Software & Fintech, M&A

Bryan, Garnier & Co acts as Sole Financial Advisor to Initiative & Finance and the Management of Ymag on its sale to Septeo, a portfolio company of Hg Capital

Founded in 1979 in Dijon, Ymag has evolved with the successive training reforms to become one of the leading providers of Training Management Software for apprentice and continuous training organisations in France.

The acquisition of Ymag consolidates Septeo’s leadership in the training software market with the creation of an Education Business Unit bringing together Dendreo, a comprehensive management solution for continuous training organisations, and Ypareo, a leading ERP for apprentice training centres. With 200 employees, 4,000 client training organisations, and EUR 30 million in revenue, Septeo’s Education Business Unit offers a comprehensive range of innovative solutions that meet the specific and growing needs of training organisations of all types and sizes.

Since its acquisition by Initiative & Finance in 2019, Ymag has experienced significant organic growth in France and completed the acquisition of a 49% stake in Datalumni to expand its offering with alumni relationship management tools and meet a broader range of training organisations’ needs.

Bryan, Garnier & Co acts as Sole Financial Advisor to Initiative & Finance and the Management of Ymag on the sale of the company to Septeo.

Bryan, Garnier & Co conducted a competitive auction process involving a handful of PE-backed strategic players and Tier-1 private equity investors.

This marks another landmark transaction for Bryan, Garnier & Co’s software practice. Other recent transactions include the sale of EDL to Dentressangle, the investment of Francisco Partners in Orisha, the sale of FuturMaster to Sagard NewGen, the sale of Diapason to PSG Equity and the sale of Sinari to Bridgepoint Development Capital.

"Bryan Garnier's team has been instrumental in navigating the process and helping us find the ideal partner. We are thrilled to embark on this exciting journey with Septeo. This milestone marks a pivotal moment for Ymag, enabling us to accelerate our expansion while preserving the entrepreneurial spirit that has always been at the heart of our identity."

— Arnaud Guillaume, CEO of Ymag and Director of Education Business Unit at Septeo

Founded in 1979 and based in Dijon, Ymag specialises in the development and distribution of software solutions for apprentice and continuous training organisations. Ymag currently offers two ERP solutions, Ypareo and Oryzea, designed to digitise and simplify the management of training centres. With over 3,000 clients and approximately 55,000 daily users, Ymag is positioned as a key player in the TMS market.

Septeo is a French software publisher that has become a reference in Europe in only 10 years. Today, Septeo ranks as the 8th largest software publisher in France in the Truffle 100, 9th in the FW500, and 10th in the Top 250 French Software Publishers by Numeum and EY. Present at every moment of life through its software products, Septeo places innovation at the heart of its performance.

Hg is a leading investor in European and transatlantic software and service businesses. Hg’s support combines deep end-market knowledge with world-class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their businesses. With a vast European network and strong presence across North America, Hg’s 400 employees and $70 billion in funds under management support a portfolio of more than 50 businesses, worth over $150 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.