It is providing €60 million in equity to this newly created French specialist in vertical software and is thereby taking a majority stake. The remainder of the capital is largely held by two former executives of the British private‑equity firm Cinven: Axel Jonsson, who also heads Cornet Software, and Samy Jazaerli.
The group’s mission is to bring together specialized software addressing very specific needs. It was formed by combining four specialist companies—three in France and one in the Benelux—most of whose leaders reinvested in the holding company after selling all their shares. These companies, active in healthcare, mass retail, financial services and construction, generate a total of €14 million in revenue, employ over 100 people, and post a 30% EBITDA margin. They serve more than 2,000 clients across nine countries.
100 million euros in revenue by 2027
“The funds provided by Otium Capital will enable us to invest in our organic growth as well as our external growth strategy, by allowing the leaders of the companies that join us to reinvest in the group,” explains Axel Jonsson. Comet Software plans to complete three to five M&A transacions per year in Europe, targeting niche leaders with growth potential and revenues between €2 million and €30 million.
The stated objective is to become the European leader in this fragmented market. With this in mind, Cornet Software is aiming for €100 million in revenue by 2027.