Drake Star Advises Dendreo on its Acquisition by Septeo

PARIS, February 14th, 2024 Dendreo, a B2B SaaS provider specialized in ERP solutions for training centers, announces its acquisition by Septeo, a leading operator of software solutions tailored for professionals. As the native cloud-based solution in its vertical, Dendreo has rapidly established itself as the leader in France with a platform renowned for its flexibility, scalability, and affordability.

This acquisition strategically combines Dendreo's SaaS expertise with Septeo's position as a top-tier professional software developer and publisher. The acquisition of Dendreo significantly bolsters Septeo's position in the growing segment of software for training providers, building on its recent HR tech acquisitions. Dendreo will benefit from cross-selling opportunities with Septeo’s vast customer base and accelerate its commercial and marketing capabilities. Dendreo will also leverage Septeo central support to deliver sustained operational improvements to professional clients across multiple industries.

Drake Star acted as the exclusive financial advisor to Dendreo and its shareholders on this transaction.

Hadrien Kulik, CEO of Dendreo, commented on the transaction: “This transaction is a recognition of Dendreo’s leading technology in ERP for training centres. We are confident that the combination with Septeo will deliver many operational and commercial synergies. We hired Drake Star to help us manage inbound interest. Drake Star identified key new counterparties that strategically aligned with Dendreo’s development objectives. The process unfolded smoothly and was characterized by close collaboration between the Drake Star team and me, ensuring a swift and successful conclusion to the deal.”

Christophe Morvan, Managing Partner at Drake Star added: “Under the leadership of Hadrien Kulik, Dendreo has demonstrated real expertise in growing and scaling a software business with utmost attention to customer satisfaction. Dendreo's cutting-edge technology and its outstanding business KPIs have raised interest from strategic and financial buyers alike. This transaction adds to Drake Star’s long list of successful sale mandates of SaaS business, in particular for HR Tech companies.”

Drake Star team: Christophe Morvan, Albert-Louis Bilger, Antoine Pigneux

For further inquiries, please contact:

Christophe Morvan
Managing Partner, Drake Star, +33 158 183 900 

About Dendreo

Launched in 2011, Dendreo is an innovative software editor for training providers. Its reliable and modern solutions enable training organizations to refocus on their core activities by efficiently managing all the administrative, commercial, financial, logistical, documentation, and quality aspects of their operations. Dendreo has a carbon-neutral footprint and advocates for a remote working collaboration model.

About Septeo

Septeo, a leading European software editor backed by Hg Capital, provides professionals with cutting-edge technological solutions, enabling businesses to free themselves from operational constraints and fully dedicate themselves to their clients' projects. Behind every life moment - be it a marriage, real estate purchase, career development, or travel - Septeo is here.

About Drake Star

Drake Star is an award-winning global tech investment bank that has completed over 500 transactions since 2003. The Drake Star team of 100 senior professionals across offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, and Dubai* focuses on mergers & acquisitions and corporate finance services worldwide in Consumer & Retail Technology, Digital Media, Digital Services, FinTech, HR Tech, Industrial Tech, Mobility & Sustainability and Software/SaaS.

Drake Star is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. Drake Star UK Limited (FRN 942020) is an appointed representative of Razlin Ltd (FRN 730805) which is authorized and regulated by the Financial Conduct Authority. © 2024 Drake Star Partners Limited.

For more information, visit

*Partner Office


For further inquiries, please contact:

Christophe Morvan

Managing Partner

Digital Services





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