Paris, April 11, 2024 – Comet Software, a specialist B2B software company, announces a record funding round of €60 million from Otium Capital, the Family Office of French entrepreneur Pierre-Edouard Stérin.
Comet Software aims to become a leading European provider of vertical software solutions and targets €100 million in revenue by 2027, driven by strong organic growth and the acquisition of three to five companies a year. The funds raised will support this ambition by investing in the group’s development and uniting specialised software providers under a shared vision of independence and ambition.
At present, Comet Software is finalising the acquisition of four software developers serving end-customers across the financial, pharmaceutical, retail and construction sectors. This move will propel the group’s revenue to over €14 million with an EBITDA margin of over 30%, and employee headcount of around a hundred professionals serving over 2,000 clients across nine countries.
Comet Software was founded to address the challenges faced by vertical software providers including the need for scale, retention and recruitment of top talent, constant need for technological innovation, and evolving business models. By uniting and empowering niche B2B software providers across different sectors, Comet Software will create a European leader in vertical market software solutions.
Comet Software stands out with its unique approach, providing its subsidiaries with operational and financial support, while preserving their autonomy and independence. Comet Software does not seek to replace the management teams of its acquired companies. The group provides them with the means and network to achieve their full potential leveraging its industry expertise, in-house resources, as well as the network and experience of Otium Capital in the tech sector (as illustrated by its investments in La Fourchette, PayFit, Owkin, and Doctrine).
Similarly to Otium Capital, a company founded by a French entrepreneur, Comet Software aims to establish strong “entrepreneur-to-entrepreneur” partnerships. Through its perpetual ownership model, the group focuses on the potential and strategic challenges of its companies in the long term.
In addition to operational and financial support, alignment of interests is at the heart of Comet Software’s approach. By joining the group, entrepreneurs can become co-shareholders, enabling them to participate in further value creation within the broader Comet Software group.
Axel Jonsson, co-founder and CEO of Comet Software, stated, “Through our group and our majority shareholder Otium, we have the financial and human resources to create a European leader in vertical software solutions, bringing together the best players in each sector. We encourage entrepreneurs who share our values of autonomy and ambition to join us, so that we can support them in accelerating their growth and together create a scale leader across Europe.”
François Durvye, CEO of Otium Capital, and Basile Paul-Petit, Partner at Otium Capital, added: “Software entrepreneurs today face similar challenges when it comes to innovating and maintaining their competitive edge. By joining Comet Software, they can now lean on a group that knows how to support them while respecting their heritage and independence. Our investment in Comet Software reflects our desire to invest in long-term projects that share our entrepreneurial and growth DNA, and we have full confidence in its management team to successfully carry out this project.”
Further informations : www.otiumcapital.com