On July 26, 2023, benchmark French lower mid-cap private equity firm MBO+ sold its majority stake in leading hospitality and restaurant software developer Sequoiasoft to Septeo.
In four years, MBO+ and Sequoiasoft’s senior management have expanded the company’s positioning within the value chain and bolstered its presence in the buoyant Spanish market.
To pull off this platforming strategy, they made six acquisitions, rolled out an innovative 100% SaaS solution (Asterio, developed in-house), streamlined the product offer, and migrated some legacy software to this proprietary solution. Alongside this strategic acceleration, the company was reorganized (especially senior management and support functions, which are now better shared) so it could integrate acquisitions effectively and generate product line synergies.
The upshot: Sequoiasoft’s revenues doubled to €40 million.
As part of Septeo, Sequoiasoft plans to continue playing a role in sector consolidation throughout Europe, as the industry is highly fragmented. The goal is to better help hospitality players pursue their digitalization efforts, allowing them to regain control of guest relations with new services, generate productivity gains and ultimately, boost revenues.
My team and I are so pleased with how successful this project has been, both personally and professionally. We created something and made it flourish. Our mission has always been to create powerful, innovative software solutions that make life easier for our clients and help them overcome their challenges. I’m lucky to work with some truly talented people who share my entrepreneurial spirit. The teams at MBO+ have been a huge support and accelerated our growth, helping us build a solid company with a great reputation in the hospitality industry. I want to thank them for believing in us: they knew what we needed and brought exactly the right expertise for our acquisitions. I couldn’t be prouder of how far we’ve come, of all we’ve learned and shared, and I’m excited about the next chapter we’re about to write as part of Septeo.
Patrice Guyot, Sequoiasoft CEO
We are happy and proud to have helped Patrice and his team expand Sequoiasoft in France and Spain. We spent four thrilling years by their side and were lucky to work with such a talented, tight team that clearly wanted to take the company to new heights. Sequoiasoft has had a remarkable run in an era overshadowed by Covid and has proven that it offers a real value proposition for hospitality companies looking to digitalize. Now it’s in an ideal position to accelerate consolidation in the sector. We wish the management team every success with Septeo. They’ve earned it!
Raphaël Lahaye, MBO+ Partner