Here comes the update for M&A activity in September 2026 – as always in cooperation with Jens Bender from Worktech Advisory. A very busy month. Large platform moves in payroll and business software for SMBs and accountants dominated, with private equity in the driver’s seat. AI-powered talent and skills assessment as well as employee benefits and financial wellbeing remained consolidation hotspots.
Cegid (🇫🇷) + Silae (🇫🇷), both backed by Silver Lake | Merger: Payroll, HR & Business Software
Main Capital Partners (🇳🇱) → Orgvue (🇬🇧) | Org Design & Workforce Planning
Factorial (🇪🇸) → Empion by Factorial (🇩🇪) | AI Talent Assessment
Stream (🇬🇧) → Salary Finance (🇬🇧) | Workplace Financial Wellbeing
Tillo (🇬🇧), backed by Tenzing → AMILON (🇮🇹) | Rewards, Incentives & Employee Benefits
Hg (🇬🇧) → ENTERSOFTONE (🇬🇷) | ERP & Payroll Software (majority stake)
Francisco Partners (🇺🇸) & KKR (🇺🇸) → TeamSystem (🇮🇹) | Accounting & Payroll Software (minority stakes, reported)
Pearson (🇬🇧) → Workera (🇺🇸) | AI Skills Assessment
LogObject AG (🇨🇭) → Planik AG (🇨🇭) | Workforce Scheduling
paraDIGMA groep (🇳🇱) → Codex Analyse (🇳🇱) | Wage-Cost Subsidy Software
Werkhelden (🇳🇱) → JobBooster (🇳🇱) | Job Boards (Construction & Engineering)
Pri0r1ty Intelligence Group PLC (🇬🇧) → pirkx (🇬🇧) | Employee Benefits Platform
Future Planet + Institute of Sustainability Studies (🇮🇹) | Merger: Sustainability Training
There was also movement in HR Services, Consulting & Outsourcing:
HR Path (🇫🇷) → tts digital HR experts – an HR Path company (🇩🇪) | SAP SuccessFactors Consulting
HR Path (🇫🇷) → ModusForce an HR Path company (🇬🇧) | Dayforce Consulting
LeHibou (🇫🇷) → afarax (🇧🇪) | IT Freelancer Marketplace
Globally, notable HRTech vendor deals without European touchpoints:
Harver (🇺🇸), backed by Rubicon Technology Partners → Symphony Talent (🇺🇸)
Thoma Bravo (🇺🇸) → Tanda / Workforce.com (🇦🇺)
Paychex (🇺🇸) → Wizehire (🇺🇸)
Phoenix Education Partners, Inc. (🇺🇸) → Fuel50 (🇦🇺)
Superhuman (🇺🇸) → Fathom.ai (🇺🇸)
October has already started with the next wave (SAP → TechWolf, Personio → Circula, Workday → C1.ai) – more on that next month.