M&A Deal Summary

Ripple Acquires GTreasury

On October 16, 2025, Ripple acquired software company GTreasury from HgCapital for 1.0B USD

Acquisition Highlights
  • This is Ripple’s 2nd transaction in the Software sector.
  • This is Ripple’s largest (disclosed) transaction.
  • This is Ripple’s 4th transaction in the United States.
  • This is Ripple’s 1st transaction in Illinois.

M&A Deal Summary

Date 2025-10-16
Target GTreasury
Sector Software
Buyer(s) Ripple
Sellers(s) HgCapital
Deal Type Add-on Acquisition
Deal Value 1.0B USD

Target

GTreasury

Buffalo Grove, Illinois, United States
GTreasury is a provider of treasury management software for organizations spanning the world. GTreasury’s solution illuminates a treasury’s liquidity by centralizing all incoming and outgoing banking activities, along with tracking all financial instrument activities. GTreasury was founded in 1986 and is based in Buffalo Grove, Illinois.

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Buyer(S) 1

Buyer

Ripple

San Francisco, California, United States

Category Company
Founded 2012
Sector Information Technology
DESCRIPTION

Ripple provides blockchain-based financial technology solutions for global payments, digital asset custody, and tokenization. The Company’s products enable financial institutions, payment providers, and digital banks to facilitate cross-border transactions, manage digital assets, and integrate stablecoin and liquidity management tools into their operations. Ripple was founded in 2012 and is headquartered in San Francisco, California.


DEAL STATS #
Overall 5 of 6
Sector: Software M&A 2 of 3
Type: Add-on Acquisition M&A Deals 5 of 5
State: Illinois M&A 1 of 1
Country: United States M&A 4 of 5
Year: 2025 M&A 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-13 Standard Custody

New York, New York, United States

Standard Custody is an institutional-grade custody and escrow platform for digital assets. The Company offers novel blockchain technology that provides end-to-end encryption and distributed trust protocols for securing secret keys. Standard Custody is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-03 Palisade

Paris, United States

Palisade is a provider of risk modeling and decision analysis software. Palisade's flagship software solutions, RISK and the DecisionTools Suite, enable Microsoft Excel and other technology platforms to perform powerful risk modeling and decision analysis. Palisade was founded in 1984 and is based in Paris, France.

Buy -

Seller(S) 1

SELLER

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


DEAL STATS #
Overall 96 of 97
Sector: Software M&A 23 of 24
Type: Add-on Acquisition M&A Deals 46 of 47
State: Illinois M&A 1 of 1
Country: United States M&A 5 of 5
Year: 2025 M&A 2 of 3
Size (of disclosed) 8 of 36
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-08 A-LIGN

Tampa, Florida, United States

A-LIGN is a cybersecurity and compliance solutions provider that specializes in helping businesses navigate the complexities of regulatory and business-driven security and compliance needs. It provides security and compliance solutions in the form of assessments, audits, and cyber risk advisory and testing services for companies ranging from small-medium-sized businesses to large enterprises. A-LIGN was founded in 2009 and is based in Tampa, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-20 Intelerad

Montreal, Quebec, Canada

Intelerad is a medical imaging software provider that specialises in diagnostic viewing, reporting, and collaboration solutions. Intelerad was founded in 1999 and is based in Montreal, Quebec.

Sell $2.3B