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French and Swiss Business Software Firms Merge to Form $1.1 Billion Unicorn

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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.

Spectris Open to $5 Billion Takeover Bid from Advent, Shares Jump 70%

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British scientific instruments maker Spectris (SXS.L) said it would accept a £3.73 billion ($5.06 billion) takeover offer from U.S. private equity firm Advent if a formal bid is made, sending its shares soaring 70% on Monday. The bid values Spectris at approximately £37.63 per share including dividends, representing an 85% premium over its last closing price.

Spectris’ shares had fallen sharply earlier this year, hitting an eight-and-a-half-year low in April amid trade policy uncertainties and weak demand. The company provides hardware and analytical software to industries such as pharmaceuticals, steel, and automotive across 36 countries.

JP Morgan analysts noted Spectris had long been seen as a takeover target due to its simplified portfolio and undervaluation relative to U.S. peers. The firm had previously said it expected to offset tariff impacts through surcharges.

The proposed takeover is the largest in the UK so far this year and comes amid a trend of acquisitions and subdued IPO activity affecting the London stock market. Advent must submit a formal offer by July 7 or abandon the bid, according to UK takeover rules.

Spectris’ board has indicated it would recommend the offer if formally presented. Despite the recent surge, the company’s shares remain down roughly 50% from their peak in September 2021.

Bain Capital Plans $4 Billion+ Sale of China Data Centre Arm WinTriX

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Bain Capital is preparing to sell the China business of data centre operator WinTriX DC Group, in a deal that could value the division at over $4 billion, according to two sources with direct knowledge of the matter. The move comes amid soaring valuations in the global data centre market, fueled by surging demand for artificial intelligence infrastructure.

The potential sale would mark a major strategic reshuffle for Bain Capital, which acquired Chindata Group in 2019, later merged it with Southeast Asia’s Bridge Data Centres, and then rebranded and separated the businesses under the WinTriX name after taking Chindata private in a $3.16 billion deal in 2022.

Key Financials and Deal Context:

  • WinTriX’s China unit is projected to generate close to 4 billion yuan ($554 million) in EBITDA in 2025.

  • The sale process is in early stages, with advisors having held preliminary talks with potential buyers.

  • Bytedance, the parent company of TikTok, was WinTriX’s largest customer in 2022, accounting for 86% of its revenue, according to Fitch Ratings.

Market Backdrop:
The sale comes as data centre valuations surge globally, bolstered by AI-driven growth. In 2023, Australia’s AirTrunk was sold to a Blackstone-led consortium at over 20 times forward earnings, illustrating investor appetite in the sector. By comparison, GDS Holdings, a major China-based rival, is currently trading at a P/E multiple of 8.48, per LSEG data.

Fitch Downgrade Adds Complexity:
Despite growth opportunities, Fitch Ratings downgraded WinTriX in February from “BBB” to “BB”, citing increased risks tied to its strategic pivot toward overseas expansion, slower demand for hyperscale centres in China, and rising local competition.

Bridge Data Centres to Remain Under Bain:
Sources said Bain will retain control of Bridge Data Centres, which operates outside China and in March secured a $2.8 billion bank loan to support expansion in markets like India and Malaysia.

Neither Bain Capital nor WinTriX responded to Reuters’ requests for comment.

As AI infrastructure continues to drive global investment in cloud and compute capabilities, the potential WinTriX China sale could be a timely cash-out for Bain Capital, while also offering a major player a foothold in China’s data infrastructure market — albeit one still closely tied to a dominant but concentrated revenue base.