Inveready has just sold the Catalan company Conversia, a former subsidiary of Atrys Health, to the British firm Wilmington for €121.6 million. The transaction aligns with the buyer’s pan-European growth strategy and also marks its entry into the compliance sector for SMEs.
Inveready, through its Arraigo fund, acquired the company in two transactions carried out between late 2022 and 2023 for a total of €55 million alongside Atrys. The telemedicine firm had integrated this company following the acquisition of Aspy a year earlier
In its last fiscal year through June, Conversia—headquartered in Madrid but operationally based in Barcelona—generated €36 million in revenue and an EBITDA of €9.3 million. The company continues to achieve double-digit growth, with 70% of its revenue coming from subscription-based products. Conversia offers a technology platform focused on SME compliance. Its main advantage is that, instead of addressing legal issues through consultancy services, its product Signo operates like a copilot, streamlining and accelerating the compliance process.
Conversia operates in the large, growing, and rapidly evolving Spanish GRC and regulatory compliance market, providing proprietary RegTech documentation generation software solutions, primarily in the Data Privacy sector.
Conversia enables an addressable target market of 3.2 million SMEs and homeowner associations in Spain to comply with a wide range of legally required regulations. Data Privacy is at the core of its proposition. Conversia also offers complementary training solutions, with all course materials developed internally.
It is the market leader in its sector, with significant market headroom and growth opportunities. The business is managed by an experienced and successful team headquartered in Barcelona, Spain, who are incentivised to remain in the business for a minimum of five years.
The acquisition represents a further execution of Wilmington’s strategy to expand its position in the GRC markets and grow the quality of its revenues and profits both organically and through acquisitions by investing in its business and actively managing its portfolio of brands. It also marks Wilmington’s entry into a new sector: Data Privacy.
The acquisition of Conversia is subject to Foreign Direct Investment clearance in Spain.
"This acquisition strengthens our position in the GRC markets and introduces Wilmington to the regulated Data Privacy sector. It aligns with our broader ambition to diversify and grow our portfolio of products and services. Conversia is the industry leader in a rapidly growing market in Spain for the provision of software and RegTech solutions, helping small and medium-sized enterprises meet legally regulated Data Privacy compliance requirements. It operates in a large addressable target market, delivering high quality revenues of which greater than 70 per cent. are annually recurring, and is led by an impressive, successful, and committed management team. This acquisition will add significant value across all our stakeholders. We look forward to welcoming Alfonso and his team to Wilmington." has declared Mark Millner, Chief Executive Officer, Wilmington plc
"Joining Wilmington represents an extraordinary opportunity to accelerate our growth and consolidate our leadership in the regulatory compliance market for SMEs. We share with Wilmington a forward-looking vision based on technological innovation, operational excellence, and a strong commitment to our clients. Our team has consistently shown its ability to transform a complex regulatory environment into an opportunity to deliver value and build trust through our solutions. We will continue to work with the same dedication and ambition—now with the support of a global group like Wilmington—to expand our reach, diversify our offering, and strengthen our relationship with our clients. I would like to thank Mark for his trust in our team and in the value we have built over the years. His strategic vision and clear commitment to the GRC sector have been instrumental in making this integration both solid and forward-thinking. I embrace this new chapter with excitement, responsibility, and full confidence in all that lies ahead." has said Alfonso Corral, Director General, Conversia
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