Charles Bourgain, Partner at Extens, is featured in Private Equity Magazine’s recent deep dive into B2B software, authored by Coralie Bach.
Highlights from the article:
Extens has embraced sector specialization by focusing on healthcare software publishers through its dedicated small-cap fund. The strategy targets companies that are profitable, or at least break-even, with annual revenues between €3 million and €15 million.
“Healthcare is a core societal issue. By helping care providers save time, software contributes directly to improving healthcare delivery. Public investment initiatives, such as France’s ‘Ségur de la Santé’, have also accelerated digital transformation across healthcare institutions.”
Extens’ sector expertise plays a key role in supporting major technological transitions:
“We often support companies in shifting from traditional license-based models to SaaS. This change takes time—both for internal teams and clients who must understand and adopt a new pricing structure. It’s a delicate phase that requires careful planning and support to ensure long-term success and profitability.”
From commercial acceleration to buy-and-build strategies or international expansion, a range of levers are activated to scale companies and help them reach critical size.
“When a company grows from €5 million to €20 million in revenue, it becomes visible,” says Charles Bourgain. “It also demonstrates its ability to sustain growth, making it attractive to both industrial buyers and investment funds.”
These are prime targets for LBO-backed platforms. In 2024, Orisha acquired two former Extens portfolio companies: Must Informatique, a software provider for homecare service providers, and Teranga, a leader in software for nursing homes and senior care facilities.
Coralie Bach, published in Private Equity Magazine No. 204, March 2025
Read the full article:
https://www.pemagazine.fr/magazine/pe-magazine-204-mars-2025/