Building the Salesforce for Legal

Positive Capital advised Aster on its sale to DiliTrust

Introduction

Positive Capital is proud to have acted as the sole financial advisor to Aster, a VC-backed meeting management software, on its sale to DiliTrust, a leading provider of SaaS solutions for the legal department, backed by Cathay Capital, Eurazeo, and Sagard.

This transaction illustrates Positive Capital’s track record of advising B2B software companies with landmark transactions such as selling Elisath to PE-backed Heitz System or the Yesitis’ €8.7m Series A.

Our client

Co-founded in 2013 by Vincent Mendes, Thomas Dickele, and Jean-Baptiste Esbelin, Aster is a meeting management software that has raised over €4m in VC funding, notably from OneRagTime, Kreaxi, Crédit Agricole, and GMZ.

Aster has experienced substantial growth in governance meetings, especially in executive and steering committees. Serving over 100 customers, Aster has proven effective upsell capabilities, contributing to 30% of new revenues.

Deal rationale

DiliTrust is the leading unified software suite for legal departments, with its Board Management Software at the forefront. To sustain its double-digit topline growth, DiliTrust has raised €130m from a prestigious consortium of investors, including Cathay Capital, Eurazeo, and Sagard.

With this acquisition, DiliTrust is integrating complementary meeting management software into its Board Management software, extending its reach to governance bodies below the boardroom across its 1,000+ customers.

Furthermore, DiliTrust aims to implement Aster’s successful upsell capabilities across its expanding client base of thousands of customers, driving increased customer lock-in.

Testimonies

“Thomas, Jean-Baptiste, and I warmly thank Positive Capital for their pivotal role in bringing Aster aboard the DiliTrust rocketship in a challenging funding landscape. Their marketing and deal-making expertise has been instrumental in finding the most solid growth perspectives for Aster”.

Vincent Mendes — CEO & Co-founder @Aster

“I am delighted to have advised Aster during this strategic exit, and we can’t wait to see their growth journey within the DiliTrust family. It’s been a pleasure assisting this talented Aster team in opening this new chapter.”

Thomas Tcheudjio — Tech M&A Partner @Positive Capital

Positive Capital Team involved in the deal:
• Thomas Tcheudjio, Partner
• Rudolphe Michau, Managing Director