Organic Growth Builds Nationale Leaders, Consolidation Builds European Ones

Positive Capital advised Cathay Capital on its investment in Powell Software, a leading European provider of employee experience solutions for Microsoft-driven organizations.

Positive Capital is delightful to have acted as the sole financial advisor to Cathay Capital on its majority investment in Powell Software, alongside the exit of CapHorn and Level Equity.

This partnership reflects a familiar playbook for European software leadership: market leadership at home, revenue abroad, and rapid expansion via consolidation — with PE as the driving force.

ABOUT POWELL SOFTWARE

Founded in 2016, Powell Software has established itself as a leader in the Digital Workplace with a modular platform natively integrated into the Microsoft environment, designed to enhance the employee experience.

Its mission: to help organizations build secure, efficient, and inclusive digital workplaces that serve both employees and IT, HR, and Communications departments.

With more than ten years of double-digit organic growth, Powell stands out with a solution that is fast to deploy, cost-competitive, and compliant with the highest security standards.

The company today counts 70 employees across three continents and generates 60% of its revenue outside of France. It supports several hundred enterprises worldwide, including Safran, La Poste, Biomérieux, Toulouse Métropole, Mirion Technologies, and other leading international organizations.

DEAL RATIONALE

Long seen as a simple internal communications tool, the intranet has in recent years become a strategic cornerstone of corporate digital transformation. Driven by the rise of hybrid work and increasing demands around cybersecurity, compliance, and productivity, the Digital Workplace market is evolving rapidly, yet remains highly fragmented.

In this context, next-generation intranets go far beyond information sharing. They have become collaborative work platforms, strengthening both operational efficiency and employee engagement. The rise of agentic AI now marks a major new step, further enhancing the employee experience and boosting team performance.

Against this backdrop, Powell welcomes Cathay Capital as its new majority shareholder, alongside co-founder and President Cyril de Queral, Managing Director Edouard Payenneville, and the entire team.

With this strategic partnership, Powell plans to accelerate its European and US expansion, strengthen its innovation capabilities through AI, and play an active role in consolidating a market in full transformation.

This deal is another testimony in Positive Capital's expertise on Tech Buyout transactions, following deals involving DiliTrust (backed by Cathay, Eurazeo and Sagard), Mobsuccess (backed by Siparex), and Heitz System (backed by Ekkio Capital). 

Positive Capital Team involved in the deal:

• Thomas Tcheudjio, Partner

• Rudolphe Michau, Managing Director