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

After a record-breaking third quarter in terms of numbers of transaction in #HRTech (Venero Capital Advisors counted 111 - highest since they started recording), analysts and advisors including myself expect the wave of consolidation to continue. Economic environment in combination with new tech advancements as well as a lot of "dry powder" = capital to deploy in private equity continue to boost acquisition interest as well as selling interest at the same time. 

Also in October, there were several transactions in the European HR Tech space. Again, multiple are characterized by established vendors acquiring AI-first vendors in the talent. Furthermore, also the payroll and HCM consolidation driven by the HCM and payroll groups continued.

Here is the summary for October 2025:

𝐇𝐑𝐓𝐞𝐜𝐡 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬:

📝 zvoove (DE) backed by LEA Partners acquired adata Software GmbH (DE), a payroll and HCM vendor offering flexible, modular software solutions, consulting, and services focused on payroll and financial processes. With this acquisition, zvoove strengthens its market position in Germany and expands its product portfolio in the clean segment with an industry-leading payroll solution: https://zvoove.de/wp-content/uploads/2025/10/20251013_zvoove-acquires-adata_EN.pdf

📝 Sage (UK) acquired Criterion HCM (US), a US-based unified human capital management (HCM) platform vendor. The move expands Sage’s AI-powered product ecosystem, unlocking new capabilities for finance and HR teams looking to automate, simplify, and scale all on a platform built for the way work is changing: https://www.sage.com/investors/investor-downloads/press-releases/2025/10/sage-acquires-criterion-to-simplify-cloud-payroll-and-human-capital-management/ 

📝 Boundless Immigration (US) acquired Localyze (DE), a Europe-based global mobility platform backed by General Catalyst and Y Combinator. Boundless and Localyze already serve some of the world’s leading organizations across Europe and the Americas. The acquisition creates a single, unified solution for these clients and multinational companies to manage the complexities of employee visas, relocation, and compliance across the Americas, Europe, and the Asia-Pacific (APAC) region: https://www.boundless.com/blog/boundless-acquires-european-mobility-leader-localyze-creating-a-unified-solution-to-navigate-global-workforce-challenges

📝 Deel (US) acquired Omnipresent (UK), a global employment partner that combines client-focused, tech-enabled business solutions with personalized expertise to support hiring people globally: https://www.linkedin.com/pulse/omnipresent-joining-deel-guenther-eisinger-ir1mf/

📝 Lightcast (CA) backed by KKR acquired Simply (UK), known for its consulting expertise in helping enterprises connect business strategy with workforce capabilities - through data-driven insights into skills, redeployment opportunities, and career pathways: https://lightcast.io/resources/blog/lightcast-acquires-simply

📝 Lecturio (DE) acquired SimTutor (US), a leading provider of interactive, simulation-based tools. This acquisition further strengthens Lecturio’s portfolio of tools that enable experiential, skills-based learning for healthcare professions worldwide: https://simtutor.com/resources/lecturio-acquires-simtutor-to-expand-its-digital-healthcare-training-portfolio/

📝 Learning Pool (UK) backed by Marlin Equity Partners acquired Elucidat (UK), a cloud-based authoring platform trusted by leading global brands. The move brings together two platforms to create a unified, enhanced learning ecosystem, combining Learning Pool’s strength in analytics and platform capabilities with Elucidat’s innovation in scalable content creation and AI-powered authoring: https://learningpool.com/blog/elucidat-joins-the-learning-pool-team

📝 Enso Group (FR) acquired clicNwork. (Groupe ENSO) (FR), a candidate CRM (customer relationship management) platform. Enso focuses on digitising and optimising interim management/temporary staffing. It offers temporary recruitment software to manage applications and recruitment processes as well as contract management solution to automate document creation and signing, planning tools as well as optimised interim HR and payroll management. https://enso-groupe.fr/blog/enso-clicnwork/

📝 cleverly.de | Mentoring für Kids (DE) acquired Complori (acq. by cleverly) (DE), complementing their portfolio with playful group courses on digital skills for the future, such as programming and financial literacy. With this acquisition, cleverly is expanding its range of services: in addition to individual 1:1 mentoring and tutoring, the company will now also offer playful live group courses that teach children programming, financial literacy, creativity, and critical thinking: https://www.heuking.de/en/news-events/latest-news/article/heuking-advises-berlin-based-edtech-start-up-cleverly-on-its-acquisition-of-complori.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:

📝 Omny Group (UK) acquired Vero HR (UK), an outsourced HR services provider and winner of Personnel Today’s ‘HR Consultancy of the Year’ in 2024. Bosses say the deal forms part of Omny Group’s wider strategy to reach £40 million turnover by 2028 through a mix of organic growth and strategic acquisitions: https://bdaily.co.uk/articles/2025/10/07/omny-group-expands-with-vero-hr-deal

🌎 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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