M&A Deal Summary

TA Associates Acquires smartTrade Technologies

On April 3, 2025, private equity firm TA Associates acquired software company smartTrade Technologies from Pléiade Investissement, HgCapital and HarbourVest Partners

Acquisition Highlights
  • This is TA Associates’ 88th transaction in the Software sector.
  • This is TA Associates’ 12th transaction in France.

M&A Deal Summary

Date 2025-04-03
Target smartTrade Technologies
Sector Software
Buyer(s) TA Associates
Sellers(s) Pléiade Investissement
HgCapital
HarbourVest Partners
Deal Type Secondary Buyout
Advisor(s) Arma Partners (Financial)

Target

smartTrade Technologies

Aix-en-Provence, France
smartTrade Technologies is an automated trading platform that enables fast access to a wide range of liquidity for Foreign Exchange (FX), Fixed Income, Equities, Cryptocurrencies, and Derivatives. These solutions connect to numerous liquidity providers, aggregation, smart order routing, order management, pricing, distribution, risk management capabilities, and an HTML5 user interface. smartTrade Technologies was formed in 1999 and is based in Aix-en-Provence, France.

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Buyer(S) 1

Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 371 of 374
Sector: Software M&A 88 of 89
Type: Secondary Buyout M&A Deals 74 of 74
Country: France M&A 12 of 12
Year: 2025 M&A 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-20 QIMA

Hong Kong, China

QIMA is a provider of cloud based supply chain compliance solutions, that partners with brands, retailers and importers to secure, manage and optimize their global supply network. QIMA was founded in 2005 and is based in Hong Kong, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-07 Solabia Group

Paris, France

Solabia Group is a manufacturer of natural active ingredients for the cosmetic, pharmaceutical, nutraceutical and microbiology industries. Solabia also produces culture media, supplements, detection kits and peptones for the food testing and pharmaceutical industries. Solabia Group was founded in 1972 and is based in Paris, France.

Sell -

Seller(S) 3

SELLER

Pléiade Investissement

Paris, France

Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 200M EUR
Size Small
Type Sector Agnostic
DESCRIPTION

Pléiade Investissement SAS is a private equity firm specializing in leverage buyouts, MBOs, MBIs, build-ups and development capital transactions. The Firm targets growth-oriented French companies with strong competitive advantages and experienced management. Pléiade looks to invest €3 to €12 million in companies with revenues of at least €8 million. The Firm will consider both minority and majority positions. Pleiade Investissement SAS was formed in 2000 and is based in Paris.


DEAL STATS #
Overall 9 of 9
Sector: Software M&A 2 of 2
Type: Secondary Buyout M&A Deals 3 of 3
Country: France M&A 9 of 9
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-01 Euromip

Velizy Villacoublay, France

Euromip is a distributor of custom-made electronic components and sub-assemblies, particularly for the aeronautical, space and defense industries : applications with high specifications such as protection, electromagnetic compatibility, high voltage, power, high temperature, radio frequency. Euromip was founded in 1990 and is based in Velizy Villacoublay, France.

Sell -
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 95 of 97
Sector: Software M&A 22 of 24
Type: Secondary Buyout M&A Deals 36 of 36
Country: France M&A 2 of 2
Year: 2025 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-03 Dext Software

London, United Kingdom

Dext Software is a bookkeeping automation software company. Spanning data capture, automated classification, and reporting, Dext’s software helps accountants realize material efficiency savings from automating receipt capture/digitization and provides a “real-time” view of clients’ accounts. Dext Software was founded in 2010 and is based in London, United Kingdom.

Sell -
FOLLOWING 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 -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 147 of 150
Sector: Software M&A 19 of 19
Type: Secondary Buyout M&A Deals 37 of 37
Country: France M&A 4 of 4
Year: 2025 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-09 AssuredPartners

Orlando, Florida, United States

AssuredPartners is a full-service insurance broker, offering property and casualty and employee benefits insurance products and services to middle-market businesses, public institutions, and high-net-worth individuals. AssuredPartners was founded in 2011 and is based in Orlando, Florida.

Sell $13.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-14 esure

Reigate, United Kingdom

esure is a motor insurer offering car, home, pet and travel insurance over the internet and by phone through the esure and Sheilas’ Wheels brands. esure was founded in 2000 and is based Reigate, United Kingdom.

Sell £1.3B