A service of

Vip District could weigh opportunistic European acquisitions – CEO

Vip District may entertain M&A opportunities in its European markets, with any fresh push on inorganic growth likely only in 2026 as the group focuses this year on consolidating acquisitions, co-founder, shareholder and CEO Jesús Alonso told Mergermarket.

The Barcelona, Spain-based employee engagement software-as-a-service (SaaS) provider is not actively seeking targets but could consider potential buys if opportunities arise in, or near its six operating markets, Alonso said.

These are Spain, Italy, Germany, Portugal, France, and the Netherlands, he noted, without expressing a preference for any one of them.

While Vip District does evaluate M&A opportunities, the group’s chief focus in 2025 is on consolidating the two acquisitions completed in 2023-2024 in Germany and the Netherlands – Mivo Mitarbeitervorteile and Personeelsvoordeelwinkel, respectively, he said.

Both entities have around EUR 1m in annual revenue, he said, noting these acquisitions were financed with internal resources, Alonso added.

Vip District has reported a gross margin of EUR 13.4m and cash EBITDA of EUR 2.15m in 2024.

Target state

Ideal targets would have EUR 1m-EUR 5m in annual revenue and provide employee engagement services similar to those of Vip District, Alonso said, adding that the company welcomes target proposals.

Transactions could be financed with its own resources or debt instruments, such as bank loans or capital from debt funds, he said, noting that the final financial structure would be determined by factors such as the transaction size or the opportunity.

Vip District would seek a majority stake in any possible target, he noted.

If the target generates more than EUR 5m in annual revenue and presents a compelling opportunity, Vip District could consider a capital increase to bring in an industrial partner, he said.

That course could involve granting a majority stake in Vip District’s shareholding, he said, adding that these details would be defined in due course.

But Alonso noted the company would prioritize moving forward with any potential acquisition through borrowing rather than bringing in a new shareholder, given its virtually debt-free position, he added, without disclosing further balance sheet information.

Vip District has no plans to mandate a search for targets or investors, he said, noting that while it typically works with Clearwater on such matters, it is open to receiving proposals from other firms.

He emphasized that the company is open to receiving approaches from both potential investors and acquisition opportunities.

The ownership structure consists of three founding partners, each holding approximately one-third of the company, he said. They are Alonso, Marc Viladés, and Rodrigo Checa, who serve as CEO, COO and Spain country manager, respectively, Alonso noted.

One of Vip District’s main competitors is German player Corporate Benefits, Alonso said.

Vip District has 150 employees, he added.