Lyon, July 4th, 2022. The strategy consulting firm Neovian Partners has advised Cegid on its acquisition of Notilus, a company specialised in the edition of Travel & Expense management solutions.

Created in 1997, Notilus is a software editor of Travel & Expense management solutions, generating €14.4 million of revenues in 2021, 76% of them being based on recurrent billing via SaaS subscriptions. Initially integrated into the Dimo Software group (itself created in 1995), Notilus carried out its carve-out in 2019.

The mission of Neovian Partners consisted in supporting Cegid’s M&A and Strategy & Corporate Development teams, by quantifying and analysing the dynamics of the French Travel & Expense management solutions market, its demand characteristics (segmentation, purchasing process, customer loyalty, key purchasing criteria, etc.) and its competitive environment (market players overview, differentiation, key success factors, customer and competitor feedback on Notilus, etc.), as well as the strategic rationale behind the acquisition.

The buy-side Strategic Due Diligence was led by Patrick Richer, Founding Partner and Leonid Dorogoï, Head of Lyon.

“ We had the unique opportunity to advise Cegid, a flourishing group achieving double digit like-for-like growth over the last years, on its acquisition of Notilus. The quantification and analysis of the French Travel & Expense management solutions market and the deep evaluation of its competitive landscape has enabled Neovian Partners to highlight the acquisition rationales. By acquiring a company among the Top 3 market leaders, Cegid will benefit from the perspectives of the new and high-potential segment of Travel & Expense management software, by completing its already broad offer of solutions.”

Patrick Richer, Partner

About Neovian Partners

Neovian Partners is a consulting firm specializing in the creation of tailored solutions in Strategy, Business Due Diligence, Strategic Screening and HR/Leadership, serving fast-growing investment funds, SMEs and MSCs. Based in Paris and Lyon with a team of about 30 consultants, Neovian Partners is also present internationally, with a network of partner firms with more than 500 employees in 21 countries. Neovian Partners is a generalist firm but with a particularly important project history in software, IT, Internet, Industry, Health and MedTechs, as well as in many niche sectors. More information on :