Maybe compliance tech really is a good startup bet

German software company The EQS Group is taken private by Thoma Bravo for about €400 million ($435.1 million) in a deal that represents a whopping 53% premium to its pre-announcement value. EQS shares are under 52% today, which means the market expects the deal to be completed, and at the listed price.

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We care about a relatively small PE take-private of a software company that — honestly — you didn’t hear about until this deal was announced because of Why behind the transaction, and what it could mean for the many startups operating in the regulatory technology (regtech) market.

In short, EQS Group is a public company that sells compliance and investor relations software. on third quarter of 2023, EQS reported 14% revenue growth (year-on-year) to €16.88 million, the addition of €3.00 million worth of new ARR (+ 50%), and adjusted EBITDA of €2.32 million (+49%). Hence the EQS not big. In fact, it is a small company compared to most public software concerns.

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