2025: The Year in Review

Jan 13, 2026
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A Year Defined by Scale and Acceleration

2025 marked a step-change in the development of Total Specific Solutions (“TSS”).
Where earlier years focused on building and broadening our European footprint and embedding decentralized operational and capital deployment depth, 2025 added another dimension: the largest level of equity deployment to date. Last year's success was driven by a broad base of smaller and medium-sized transactions, as well as two landmark transactions in Europe’s vertical market software landscape. We concluded the year with 23 acquired companies.

Across the year, a diverse group of companies joined TSS or were added through our regional platforms and our corporate group. With each acquisition, TSS strengthened its ability to serve end-markets through independent, focused business units that retain their local identity while benefiting from best practices, talent development programs, and a stable long-term ownership philosophy.

This year also marked another milestone: for the first time, TSS acquired a minority stake in a listed entity, Asseco Poland, through transactions completed in January and October. Together with the acquisition of Cipal Schaubroeck in Belgium, 2025 delivered two landmark investments that will help redefine TSS’s evolution over the decade ahead.

Asseco Poland

In January and October 2025, TSS acquired minority stakes in Asseco Poland. For TSS, taking a minority position in a listed company is unusual. The decision reflects the view that Asseco’s federation of vertical market software businesses, operating with local autonomy in more than 60 countries, aligns well with Constellation’s decentralized approach.

This is TSS’s largest equity investment to date. The aim is not to reshape Asseco, but to be a patient partner. The agreement with the Adam Góral Foundation is intended to ensure continuity of ownership and culture and to support the company’s listing on the Warsaw Stock Exchange. Independence matters; aligned, long-term owners tend to make better decisions for customers and employees.

Poland is not new to TSS. Simple S.A. joined in 2021 and Sygnity in 2022; both continued to operate independently. Asseco Poland and Sygnity will continue to act separately, at times competitively, in M&A and in day-to-day business.

The transaction required sustained legal, regulatory, and advisory work across jurisdictions over many months. This project was an important learning milestone for TSS’s international investment organization.

Cipal Schaubroeck

In June, TSS completed the acquisition of Belgium’s Cipal Schaubroeck, the country’s leading local government software provider. With more than 600 FTE and a comprehensive suite of mission-critical HR/payroll, security, hosting, and data-management solutions, Cipal Schaubroeck expands TSS’s position within European government-oriented markets.

Its customer base – predominantly Flemish municipalities, provinces, police zones, social welfare organizations, and social housing institutions – all align with TSS’s long-term focus on government digitalization. Cipal Schaubroeck joins the group as an autonomous business unit and now operates alongside comparable local government companies in the Netherlands, France, Portugal, and Romania.

The company’s strong internal identity, long-standing reputation in Belgium’s public sector, and broad mandate for digital transformation make it a cornerstone of TSS’s gov-tech expansion strategy.

Geographic and Vertical Expansion

Throughout the year, TSS continued to enter new verticals and strengthen existing ones across Europe.
Across manufacturing, martech, hospitality, ERP, transport, financial services, accountancy, and geoscience, each addition broadened TSS’s base of specialized, independent software units.

As with previous years, several acquisitions were completed through existing TSS platforms.
DocLogix and Mednow, for example, were acquired through Sygnity, demonstrating how platform companies continue to play an active role in M&A expansion within their regions.

Internal Events and Community Building

Bringing people together remains a key component of how TSS operates. Knowledge transfer, sharing operational insights, and building long-term professional relationships form the backbone of our decentralized model.

Two events stood out in 2025:

The TSS Ski Trip – bringing together colleagues from different countries, verticals, and business units in an environment that supported informal exchange and cross-group collaboration.

The TSS Blue M&A Event in Prague – a multi-day working session hosted by TSS Blue in which investment teams across Europe participated in case discussions, regulatory process deep dives, post-merger integration methodology, and vertical market mapping exercises. Several acquisition teams shared experiences from transactions completed in 2025, including the highly complex regulatory and structural aspects of the Asseco Poland project, as well as lessons learned from investments made in previous years. More than 90 people attended the multi-day event. As in previous years, these gatherings provided opportunities for new entrants to experience TSS’s open culture and learn directly from peers. 2025 Acquistions
  • Netherlands Netherlands
    • Acto Informatisering Manufacturing
    • L1nda B.V. Hospitality
  • Germany Germany
    • hachmeister + partner Retail
    • INTEND Geoinformatik GmbH Geo Science
    • EasyTec GmbH Construction
    • MeData EV Logistics
  • Poland Poland
    • Asseco
    • Mednow (Comarc HIS) Healthcare
  • Italy Italy
    • Sofinn Automotive
    • Gadic S.a.r.l Product Software Company
  • France France
    • Dolist Martech
    • Cyberjet Aviation
  • United Kingdom United Kingdom
    • Lighting Reality Manufacturing
    • Cindercone Product Software Company
    • Sendible Martech
  • Bulgaria Bulgaria
    • Selmatic EOOD Accountancy
  • Norway Norway
    • Placewise Group Retail
  • Belgium Belgium
    • Cipal Schaubroeck Local Government
  • Portugal Portugal
    • Artsoft - Technologia Informatica Accountancy
  • Denmark Denmark
    • Scalepoint Financial services
  • Romania Romania
    • Sobis Local Government
  • Lithuania Lithuania
    • DocLogix Product Software Company
  • Spain Spain
    • Bytemaster Logistics
 
Becoming part of TSS

TSS operates a decentralized business model, meaning that the different companies retain a high level of business autonomy while benefitting from certain centralized services and expertise, such as finance and M&A. Our 'Software for Life' philosophy entails that we support the management of the businesses through best practices allowing them to ensure the relevance of their software solutions for their end markets. Our best practices assist them in developing and improving their software continuously, implementing the necessary changes to comply with the new market or legislative requirements, and ensuring that the needed technological advancements are based on customer-driven needs. Furthermore, within TSS, we are focused extensively on talent development and organizational improvement. We aim to provide all our employees with a challenging working environment and ample career opportunities for our highly skilled specialists.

TSS is continuously seeking new opportunities to add value to our existing vertical markets and geographies and is equally excited to explore new verticals and geographies when great opportunities present themselves. We work with high levels of confidentiality and discretion.

For further information, please contact the M&A team active in your geography via our acquisitions page.

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