M&A advisory services in Hungary
Hungary has produced some of CEE's highest-profile technology exits, with global corporate and PE buyers consistently active in Budapest's enterprise software and SaaS market.
The acquisitions of LogMeIn and NNG, alongside the continued growth of Bitrise and Tresorit, have established Hungary as a credible destination for cross-border tech M&A.
Flow advises both bootstrapped and venture-backed Hungarian founders through their sale - bringing a strong network of PE and strategic acquirers, a lean end-to-end advisory process, and KPI-driven preparation that positions the business to attract the strongest possible buyer field.
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Hungary tech M&A deals in the last 12 months
$545M
Hungary median tech M&A valuation
4.2x
Hungary median tech M&A revenue multiple
$545M
Hungary biggest tech acquisition in the last 12 months
Selling your tech company in Hungary
Hungarian M&A follows European mid-market conventions with country-specific overlays around the broad FDI screening regime, the participation exemption and the low corporate tax rate.
Completion accounts and locked-box
Hungarian private M&A uses both locked-box and completion accounts. Locked-box is growing in PE-led and tech deals; completion accounts remain frequent in traditional sectors.
W&I insurance is growing
Warranty & indemnity insurance is becoming more common in Hungarian deals above roughly €15M. Premiums (around 1-1.5% of cover) typically split between buyer and seller.
Broad FDI screening
Hungary's FDI screening regime is one of the broader in Europe - notification required for non-EEA acquirers taking qualifying stakes in Hungarian companies across many sectors. Adds notification time and conditions to scoped transactions.
Capital gains for founders
Hungarian individuals are taxed on share disposal gains at 15% (personal income tax flat rate) plus a 13% social contribution charge in some cases. Holding-company structures used to defer or reshape the tax bill - worth planning ahead of a sale.
Corporate participation exemption
Sales of subsidiary shares by a Hungarian corporate seller can benefit from the participation exemption - typically requires substantial holding and the subsidiary being a registered qualifying entity. Often drives whether a transaction is share or asset-structured.
Merger control
Hungarian Competition Authority (GVH) reviews transactions where parties' combined Hungarian turnover exceeds HUF 20bn and at least one party has HUF 1.5bn+ Hungarian turnover. Most tech deals don't trigger.
Recently acquired tech companies in Hungary
Biggest M&A recently in Hungary was a $545M acquisition of Semilab International (materials analysis unit) by Onto Innovation in June 2025.
See all M&A deals in Hungary| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jun-25 | S | Semilab International (materials analysis unit) | | - | Onto Innovation | $545M | 4.2x |
Oct-25 | IP Camp | | IP Camp is a software development company offering custom applications, cloud infrastructure setup, product customization, and data analytics services. Based in Tel Aviv, Israel, it serves startups and enterprises with scalable AWS and Azure deployments, machine learning models, and bespoke CRM integrations for e-commerce and fintech clients. | NEURON Automation | - | - | |
Aug-25 | Bijó | | Bijó is a Hungarian e-commerce retailer distributing health foods, dietary supplements, and organic products via online store and wholesale to retailers nationwide from Budapest. | Hungaropharma Zrt | - | - | |
Aug-25 | ArenimTel | | ArenimTel is a cloud-based provider of virtual phone systems and contact center solutions featuring advanced call routing, interactive voice response, real-time analytics dashboards, and seamless CRM integrations with tools like Salesforce and Zendesk. The platform supports unlimited extensions, mobile apps for remote agents, and automatic call distribution to enhance customer service operations. Headquartered in the United States, ArenimTel targets small to medium businesses seeking scalable telephony without hardware investments. | Vesta Software Group | - | - |
Who is buying tech companies in Hungary?
Onto Innovation, NEURON Automation and Vesta Software Group are the most active acquirers in Hungary.
See all acquirers in Hungary| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Onto Innovation | | Onto Innovation Inc is engaged in the design, development, manufacture, and support of high-performance control metrology, defect inspection, lithography, and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment. The company mainly operates in the United States, Southeast Asia, China, Japan, and Europe, with Taiwan and South Korea the sources of total revenue. | Semilab International (materials analysis unit)Lumina InstrumentsInspectrology+1 | 1 | |
NEURON Automation | | - | IP CampIncQuery GroupISH Ingenieursozietät+1 | 1 | |
Vesta Software Group | | Vesta Software Group is a Boston-headquartered firm that acquires, manages, and scales software companies in vertical markets like public safety, construction, and healthcare. Its portfolio includes over a dozen businesses providing ERP, CRM, and compliance tools to enterprise clients. The group focuses on buy-and-build strategies to consolidate fragmented sectors, serving industries through SaaS platforms. | ArenimTelSK TrendMachineMax+1 | 1 | |
Hungaropharma Zrt | | Hungaropharma Zrt. is a Budapest-headquartered pharmaceutical wholesaler distributing drugs, medical devices, and healthcare products across Hungary. Established in 1991 as a fully Hungarian-owned entity, the company supplies over 20,000 items to pharmacies, hospitals, and clinics nationwide through its logistics network and GMP-certified warehouses. | Bijó | 1 | |
Genesis Capital s.r.o. | | Genesis Capital s.r.o. is a Prague-headquartered private equity firm that invests in small and medium-sized enterprises throughout Central and Eastern Europe. The firm follows strict investment criteria to back companies with high growth potential in sectors including manufacturing, services, and consumer goods. It has advised four funds exceeding 160 million euros in total size, utilizing capital from institutional investors such as the European Investment Fund and Czech state funds. Genesis Capital provides hands-on support to portfolio companies, including strategic planning and operational improvements, across the Czech Republic, Slovakia, and neighboring markets. | CarusselHorecupPŘEDVÝBĚR.CZ+1 | 1 | |
group.one | | group.one is a European provider of online presence, cloud hosting, and digital marketing services operating in 15 countries. The company manages domains, websites, and email for two million customers, generating €303 million in revenue with 1,535 employees. Backed by Cinven and Ontario Teachers' Pension Plan, it delivers scalable hosting on data centers across the continent. Operating for over 20 years, group.one supports 29 percent female workforce and expands through acquisitions in web infrastructure. | MiniCRM IncSocialPilotWebglobe | 1 | |
Irisity | | Irisity AB is a company involved in developing security solutions for surveillance. The company's AI-driven video analytics solutions in software transform standard security cameras into intelligent detection systems, all while maintaining a commitment to privacy. The company's AIOpen Platform enhances any camera and video management system by integrating a choice of AI and video metadata management featuring hybrid architecture, built-in anonymization, and flexible deployment. | UltinousAgent Video IntelligenceVisionists | 1 | |
QBS Technology Group | | QBS Technology Group is a Fareham-headquartered distributor of enterprise software licenses for Microsoft Dynamics, Adobe Creative Cloud, and Autodesk products across EMEA. The group aggregates vendor partnerships to serve 30,000 resellers with cloud subscription fulfillment and support services. QBS operates data centers in the UK and Netherlands for SaaS delivery. Founded in 2001, it facilitates volume licensing for mid-market VARs. | KSoft Korlátolt Felelősségű TársaságMaxtec | 1 | |
FGSZ Földgázszállító | | FGSZ Földgázszállító is the operator of Hungary's high-pressure natural gas transmission network. Budapest-headquartered, it manages over 6,000 kilometers of pipelines connecting to Austria, Slovakia, Romania, Croatia, Ukraine, and Serbia for gas distributors and power plants. | CEEGEX | 1 | |
Bonapp.eco | | Bonapp.eco is a mobile app connecting consumers with retailers selling near-expiry food at discounts to reduce waste. Launched in India, the platform operates in cities like Mumbai, Delhi, and Bangalore, partnering with grocery stores and supermarkets for last-minute deals on perishables delivered within hours. | Munch | 1 |
Public tech companies in Hungary
4iG is Hungary's largest publicly listed tech company, with a market cap of $1.8B.
See all public companies in Hungary| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
4iG | 4iG Nyrt is engaged in the provision of comprehensive telecommunications services, the operation of telecommunications-related infrastructure, platform-independent, custom software design and development, the design and implementation of full-scale enterprise IT solutions, IT operation and support, service provision, the operation of ERP (complex enterprise resource planning) systems, full support for banking data services, the development and operation of document and case management systems. Its activities are divided into three segments IT Services and Trading activities; Telecommunications activities, and Other Holding activities. | $6.09 | +17.3% | $1.8B | $4.2B | - | ||
Dmall | Dmall Inc is a retail digitalization solution providers in China and Asia, which offers a range of principal products and services designed to digitalize and optimize operations of the local retailers. The principal activities of the Company are the provision of retail core service cloud, e-commerce service cloud and other services to customers. It is an industry pioneer that develops retail digitalization solutions in response to four key industry needs - (i) to upgrade consumer experience, (ii) to enhance operational efficiency, (iii) to safeguard system security, and (iv) to fulfill ESG responsibility. The company distinguishes itself from its competitors by achieving full-spectrum coverage, incorporating industry practices, facilitating intelligent data-driven business decision-making. | $0.802 | -38.1% | $717M | $633M | 1.8x | ||
Valens | Valens Semiconductor Ltd is a provider of semiconductor products, pushing the boundaries of connectivity by enabling long-reach, high-speed video, and data transmission for the audio-video and automotive industries. It operates in two segments: Cross Industry Business, which includes solutions for the non-automotive verticals, including audio-video, industrial, machine vision and medical markets, that deliver superior, plug-and-play convergence and distribution of different interfaces, through a single long-distance category cable; and Automotive segment products enable safe and resilient high-speed in-vehicle connectivity for car architectures, realizing the vision of connected and autonomous cars. The company's geographical revenue is derived from Hungary. | $3.06 | +36.6% | $324M | $245M | 3.4x | ||
Delta Group | Delta Group PLC Formerly Delta Technologies PLC is an information technology company. The company provides complex infrastructure solutions like architecture planning, networking solutions, hardware design and installation, as well as application integration. | $0.177 | +4.7% | $68M | $77M | - | ||
Gloster Digital Group | Gloster Digital Group Nyrt provides information technology services. The company provides network infrastructure solutions, network security solutions, network monitoring, cyber protection solutions, and other services. | $1.96 | -3.1% | $36M | $38M | - | ||
Kermann IT Solutions | Kermann IT Solutions Nyrt is a IT solution company. It provides system integration services, IT support, IT consultancy, Network services, etc. | $0.018 | +24.8% | $19M | $28M | - | ||
Astrasun Solar | Astrasun Solar PCL plays key role in the Hungarian renewable energy market. Astrasun is a solar power plant project developer Company, and invests in green energy. | $0.600 | -16.1% | $14M | $19M | - | ||
ViVeTech | ViVeTech Zrt is a Hungarian-owned IT consulting and development company. It is an application platform that, owing to its high level of automation and integration, implements the complete and efficient operation of the information security management system (ISMS) in a single system. Its services include IT security and project management. | $0.810 | -8.6% | $10M | $11M | - |
Why Flow Partners as your M&A advisor
Access to relevant buyers
We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.
No corporate red tape
We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.
Thorough preparation
KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.
Optimize value, not valuation
Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.
We provide M&A advisory services across Hungary and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Hungary.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've closed sell-side and buy-side transactions across European, US and emerging-market tech.
Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
Recently completed M&A advisory projects
Selected M&A transactions and prior deal experience.
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M&A is the ultimate goal, but we play a long game. We're your fractional CFO to help you build financial discipline, and advise you on raising growth capital.
Fractional CFO in Hungary
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
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We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
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