French and Swiss Business Software Firms Merge to Form $1.1 Billion Unicorn
French business software provider LumApps and Swiss counterpart Beekeeper announced a merger on Wednesday that will create a new unicorn valued at approximately $1.1 billion. The deal, expected to close this month, is supported by British private equity firm Bridgepoint, which was a major shareholder in LumApps and will hold a majority stake in the combined company.
The new firm will be headquartered in Lyon, France — home to LumApps — and led by LumApps CEO Sebastien Ricard. Together, the company will employ around 600 people worldwide.
Beekeeper CEO Cristian Grossmann said that an IPO or trade sale could be considered midterm options, with the U.S. and Europe as potential venues given the company’s core markets.
LumApps develops software primarily used to manage corporate intranets and aims to enhance or replace products like Microsoft’s SharePoint. Their client base includes prominent companies such as Airbus and luxury goods giant LVMH.
Meanwhile, Beekeeper offers an app designed to connect frontline workers with the wider company, serving clients like Swiss retailer Coop and Heathrow Airport. Founded by ETH Zurich graduates, Beekeeper plans to break even this year.
Within six months, the merged company intends to launch a unified platform. Current annual revenue is around $150 million and is projected to double to $300 million by 2030. LumApps is already profitable, and the combined business is expected to be profitable from day one, according to LumApps CTO Elie Melois.