Sector note · Software
European software groups: buy the leader, then build
European software groups enter Turkey by buying the leader in one niche, often in two steps, and then build on it.
Named deals
- 1MBIS Nagarro · March 2023
- 2Mikrogrup TeamSystem · 53% in August 2023, the rest in June 2026
- 3Ticimax team.blue · majority, June 2025
- 4Apsiyon Aareon · November 2025
- 5Detaysoft SOA People · majority, July 2026
- 01
Since January 2023, European strategic buyers have made 16 acquisitions of Turkish technology companies, seven of them in 2025.
Orion Capital Partners register, January 2023 to September 2026
- 02
TeamSystem entered Turkey on 1 August 2023 by buying 53% of Mikrogrup, the SME accounting software leader with more than 150,000 customers, and said it expected the market to grow well over 20% a year. In June 2026 it was reported to have bought the remaining 47%.
- 03
Aareon, the German property-software group, agreed on 18 November 2025 to buy all of Apsiyon, a Turkish cloud property-management platform; the Competition Board cleared it in January 2026. Aareon’s chief executive called Turkey one of Europe’s largest and most dynamic property markets.
IFLR1000
Bloomberg HT, 5 January 2026
Webrazzi, 19 November 2025 - 04
team.blue, already in Turkey through Natro and Turhost, bought a majority of Ticimax, an e-commerce platform with more than 30,000 customers, in June 2025.
- 05
SOA People agreed on 1 July 2026 to buy a majority of Detaysoft and merge it with its existing Turkish unit into a firm of more than 600 SAP professionals; the deal awaits Competition Board approval.
Orion view
The buyer is paying for customers and a Turkish product it would take years to build. It measures recurring revenue and how many customers stay, so have those by month and in dollars. If the sale is in two steps, agree now how the second price will be set; it matters as much as the first.
Sources: as cited above, read October 2026; Orion Capital Partners analysis.
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