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

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 Warburg Pincus LLC acquired Alleo (NL), a multi-benefit scale-up used daily by more than 400 organisations and 200,000 employees. Alleo offers a broad range of employee benefits, including corporate fitness, bike leasing, mental wellness, savings and hundreds of partner offerings, helping employers build stronger, healthier, and more resilient teams. As part of Epassi, Alleo will become Epassi's core multi-benefit platform in the Dutch market, integrating the offerings of Bedrijfsfitness Nederland, Workit and Vip District into one personalised experience.

📝 Reducate (NL) acquired Learna | Diploma MSc (UK), a fully online provider of postgraduate medical qualifications for working healthcare professionals. The acquisition broadens Reducate’s geographic reach and strengthens its position within certified medical education: https://www.thecfigroup.com/transactions/reducate-has-acquired-learna/

📝 LearnUpon (IE) acquired Courseau By LearnUpon (IE), an AI-assisted course authoring platform. The acquisition accelerates LearnUpon’s mission to make learning creation and delivery faster, smarter, and more accessible for organizations everywhere, while also underscoring the company’s continued success as a growing global technology business. Founded in Berlin in 2023, Courseau has quickly established itself as a pioneer in AI-powered course creation: https://www.learnupon.com/newsroom/learnupon-acquires-courseau/

📝 Amadeus Fire (DE) acquired 70 percent of the shares in eduBITES (DE). Their intelligent AI agents interview knowledge bearers use so-called ‘knowledge sprints’ to contextualise their expertise and convert it into multimedia learning formats. With this acquisition, Amadeus Fire is integrating the Berlin-based tech company, that is redefining the boundaries between learning, knowledge transfer and automation with an AI-based SaaS platform and agent systems: https://group.amadeus-fire.de/en/news/amadeus-fire-group-acquires-edubites-and-expands-the-digital-b2b-training-portfolio-with-ai-agent-supported-services/

📝 CEGAPE (FR) backed by Extens acquired Geef and Virtualia from HR Path (FR). This strategic acquisition aligns with Cegape's goal to become a pivotal player in the digital transformation of public sector human resources by providing software solutions and outsourced services: https://dealert.ai/deal_public/cegape-geef-and-virtualia-2025-9aif

📝 As already teased in the October M&A news, Integral (DE) acquired cleverlohn (DE), a digital payroll provider whilst also securing new funding to accelerate its AI-enabled accounting, tax and payroll services strategy. Additionally, the company announced funding from General Catalyst, Cherry Ventures and Puzzle Ventures, bringing its total funding to €12m. Integral will use the funds to continue building a strong product in close collaboration with its customers and expanding their team in Germany: https://www.integral.de/en/post/integral-acquires-leading-digital-payroll-provider-cleverlohn-and-secures-new-funding-to-accelerate-ai-enabled-accounting-tax-and-payroll-services-strategy

📝 Fullstory (US) acquired Usetiful (EST), a top-rated digital adoption platform best known for deploying guides and surveys in applications. The acquisition extends Fullstory’s capabilities into the real-time delivery of personalized experiences that drive business outcomes, including greater feature adoption, higher user engagement, and improved conversion rates: https://www.globenewswire.com/news-release/2025/11/03/3179330/0/en/Fullstory-acquires-Usetiful-turning-digital-insights-into-decisive-actions.html

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:

📝 Tatton Recruitment Group (UK) acquired Simply Education (UK) and Healthii People (UK) from Auxo Group. The sale was said to reflect Auxo Group’s strategy to focus on its core growth sectors of STEM industries. It also enables Simply Education and Healthii People to continue their growth and development under new ownership.For Tatton, the acquisition represents a diversification from its professional-services heritage into the education and healthcare recruitment markets: https://www.insidermedia.com/news/national/tatton-recruitment-group-diversifies-with-pair-of-acquisitions-deal-allows-auxo-to-focus-on-core-growth-sectors#:~:text=Tatton%20Recruitment%20Group%20has%20expanded,growth%20sectors%20of%20STEM%20industries.

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



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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