Excerpt from our non-proprietary historical coverage
May 20, 2025

Japanese KEYENCE Group (publ.) acquires German Cadenas, a provider of PIM software and electronic product catalogs - EV/EBITDA ~21x

Press Release
Japanese KEYENCE Group acquires Cadenas, a provider of PIM software and electronic product catalogs. The company offers a comprehensive suite of digital tools for the engineering, manufacturing, and construction industries, enabling efficient management and distribution of product data in the digital age. Cadenas' product information management (“PIM”) tools serve as a bridge between manufacturers and buyers, helping engineers, designers, and procurement professionals streamline and accelerate workflows. NKP | M&A Insights first and exclusively reported on the Houlihan Lokey advised sale process on 21/03/2024, which was marketed of 2024E EBITDA of EUR 9m and revenues of EUR 30m. According to NKP | M&A Insights sources, the deal is valued just under EUR 200m, thus indicating a EV/EBITDA (2024) of around 21x.
Transaction announcement
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Opportunity originally surfaced by NKP | M&A Insights as:
November 22, 2024

Update: The Houlihan Lokey-advised sales process of Cadenas, a provider of PIM software and electronic product catalogues for the engineering and manufacturing industries, is advancing to the next phase with bids due this week - marketed off 2024E EBITDA of EUR 8-10m and revenues of EUR 30m and EV expectations of EUR 250m, acc. to sources (NKP Proprietary)

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Source: NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)
March 21, 2024

Cadenas, a provider of PIM software and electronic product catalogs, explores ownership options advised by Houlihan Lokey, according to multiple sources - revenue of EUR +50m and EBITDA of EUR ~10m in FY23E (NKP Proprietary)

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Source: NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)

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