TSS (Topicus) Kicks 2025 Off With Major Acquisition

Reviewing this transaction, and our valuation model

TSS (Topicus) announced a major acquisition today, its largest acquisition since Topicus.com BV; even slightly bigger in terms of revenues (trailing run-rate of 110 million EUR as of FY24, versus Topicus.com BV’s 101 million EUR in FY19).

The target this time: the Belgian government software group Cipal Schaubroeck. Let’s walk you through the target’s background, and the estimated impact on our valuation model.