French artificial intelligence (AI) and data consultancy group Artefact, which is backed by Ardian, has been receiving inbound approaches from private equity (PE) firms, two sources familiar said.

Permira has shown interest in the asset, the two sources and a sector banker said, with one source adding that the fund is currently looking closely into the company.

EQT is also circling the business, one of the sources and the sector banker said.

Although the French company has received interest from funds, Ardian does not plan to sell for now, one source said.

The founders have had informal meetings with funds but there is no formal process going on, one source said, adding that it might kick off in the second quarter.

Artefact is a profitable and growing business, which explains why there is growing buyside interest, one source said.

The Paris-headquartered business registered EUR 40m EBITDA FY24, one source and the sector banker said. It posts around EUR 175m in revenues, the sector banker added.

In 2021, Ardian and peer Cathay Capital acquired Artefact and delisted the company on 21 December of the same year, as per a press release.

Artefact joined Euronext Paris as it merged in 2017 with NetBooster Group [EPA: ALNBT], as reported.

Established in 2014 by CEO Vincent Luciani and Chairman Guillaume de Roquemaurel, Artefact has more than 1,500 employees across 22 countries, according to a press release.

In December 2024, Artefact acquired a Chilean consulting firm dedicated to data, analytics, and AI services, called Brain Food, according to a release.

Ardian, Permira and Artefact declined to comment. EQT and Cathay Capital did not reply to a request for comment.