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

Here comes the update for M&A activity in July 2026. The debate on AI's impact on SaaS business models and valuations keeps running in the background. Statistics from M&A advisors and also from Gain show that especially private equity activity has dropped compared to previous years.

As gain states "transatlantic software PE entries and exits are down sharply across both regions:

• 🇺🇸 US PE exits: from a ~16% average since 2020 to just 10% in 2026 YTD

  
  

• 🇪🇺 Europe PE exits: from a ~9% average to just 4%

  
  

• 🇺🇸 US PE entries: down to 14%, from 21% in 2020

  
  

• 🇪🇺 Europe PE entries: down to 5%, from 8% in 2020

"AI overhang is the clearest driver. Buyers cannot yet answer whether AI expands a software company's market or makes it obsolete, and many are sitting out until they can.The bid-ask spread is also a blocker. Good assets exist both in public and private markets; but no one is willing to sell at these levels." At the same time rumors from end of this week have it that Silverlake is in talks to acquire Workday - showing that perspectives and expectations on the impact of AI on HCM software category vary (https://www.reuters.com/world/silver-lake-talks-buy-workday-sources-say-2026-08-13/).

July also saw some consolidation in the job board market in Europe as well as in recruitement services again.

Here is the summary for what happened in July 2026:

𝐇𝐑𝐓𝐞𝐜𝐡 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬:

📝 shyftplan (🇩🇪) backed by Maguar Capital acquired ScableOne (🇩🇪), a leading provider of smart factory software for shopfloor management and maintenance. Scable's software enables manufacturing companies to digitize their operative production – from shopfloor management and connected worker solutions to preventive maintenance. With Scable, shyftplan adds highly complementary shopfloor capabilities to its AI-supported workforce management platform. This partnership marks an important step towards a broader vision: building the software backbone for the human-centric smart factory: https://www.linkedin.com/posts/deal-announcement-maguar-capital-is-pleased-share-7483796828203827200-c0Kk/

📝 Grupa Pracuj (🇵🇱) acquired No Fluff Jobs (🇵🇱), previously developed within Ringier Axel Springer Polska Group, one of Poland’s most recognizable recruitment platforms for IT professionals. The acquisition strengthens the Group’s presence in the IT recruitment segment, complementing the offerings of Pracuj.pl and theprotocol.it. For Ringier Axel Springer Polska Group, the transaction is part of its consistent focus on brands, companies, and projects that most strongly support the company’s strategic objectives: https://ir.grupapracuj.pl/en/news/466148-no-fluff-jobs-joins-grupa-pracuj-strengthening-its-portfolio-in-the-strategic-it-recruitment-segment

📝 Sanoma Learning (🇳🇱) acquired Fluentbe (🇵🇱), a Polish AI-powered tutoring platform for language learning. Fluentbe offers AI-powered, personalised language learning for both individuals and enterprises, combining its own teaching methodology, proprietary content and technology with expert educators: https://www.sanoma.com/en/news/2026/nasdaq/sanoma-acquires-fluentbe-a-polish-ai-powered-tutoring-platform-for-language-learning--/

📝 Adzuna (🇬🇧) acquired Joblift (🇩🇪), the German job search platform. The acquisition marks our fourth acquisition in four years, following Getwork, Seiza, and Trovit and Mitula, and strengthens our position as one of the world’s leading global job search platforms. Founded in 2015 and based in Berlin, Joblift built its reputation on aggregating listings from thousands of partner job boards, employers and staffing firms, and on strong local traffic partnerships, with a particular focus on blue and grey collar job search in Germany. In Germany, Joblift will continue to operate as a standalone brand – protecting the local expertise and traffic partnerships that built the business: https://www.adzuna.co.uk/blog/adzuna-acquires-joblift/

📝 InfoJobs (🇪🇸) acquired Viterbit (🇪🇸), a solution for talent acquisition, recruitment, and HR management. InfoJobs expands with this acquisition and it will allow InfoJobs to strengthen its service offering and provide specific solutions to the current challenges of the job market: https://viterbit.com/blog/viterbit-se-incorpora-a-infojobs

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:

📝 CRC (🇬🇧) acquired BBKS & Co Accountants (🇬🇧). The purchase of the Banchory-based accountancy firm is a first for CRC and is the latest in a number of major milestones for the business. BBKS & Co has been owned by its founder, Louise Birse, for nearly four decades. The BBKS & Co team will remain in Banchory and it is expected that the acquisition will allow the company to create more jobs in both Orkney and Aberdeenshire: https://crc.business/news-updates/landmark-move-for-orkneys-crc-as-it-purchases-aberdeenshire-accountancy-firm/

📝 Sellick Partnership (🇬🇧), a wholly owned subsidiary of Samsic Group, acquired a majority shareholding in Gleeson Recruitment Group (🇬🇧), one of the UK’s leading independent recruitment and talent solutions businesses. The move forms part of Samsic RH’s UK expansion strategy and will build on Sellick Partnership’s existing presence in the market, broadening the Group’s geographical coverage and specialist recruitment expertise: https://www.workwithglee.com/resources/blog/samsic-group-and-sellick-partnership-expand-uk-recruitment-footprint-with-gleeson-recruitment-group-acquisition/

📝 AllPro Recruitment (🇮🇪) has acquired Eos Talent (🇮🇪), a specialist HR recruitment and talent advisory firm. This acquisition marks another step in the Irish group's expansion of its people and talent services portfolio and was announced by the founder of Eos Talent, who launched the specialist business in November with a focus on HR recruitment and talent advisory services. Financial details of the transaction were not disclosed: https://www.bwpeople.in/article/allpro-people-group-acquires-eos-talent-to-expand-hr-recruitment-615816

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

Paylocity (🇺🇸) acquired Aidora (🇺🇸): https://www.paylocity.com/company/about-us/newsroom/press-releases/paylocity-acquires-ai-native-aidora-to-simplify-leave-management/

Congrats to Dr. Farhood Torabian, Lukas Morys, Przemek Gacek, Tomek Bujok, Roman Campa, Dimitri Nicolau Gutiérrez, Rob Kolkman, Miłosz Ryniecki, Calvin Cooper, Louise Birse, Gareth Fleming, Emma Anglim 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! ⬇