Q: Your thoughts please on the latest TOI acquisition? Looks to be fairly sizable.
Thx
Thx
5i Research Answer:
It looks decent, and is fairly sizeable but not giant. Cipal Schaubroeck NV (“CP”) is a Belgium-based vertical market software provider active in the local government vertical with annual gross revenues of approximately €110M in 2024. CP employs over 590 employees. The revenue number represents about 10% of last year's total. As is typical with TOI's deals, not a lot of additional details were provided, but it looks like a decent acquisition right along TOI's typical verticals. CP does provide some data centre services, which may attract a bit more attention to this particular acquisition, considering the continued strength of that sector.