Inveready and private shareholders have sold Conversia to Wilmington plc
Conversia
Conversia is a leading provider of regulatory compliance solutions, offering documentation-generation software primarily focused on data protection for small and medium-sized enterprises (SMEs), homeowner associations and public administrations. Through its proprietary software and tech-enabled services, Conversia acts as a trusted compliance copilot, ensuring full regulatory adherence, protection against penalties and seamless management of audits and inspections. The company also provides complementary training solutions, with all course materials developed in-house. Founded in 2007 and headquartered in Barcelona, Conversia has built an extensive network of more than 90,000 clients and operates through 25+ delegations across Spain.
The Deal
Following Inveready and private shareholders’ acquisition of 100% of Conversia in two phases in 2022 and 2023, the company has achieved double-digit revenue growth and surpassed industry operational metrics, which is expected to continue thanks to the launch of Signo, Conversia’s new Software as a Service (SaaS) platform. To support the next stage of its growth journey, Conversia’s shareholders engaged Lincoln International to run a competitive process involving both strategic and financial investors in order to identify the right partner for the company’s scale-up phase.
Lincoln’s expertise in software and tech-enabled services, combined with a tailored approach, ensured a seamless transaction that resulted in a successful cross-border partnership between Conversia and Wilmington. The acquisition enables Inveready and private shareholders to quickly maximize their return, benefiting from the strong momentum of the compliance sector and the competitive tension created by Lincoln’s process. At the same time, it represents a significant milestone for Wilmington, marking its entry into the Spanish market and reinforcing its presence in the Governance, Risk & Compliance (GRC) space through the acquisition of Spain’s leading compliance solutions provider.
Our Perspective
Oliver Dino-Guida, Lincoln International Technology Group Director, commented, “The Spanish GRC and regulatory compliance market continues to experience strong momentum. The growing regulatory burden for SMEs across Spain—with further increases expected—is driving demand for digital compliance solutions such as Conversia. Many SMEs lack the internal expertise and resources to manage and stay up-to-date with these requirements and need a digital partner to help them seamlessly navigate this complexity. Conversia has become the market leader in its sector in Spain, and by joining Wilmington plc, the company will be able to capitalize on new growth opportunities both locally and abroad.”
Iván Marina, Lincoln International Managing Director, added, “We are thrilled to have advised Conversia’s shareholders on a successful exit to Wilmington plc, and we look forward to seeing the business thrive in its continued growth and success. This transaction further highlights Lincoln International’s strong cross-border collaboration and proven expertise in executing pan-European transactions.”
Matthieu Rosset, Lincoln International Managing Director and Co-Head of Europe´s Technology Group, added, “The GRC software and tech-enabled services market continues to experience strong momentum across Europe. Investors show a strong and increasing appetite, a trend we expect to continue in the years ahead. This transaction not only underscores Lincoln´s momentum and expertise in the GRC and regulatory technology space across Europe, but also the firm’s ability to transact with key strategic players in the sector.”
Inveready
Spain-based Inveready, founded in 2008, is a leading Spanish alternative asset manager specializing in early-stage venture capital, private equity, infrastructure and venture debt solutions. With more than €2 billion in assets under management, the firm partners with high-growth companies across technology, life sciences and industrial innovation, providing both capital and strategic support. Inveready has invested in more than 200 companies, many of which have achieved successful exits through IPOs or strategic sales. Its diversified platform allows it to back businesses at different stages of development, from seed to expansion, while maintaining a strong focus on innovation-driven industries.
Wilmington plc
Wilmington plc is a UK-listed company (LSE: WIL) specializing in information, data, training and technology solutions, with a strong focus on GRC markets. The group supports professionals and organizations globally by providing critical knowledge, education and digital platforms that enable effective regulatory compliance and risk management.
Lincoln proved to be an outstanding partner throughout the process. Their deep expertise in the tech and GRC markets, combined with their ability to effectively position the asset and their strong commitment to execution, were instrumental in delivering an excellent outcome for Inveready. At the same time, their approach ensured that Conversia secured the right partner to support its next phase of growth.
Meet our Senior Team
I take an active role in every stage of the transaction process in order to achieve the goals of my clients.
Iván Marina
Managing Director & Head of Spain
Madrid
Each transaction is unique and requires a tailor-made approach. Providing honest and straightforward advice is instrumental to develop mutually trustful relationships and reach the best outcome.
Matthieu Rosset
Managing Director & Co-Head of Technology, Europe
Paris
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Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.