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

Whilst the August update included some major transactions in HRTech already, this streak continued into September 2025. With more than 100 acquisitions announced in Q3, we are in the midst of a strong consolidation period in HRTech.

Also in September there were several transactions of AI-based vendors in the talent acquisition space. Furthermore, also the benefit and payroll consolidation driven by the large employee benefits and payroll groups continued.

Here is the summary for September 2025:

𝐇𝐑𝐓𝐞𝐜𝐡 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬:

📝 Workday (US) announced the acquisitions of Sana (SE) valued at ~$1.1B, a leading enterprise knowledge and learning vendor, just weeks after communicating the acquisitions of FlowiseAI and Paradox continuing to extend its HCM suites with additional capabilities: https://investor.workday.com/2025-09-16-Workday-Signs-Definitive-Agreement-to-Acquire-Sana

📝 Wellhub (US) finalized the acquisition of Urban Sports Club (DE), a European provider of employee benefit programs, in a $600 million deal originally announced in March 2025. This merger creates the world's largest corporate wellness platform, serving 39,000 corporate clients across 18 countries and connecting five million employee subscribers to 97,000 wellness partners: https://wellhub.com/en-us/blog/press-releases/wellhub-and-usc-unite/

📝 Pluxee (FR) acquired Skipr (BE), a fast-growing Belgian company providing employee mobility solutions. With the acquisition Pluxee reinforces its position in the mobility benefit segment and strengthens its multi-benefits offering in two key markets (Belgium and France): https://www.pluxeegroup.com/pluxee-acquires-skipr-and-reinforces-its-employee-mobility-benefits-offering-in-belgium-and-france/

📝 Epassi (FI) acquired Belonio (DE), a leading German all-in-one multi employee benefits platform provider. The move further strengthens Epassi’s presence in Germany, enables to consolidate its local operations into a unified multi-benefit offering, and marks the introduction of the Epassi brand in Germany in 2026: https://www.epassi.com/news/epassi-expands-in-germany-with-acquisition-of-belonio?hs_preview=ZlqFPjMQ-277248525530

📝 zvoove (DE) acquired Plan4Flex (BE), a specialized workforce management solution for the Dutch market. This acquisition marks yet another acquisition underlining zvoove's ambition to execute on its strongly expanding European growth path: https://www.prnewswire.com/news-releases/zvoove-strengthens-position-in-the-dutch-market-with-acquisition-of-plan4flex-302562768.html

📝 WorkGenius Group (US) has acquired full ownership of Futurepath (DE) from CARIAD. This transaction follows WorkGenius’ acquisition of Expertlead in August 2023, through which it had already obtained a 51% stake in Futurepath. With this acquisition the clients of WorkGenius (contingent workforce management solutions) gain access to Futurepath’s database of 12,500 highly qualified candidates, including top-tier engineers, software developers, and other in-demand STEM talents: https://workgenius.com/blog/workgenius-acquires-full-ownership-of-futurepath/

📝 Amadeus Fire (DE) acquired Masterplan.com (DE), one of the innovative e-learning engagement platforms for corporate training at a ~€20M EV. The acquisition strengthens the position of the Amadeus Fire Group in the dynamically growing market for digital B2B training, which is facing a paradigm shift due to AI: https://group.amadeus-fire.de/en/news/amadeus-fire-group-acquires-e-learning-platform-masterplan-strategic-investment-in-the-digital-b2b-training-market/

📝 desk.ly (DE) acquired Sedeo (DE), both providers of desk booking and desk sharing platforms in the German-speaking market. The acquisition allows desk.ly o integrate Sedeo's desk booking technology and strengthen its position in the European hybrid work market. Sedeo's existing customers can expect a seamless transition to the desk.ly platform with added benefits: https://news.outsourceaccelerator.com/sedeo-acquired-by-desk-ly/

📝 Arsipa (DE) acquired Bloom – Arbeitsschutz prüfungssicher fast automatisch (DE), a software allowing corporate clients to manage digital health records and thus digitizing a still very manual and paper-based area. It will be integrated into the Arsipa group of companies, which has acquired company physicians and safety experts together in recent years: https://financefwd.com/de/bloom-arsipa/

📝 HireSweet (FR) acquired The Staffing Company (FR), a startup working on the Staffing App as next-gen ATS-CRM for professional recruiters. The Staffing Company's clients joined HireSweet and their technology will gradually be integrated into HireSweet's solution: https://www.linkedin.com/posts/paul-bachelier_grande-nouvelle-hiresweet-rach%C3%A8te-the-activity-7369621587320410115-yOkU

📝 HRLocker (IE) acquired WorkCompass (IE), performance management software provider in a "multimillion euro deal". WorkCompass specialises in performance framework, including goals, continuous feedback, coaching tools, surveys, and analytics. This will now sit alongside HRLocker’s core HR, time, absence and compliance offerings: https://www.irishtimes.com/business/2025/09/02/hrlocker-acquires-cork-based-workcompass/

📝 Lyvia Group (SE) acquired PTC Werkstap (NL), and 2BImproved, specialised in supporting the Dutch social development sector. This acquisition expands Lyvia Group’s portfolio into the social development sector, providing digital solutions that help individuals with disabilities enter and remain in the workforce: https://news.cision.com/lyvia-group-ab--publ-/r/lyvia-group-acquires-werkstap--strengthening-their-social-development-and-inclusive-workforce-soluti,c4230276

📝 Radancy (US) acquired myInterview (ISR), a software focused on screening and scheduling capabilities in talent acquisition. The acquisition expands the Radancy Talent Acquisition Cloud with powerful candidate and recruiter AI agents: https://www.radancy.com/en/radancy-extends-ai-platform-powering-faster-smarter-more-cost-efficient-hiring-at-scale-myinterview/ 

📝 Lightcast (CA) acquired Skill Collective, A Lightcast Company (UK), a premier strategy consultancy that partners with enterprises to design and activate skills-powered workforce models. With this acquisition Lightcast plans to unite Skill Collective's strategic consulting with Lightcast's skills intelligence data platform - helping clients move from vision to execution: https://lightcast.io/resources/blog/lightcast-acquires-skill-collective-to-advance-skill-based-transformation-for-glo

📝 Sopra Steria (FR) has announced that it is in exclusive negotiations with a view to acquiring Neocase (FR) to bolster its Sopra HR business. Through its Sopra HR subsidiary, Sopra Steria is a leading provider of digital solutions for human resources in France and Europe. The acquisition of Neocase ties into Sopra HR’s strategy aimed at reinforcing its positioning as a comprehensive provider of innovative HR solutions: https://blog.neocasesoftware.com/proposed-acquisition-of-neocase-an-innovative-digital-hr-solutions-firm

📝 CAPZA (FR) acquired a minority stake in Beetween (FR), a leading French-based provider of recruitment software solutions. Since 2021, Beetween has combined strong organic momentum with a successful buy-and-build strategy, completing four acquisitions that have strengthened its position as a leading ATS consolidation platform and supported its European expansion. With CAPZA’s support, Beetween will enter its next phase of development, driven by an active M&A strategy, an expanded European footprint, and an acceleration of AI new developments and functionalities to increase value and scope of Beetween: https://capza.co/news/capza-acquires-a-minority-stake-in-beetween/

📝 WiiSmile (FR) acquired Beehire (BE), a vendor specialized in digital recruitment and employer branding. This strategic merger will allow Beehire to accelerate its penetration of the French market, while continuing its expansion in Belgium and internationally: https://www.beehire.com/fr/blog/beehire-rejoint-wiismile/

📝 Kami (NZ) acquired Book Creator (Tools for Schools) (UK). Over 200 million books have been created by students on Book Creator using it to tell stories, build portfolios, reflect on learning, and share their thinking in their own voice. Together, these tools provide a powerful solution that complements existing LMSs, curriculum, and learning resources to help schools deliver more engaging, inclusive learning experiences at scale: https://www.kamiapp.com/blog/welcoming-book-creator-to-the-kami-family/

📝 idenfit (TK) acquired ConectoHub (TK), a software vendor specialized in performance management. Through this acquisition the cloud based HR suite solution with workforce management capabilities now adds 360° performance evaluation, OKRs, and KPIs to the idenfit platform: https://www.linkedin.com/posts/idenfithr_idenfit-conectohub-hrtech-activity-7376153735976247297-CGqN/

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:

📝 Mirus Software AG (CH) acquired lohn-ag.de AG (DE), an established provider of payroll and HR outsourcing, particularly for the hotel, restaurant, and healthcare industries. With this acquisition, the Mirus Group is expanding its presence in the DACH region and broadening its solution portfolio in the area of ​​digital HR and payroll services: https://www.elvaston.com/de/news/lohn-ag-wird-teil-der-mirus-gruppe

📝 MatchWorks (NL) acquired Get Work BV (NL), offering temporary employment and HR activities. MatchWorks said the acquisition strengthens its position as a “future-proof HR service provider in the region”. “The addition of Get Work creates an organisation that over 895 people rely on for work and income, 138 small to medium-sized clients, and around 18 national customers,” the company stated in a press release: https://www.staffingindustry.com/news/global-daily-news/matchworks-acquires-get-works-hr-and-temp-employment-business

📝 Xeinadin Group (UK) acquired Bennett Whitehouse Chartered Accountants (UK), a Brierley Hill–based firm with national expertise in franchise payroll and service charge accounting. The deal adds to Xeinadin’s 100-strong office network across the UK and Ireland, strengthening its specialist capabilities: https://bdaily.co.uk/articles/2025/09/08/franchise-payroll-firm-joins-xeinadin-network

📝 PROMAN France (FR) acquired Embarq (FR), an HR start-up in the umbrella market. The French staffing firm said the transaction allows it to strengthen its presence in the umbrella market. An umbrella company acts as an employer to contingent workers, in exchange for a fee paid by the workers, who are free to find their own work, usually through one or more staffing agencies: https://aimgroup.com/2025/10/13/proman-acquires-france-based-wage-portage-company-embarq/

🌎 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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