Sector note · Technology
From funding rounds to acquisitions
Turkish technology is moving from minority rounds to control sales, and the largest are platforms bought by global strategics.
Named deals
- 1BluTV, 65% Warner Bros. Discovery · USD 50m · 2023
- 2GlassHouse e& · USD 60m · 2024
- 3Hepsiburada, 65.41% Kaspi.kz · USD 1.13bn · 2024
- 4Trendyol GO, 85% Uber · USD 700m · 2025
- 5Getir food delivery and a grocery minority Uber · USD 465m · 2026
- 01
In 2025, 39 technology transactions were acquisitions and 65 were minority rounds.
- 02
Kaspi.kz bought 65.41% of Hepsiburada, agreed in October 2024 and closed in January 2025, for about USD 1.13bn; its chief executive called a market of 100 million people a strategic priority.
- 03
Uber bought 85% of Trendyol GO for about USD 700m in cash, agreed in May 2025 and closed in June 2025; the remaining stake is subject to a put and call from early 2031.
- 04
e& bought all of GlassHouse, a managed cloud provider earning over 80% of its revenue in dollars, at an enterprise value of USD 60m in August 2024.
- 05
Warner Bros. Discovery, already holding 35% of BluTV, bought the remaining 65% for USD 50m in December 2023.
Orion view
The buyers of Turkish technology now come for control, and they pay for platforms that already lead their market. A founder with a funded company should plan the sale before the next round: a buyer prices recurring revenue, retention and the share of revenue in hard currency. Deferred payments and options on the rest, as in Trendyol GO, are now normal; agree those terms early, because they decide what the headline price is worth.
Sources: as cited above, read October 2026; Orion Capital Partners analysis.
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