing the combined company at more than $1bn and creating an "Employee Hub" and all-in-one productivity and communication platform for frontline and desk-based employees. LumApps has accelerated its growth through four strategic acquisitions since 2021. This M&A strategy will remain central as the group plans to evolve and consolidate the market, which is shaped by trends like AI adoption, hybrid work and digital-first communication: https://www.businesswire.com/news/home/20250701139586/en/LumApps-and-Beekeeper-to-Join-Forces-in-Deal-Backed-by-Bridgepoint-Creating-the-Leading-Employee-Experience-Platform-for-the-Future-of-Work

📝 SD Worx (BE) backed by WorxInvest acquired SOCIALEA (FR), a French payroll company with a foothold in the French SME market. With this acquisition, SD Worx continues its growth strategy and enters the domestic French SME segment. The company, headquartered in Nantes and with additional offices in Saint-Nazaire and Rennes, reported a revenue of €3.3M in 2024. Socialea's core business lies in managed payroll services and legal advisory services: https://www.sdworx.com/en-en/about-sd-worx/press/2025-07-09-sd-worx-acquires-french-payroll-provider-socialea-and-strengthens

📝 Lightcast (US) backed by acquired Rhetorik is now part of Lightcast (UK), a labor market insights vendor and B2B professional data provider. According to Lightcast it selected Rhetorik for its superior data accuracy, commitment to data subject rights, robust security, and strict compliance with global privacy regulations, such as GDPR, CCPA, and DPA. The acquisition strengthens Lightcast’s position by combining demand-side signals with deeply curated supply-side data to power workforce planning, talent acquisition, sales prospecting, and more.: https://lightcast.io/resources/blog/lightcast-acquires-rhetorik-to-expand-global-people-company-and-labor-market-inte

📝 Rydoo (BE) backed by Eurazeo acquired Semine (NO), a European innovator in accounts payable automation. By combining Semine's accounts payable technology with Rydoo’s expense management platform, the firms create a unified solution to simplify, automate, and elevate corporate spend management: https://www.rydoo.com/inside-rydoo/rydoo-semine-acquisition/

📝 Thrive Learning (UK) acquired Guider (UK), an online mentoring and coaching business. The acquisition of Guider opens up new markets for Thrive, establishing a strong presence in the rapidly expanding coaching and mentoring sector. In August 2025, also the acquisition of Huler was announced by Thrive Learning which will be part of our August deal summary: https://www.thrivelearning.com/blog-news/thrive-announces-strategic-acquisition-of-guider-the-uks-leading-mentoring-and-coaching-platform

📝 Accelo (US) acquired Forecast (UK), a professional services automation (PSA) firm and provider of AI-powered project and resource management software. This acquisition strengthens Accelo’s position in the PSA market and expands its capabilities in predictive planning, resource optimization, and intelligent automation: https://www.accelo.com/post/accelo-acquires-forecast-an-ai-enabled-saas-platform 

📝 Assessio (SW) backed by Pollen Street Capital acquired Elevo (FR), a French HR Tech scale-up of performance and talent management solutions. The acquisition creates an broad HR solution for Assessio customers combining predictive assessments with continuous performance and development: https://assessio.com/news/assessio-completes-strategic-acquisition-of-elevo/

📝 TrueTribe (NL) acquired Quan (NL), a platform that helps organisations measure and improve workforce health and vitality. With this acquisition, TrueTribe expands its data-driven capabilities, enabling employers to gain an in-depth understanding of employee well-being. Moving forward, Quan’s platform will be integrated into TrueTribe’s portfolio: https://siliconcanals.com/truetribe-acquires-quan/ 

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:

📝 NIIT (IE) acquired MST Group (DE), a leader in managed learning services in the DACH region (Germany, Austria, Switzerland). The company was acquired through NIIT MTS’ wholly owned subsidiary NIIT (Ireland) Limited for €22.37M. The transaction expands NIIT MTS’ presence in Europe’s fastest-growing region and increases market penetration in the automotive and industrial market segments while strengthening its portfolio of managed learning services with the addition of QuickStart Learning Academy capabilities: https://www.niit.com/en/learning-outsourcing/news-details/niit-mts-acquires-mst-group-germany-to-expand-managed-learning-services-portfolio-in-europe/

📝 HR Path (FR) acquired HORN Payroll - HPC (DE), a German-based company specializing in payroll outsourcing and interim services. The acquisition of HORN Payroll Company GmbH strengthens HR Path’s ability to cover the entire German market. Following the acquisition of FGI in Hamburg and Talent at Work in Munich, this move increases presence and delivery capability throughout the region: https://hr-path.com/en/our-news/hr-path-strengthens-outsourcing-expertise-in-germany-with-acquisition-of-horn-payroll-company-gmbh/2025/07/08/

📝 asap.work (FR) acquired Just Construction Recruitment (UK), a leader in UK and US permanent hiring for the construction industry. The move comes at the same time as the business launches into the booming American market. With 95% of Just Construction’s business rooted in the US, particularly in high-growth regions like Texas, Florida, and North Carolina, this acquisition gives asap.work firepower across both sides of the Atlantic: https://www.just-constructionrec.com/just-construction-joins-forces-with-asap-group-to-accelerate-growth-across-uk-and-us-markets 

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! ⬇

#worktech #mergersacquisitions #transactions #privateequity