Transactions

Healthcare Sept 2026 Announced

eCential Robotics

Surgical navigation and robotics

Type

Binding acquisition offer (€155M EV) from Enovis

Apparius’s role

Exclusive advisor to the company

Enovis (NYSE: ENOV) made a binding offer to acquire eCential Robotics at an upfront enterprise value of €155 million, with up to €35 million in milestone payments tied to the knee and shoulder programmes. eCential's spine surgery robot brings Enovis the robotics capability its offering lacked. Existing shareholders, including Bpifrance, Sigma Gestion and Med-Innov, are selling their shares. Closing is expected in the fourth quarter of 2026.

Healthcare Mar 2026

Axinesis

Rehabilitation assets of Axinesis

Type

Acquired by Dessintey

Apparius’s role

Exclusive advisor to the buyer

A few months after its LBO, Dessintey, a Saint-Étienne medtech focused on post-stroke rehabilitation, acquired the rehabilitation business of Belgium's Axinesis: the REAplan and REAtouch ranges and related commercial assets, with Axinesis retaining manufacturing under a CDMO agreement. Partners since 2021, the two companies now offer a complete intensive rehabilitation range.

Healthcare Nov 2025

Dessintey

Rehabilitation devices

Type

LBO with Arlane

Apparius’s role

Exclusive advisor to the sellers

Founded in 2017 in Saint-Étienne, Dessintey designs rehabilitation devices based on visual illusions, including mirror therapy. Profitable and present in more than 25 countries, the company completed its first LBO with small-cap fund Arlane, now majority shareholder, following a competitive process run by Apparius.

Healthcare Sept 2025

Juisci

AI-curated scientific information

Type

Series A from Ring Capital, Big Pi Ventures

Apparius’s role

Exclusive advisor to the company

Founded in 2021 by Robin Roumengas and surgeon David Luu, Juisci develops an app that uses artificial intelligence to track and summarise new medical publications, with some 200,000 users. Its first venture round, with Big Pi Ventures and Ring Capital, funds its international expansion and its enterprise offering.

Deeptech Nov 2024

IBS – Innovative Ion Implant

Semiconductors

Type

Acquired by Ardian

Apparius’s role

Exclusive advisor to the sellers

Founded in 1987, Ion Beam Services is a French semiconductor company specialising in ion implantation, which alters the electrical properties of chips. As part of its founder's succession plan, a majority stake was sold to Ardian Semiconductor, in a process run on the sell side by Apparius.

Healthcare Aug 2024

SurgAR

3D surgical registration

Type

€11M Series A from Bpifrance, XAnge, Elaia

Apparius’s role

Exclusive advisor to the company

SurgAR develops augmented reality solutions for minimally invasive surgery. Closed just before CE marking of its first product, dedicated to uterine surgery, the round will accelerate its rollout in hospitals and the build-up of clinical data.

Healthcare May 2024

SpinEM Robotics

Robotic spinal surgery navigation

Type

€10M strategic investment from Spineart

Apparius’s role

Financial advisor to management

Founded in 2021 by Stéphane Lavallée and Stéphane Morvan, SpinEM Robotics develops navigation software for spine surgery, designed for eCential Robotics' robotic platform. Spine specialist Spineart joined its share capital.

Deeptech Mar 2024

Inopsys

Industrial wastewater treatment

Type

Acquired by Indaver

Apparius’s role

Exclusive advisor to the sellers

A KU Leuven spin-off founded in 2015 in Mechelen, InOpSys treats pharmaceutical and chemical wastewater on site with mobile units, recovering water, solvents and valuable components. Belgian waste management group Indaver acquired the company to accelerate its shift towards a circular economy, bringing in its team of some twenty engineers.

Healthcare Sept 2023

Agir à dom

French home care provider

Type

Minority investment from Crédit Agricole

Apparius’s role

Exclusive advisor to the company

A subsidiary of the A.G.I.R. association, home healthcare provider Agir à dom opened its capital to financial investors for the first time, with Idia Capital Investissement, Crédit Agricole Alpes Développement and Sofilaro taking a minority stake. The deal notably refinanced the acquisition of OpenHealth Company at the end of 2022.

Deeptech Jan 2023

Cosmo Tech

Complex systems simulation

Type

Series C from Accenture

Apparius’s role

Exclusive advisor to the company

A Lyon-based developer of a digital twin platform that lets energy and logistics companies simulate and optimise their operations, Cosmo Tech moved to a SaaS model distributed by Microsoft, IBM and Accenture. Mandated by the company, Apparius ran this round, whose first tranche was taken up by Accenture Ventures alongside existing shareholders Inven Capital and Cemag Invest.

Healthcare Jan 2023

Imactis

CT navigation systems

Type

Acquired by GE HealthCare

Apparius’s role

Exclusive advisor to the sellers

After discussions with several major medical equipment makers, Imactis joined GE HealthCare, which acquired its entire share capital. The founders and the investors who came in in 2017, including M Capital, sold their shares. The IMACTIS CT-Navigation system guides the needle in real time during CT-guided interventional procedures.

Deeptech Nov 2022

Aniah

Integrated circuit design error detection

Type

€3M Series A from Supernova Invest, BNP Paribas Développement, Crédit Agricole

Apparius’s role

Exclusive advisor to the company

Founded in Grenoble in late 2019 by Vincent Bligny, a former STMicroelectronics executive, and Rémi Moriceau, Aniah develops software that detects design errors in integrated circuits from the earliest stages. After its product was adopted by CEA and then STMicroelectronics, the company raised its Series A from Supernova Invest, BNP Paribas Développement and Crédit Agricole Sud Rhône Alpes.

Deeptech Jun 2022

LabWise

Digital TV testing

Type

Acquired by Allegro DVT

Apparius’s role

Exclusive advisor to the buyer

Founded in 2004, Finland's Labwise is an independent test laboratory for digital TV devices, serving broadcasters, operators and manufacturers. The acquisition allowed Grenoble-based Allegro DVT, a specialist in video compliance test suites and semiconductor video IP, to extend its offering into testing services.

Deeptech Oct 2021

Waga Energy

Landfill gas to biomethane

Type

€126M IPO on Euronext

Apparius’s role

Advisor to the founders

A €126 million IPO on Euronext Paris that gave Waga Energy the capital to accelerate its expansion and establish itself as a European leader in biomethane from landfill gas.

Healthcare Jun 2021

BA Healthcare

Design and assembly of robotic systems

Type

MBO sponsored by BNP Paribas Développement, Financière Fonds Privés

Apparius’s role

Exclusive advisor to management

A Brittany-based specialist in the design and assembly of robotic medical and paramedical devices, BA Healthcare was carved out of the Alstef group through a primary LBO led by its management team, alongside Financière Fonds Privés and BNP Paribas Développement.

Deeptech May 2021

Xenocs

Nanomaterial characterisation

Type

Growth investment from Capza

Apparius’s role

Exclusive advisor to the company

A spin-off of the Institut Laue-Langevin founded in Grenoble in 2000, Xenocs designs X-ray scattering instruments to characterise materials at the nanoscale. Self-funded until then, the company brought in Capza as a minority investor alongside two of its co-founders to accelerate its growth, particularly in software. Apparius ran the process with a limited number of funds.

Healthcare Apr 2021

UroMems

Artificial urinary sphincters

Type

€23M Series B extension from btov, Financière Arbevel, Bpifrance, HIL-INVENT, Wellington Partners, Supernova Invest

Apparius’s role

Exclusive advisor to the company

UroMems closed the second tranche of its Series B with its existing investors to reach a key milestone: the first human implantation of its artificial urinary sphincter, the first implantable mechatronic device to treat incontinence.

Healthcare Jan 2021

eCential Robotics

Bone surgery robotics

Type

Series C from Bpifrance, Trail, MedInnov

Apparius’s role

Exclusive advisor to the company

To enter the US market, eCential Robotics (formerly Surgivisio) raised a Series C of around €75 million from its existing shareholders, Bpifrance, Sigma Gestion, Med-Innov and its founders, joined by new investors. Together with bank debt and a €15 million EIB loan, the financing reached close to €100 million, one of the largest ever raised by a French medtech company.

Healthcare May 2020

UroMems

Artificial urinary sphincters

Type

€12.5M Series B from btov, Financière Arbevel, Bpifrance, HIL-INVENT, Wellington Partners, Supernova Invest

Apparius’s role

Exclusive advisor to the company

The Grenoble medtech raised €12.5 million from Austrian family office Hil-Invent, Financière Arbevel and its existing shareholders to complete pre-clinical trials and prepare the first clinical trials of its implantable urinary sphincter.

Deeptech Jan 2020

Naïo Technologies

Autonomous weeding robots

Type

€14M Series B from Bpifrance, Capagro, Pymwymic, Demeter

Apparius’s role

Exclusive advisor to the company

The Toulouse-based maker of autonomous agricultural robots, a leader in Europe with customers in Japan and the US, raised €14 million to scale up manufacturing. Bpifrance, through its Ecotechnologies fund, led the round with Dutch impact fund Pymwymic, alongside existing shareholders Demeter and CapAgro.

Healthcare Dec 2019

Diabeloop

Artificial pancreas

Type

€31M Series B from CEMAG Invest, Odyssée Venture, Crédit Agricole, Supernova Invest, UI Investissement, Agir à dom

Apparius’s role

Exclusive advisor to the company

The Grenoble developer of an artificial pancreas, which automatically adjusts insulin delivery using artificial intelligence algorithms, closed an oversubscribed round bringing together family offices, an industrial player, investment funds and its existing shareholders.

Deeptech Nov 2019

Waga Energy

Landfill gas to biomethane

Type

€10M Series B from Aliad, Tertium, Starquest, Ovive

Apparius’s role

Exclusive advisor to the company

A €10 million round to fund Waga Energy's international expansion and its WAGABOX® technology, which turns landfill gas into biomethane.

Deeptech Oct 2019

Amphion

Video compression

Type

Acquired by Allegro DVT

Apparius’s role

Exclusive advisor to the buyer

Grenoble-based Allegro DVT, a specialist in video encoding and decoding software, acquired 100% of Amphion Semiconductor, a Northern Irish company spun off from MaxLinear. The deal brought in a team of around ten engineers and made Allegro DVT the world's leading provider of video codec libraries.

Healthcare Mar 2019

Therapixel

AI medical imaging

Type

€5M Series A from M Capital, Crédit Agricole, Omnes, Région Sud Invest

Apparius’s role

Exclusive advisor to the company

Based in Sophia Antipolis, Therapixel develops artificial intelligence software for medical imaging, specialising in mammography. Omnes Capital and M Capital Partners joined alongside existing shareholders. The process was run by 13 Advisory, Cédric Goarant's firm, which merged with Apparius in 2019.

Deeptech Sept 2018

Cosmo Tech

Complex systems simulation

Type

€18M funding round from Inven Capital, Cemag Invest, C. Entrepreneurs

Apparius’s role

Exclusive advisor to the company

The Lyon-based developer of a platform for modelling and simulating complex systems raised €18M to roll out its platform across Europe, notably in energy. The round was led by Inven Capital, the fund of Czech energy group ČEZ, in a process run by Apparius.

Healthcare Jul 2018

MDoloris Medical Systems

Pain monitoring

Type

€9M Series A from Seventure, XAnge

Apparius’s role

Exclusive advisor to the company

Built on more than twenty years of research by an Inserm team, the Lille medtech developed a technology to monitor pain in patients unable to express it. Its largest round to date brought in Seventure Partners alongside Siparex to fund sales hiring and international expansion.

Elistair

Tethered drones

Type

€2M funding round from Starquest Capital

Apparius’s role

Exclusive advisor to the company

Healthcare Mar 2018

eCential Robotics

Bone surgery robotics

Type

€10.5M Series A from Bpifrance, Trail, MedInnov

Apparius’s role

Exclusive advisor to the company

Then named Surgivisio, the Grenoble company founded by Stéphane Lavallée raised this round to obtain FDA clearance and enter the US market with its system combining imaging and surgical navigation.

Healthcare Feb 2018

Orthotaxy

Orthopaedic surgical robotics

Type

Acquired by Johnson & Johnson

Apparius’s role

Exclusive advisor to the sellers

Orthotaxy was developing a next-generation robotic surgery platform for total and partial knee replacement. In a rare move at that stage of development, Johnson & Johnson acquired it through its French subsidiary Apsis; its technology went on to become a key component of the VELYS robotic solution.

Healthcare Oct 2017

Imactis

Interventional radiology

Type

€3M Series A from M Capital, BNP Paribas, Crédit Agricole

Apparius’s role

Exclusive advisor to the company

Imactis developed a true 'GPS' for interventional radiology, showing the needle's trajectory in real time, already used by some thirty hospitals. This first round with financial investors, led by M Capital, funded its international rollout.

Healthcare Sept 2017

BioSerenity

Portable health monitoring

Type

€15M Series B from LBO France, Bpifrance, Eurazeo

Apparius’s role

Exclusive advisor to the company

A developer of connected clothing for diagnosing conditions such as epilepsy, BioSerenity raised €15 million from LBO France (Innovation Capital), the PSIM fund managed by Bpifrance and its existing shareholder Idinvest Partners.

Healthcare Sept 2017

Open Health

Health data

Type

€5M Series A from LBO France

Apparius’s role

Exclusive advisor to the company

OpenHealth Company collects and analyses real-time health data from pharmacies in France and the UK. This round, led by LBO France, supported the launch of its Hub, which tracks medicine usage across some 10,700 pharmacies and enables real-time epidemiological analysis.

Healthcare Nov 2016

UroMems

Urology

Type

€12M Series B from Supernova Invest, Bpifrance, b2venture, Wellington Partners, CITA

Apparius’s role

Exclusive advisor to the company

After a proof of concept backed by BizMedTech and business angels, UroMems raised €12 million from a pool of European investors to develop its active implantable device for urinary incontinence, a market with no real innovation since the 1970s.

Healthcare Jun 2016

eCential Robotics

Bone surgery robotics

Type

Seed round from MedInnov

Apparius’s role

Exclusive advisor to the company

Then named Surgivisio, the Grenoble company closed its first funding round, complemented by Bpifrance support under the Worldwide Innovation Challenge. The funds financed the industrialisation of its mobile 2D/3D imaging system with real-time surgical navigation, initially designed for spine surgery.

Avenisense

Embedded sensors

Type

€2.5M funding from ALIAD, Demeter Partners, Total Energy Ventures, Bpifrance

Apparius’s role

Exclusive advisor to the company

Oros

Noise and vibration analysis instruments

Type

Acquired by T&S Technologies (TSTech)

Apparius’s role

Exclusive advisor to the sellers

Cruas / Agrivolt

Photovoltaic asset

Type

Acquired by Cap Vert Énergie

Apparius’s role

Exclusive advisor to the sellers

eNovance

Open-source cloud orchestration

Type

Acquired by Red Hat

Apparius’s role

Exclusive advisor to the sellers

A specialist in open-source cloud orchestration and a recognised player in the OpenStack community, eNovance was sold to Red Hat for around €70M, following a dual-track process run by Apparius.

Deeptech Mar 2014

Cosmo Tech

Complex systems simulation

Type

€3.8M funding round from Aster Capital, Sofimac Partners, Crédit Agricole Création

Apparius’s role

Exclusive advisor to the company

Then named The CoSMo Company, the young Lyon-based company closed its first funding round to finalise its complex systems simulation platform and support its technological, geographic and commercial expansion; the founders remained majority shareholders.

eNovance

Open-source cloud orchestration

Type

€6M financing from Odyssée Venture, Entrepreneur Venture, BNP Paribas, Oséo

Apparius’s role

Exclusive advisor to the company