Finances & juridique

M&A Cross-Border Guide

Driving growth through acquisition


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A challenging but fertile ground

These are rough years for Tech companies. Yet we must remain optimistic : beneath the surface, more nuanced and promising forces are at work.

Since 2021, the number of startup acquisitions in France has doubled compared to previous years, and French scaleups have emerged as main acquirers, representing 29% of all acquisitions between 2021 and 2023, a sharp climb up from the 15% recorded between 2013 and 2020.

This is positive news for the entire French Tech ecosystem! For buyers, M&A serves as a definitive indicator of scaleups robustness and momentum: it is an opportunity for them to gain a competitive edge, erupt on the international scene and stand out in innovative growth areas. For sellers, it provides an opportunity to close a chapter or fuel growth under a fresh brand. For both parties, it’s a chance to unlock extra value for truly innovative ventures.

But M&A endeavors are hardly risk-free. And cross-border M&A introduces additional complexities, including cultural, legal, organizational, and linguistic obstacles.

These challenges converge to create a fraught but fertile ground for seasoned buyers who want to transform businesses. In a context where confidence is crucial, successful acquisitions reflect the ambitious “Go big or Go home” attitude that has propelled the rise of startups and scaleups in the French Tech market.

This Guide draws on the experiences of entrepreneurs and the expertise of its partners, Eurazeo and White & Case to assist startups and scaleups in evaluating their own approach and identifying efficient paths to success. We hope it will help other actors in the European and French startup ecosystem follow in the footsteps of these French Tech champions.

Agathe Wautier cofounder and CEO The Galion Project
  • Finances & juridique
  • Stratégie
  • Internationalisation