Building the Salesforce for Legal

Positive Capital advised Aster on its sale to DiliTrust

Introduction

Positive Capital is proud to have served as the sole financial advisor to Aster, a VC-backed meeting management software company, during its sale to DiliTrust, a leading provider of SaaS solutions for legal departments, supported by Cathay Capital, Eurazeo, and Sagard.

This transaction demonstrates Positive Capital’s expertise in advising B2B software companies on landmark deals, such as the sale of Elisath to PE-backed Heitz System or Yesitis’ €8.7m Series A.

Our client

Co-founded in 2013 by Vincent Mendes, Thomas Dickele, and Jean-Baptiste Esbelin, Aster is a meeting management software that has raised over €4m in VC funding, notably from OneRagTime, Kreaxi, Crédit Agricole, and GMZ.

Aster has achieved significant growth in governance meetings, particularly within executive and steering committees. With over 100 clients, Aster has demonstrated effective upsell capabilities, driving 30% of new revenue.

Deal rationale

DiliTrust is the leading unified software suite for legal departments, with its Board Management Software at the forefront. 

To sustain its double-digit growth, DiliTrust has raised €130 million from a prestigious consortium of investors, including Cathay Capital, Eurazeo, and Sagard. 

With this acquisition, DiliTrust integrates complementary meeting management software into its Board Management suite, expanding its reach to governance bodies beyond the boardroom among its 1,000+ customers. 

Furthermore, DiliTrust plans to leverage Aster’s successful upsell capabilities across its growing client base.

Testimonies

“Thomas, Jean-Baptiste, and I warmly thank Positive Capital for their pivotal role in bringing Aster aboard the DiliTrust rocketship in a challenging funding landscape. Their marketing and deal-making expertise has been instrumental in finding the most solid growth perspectives for Aster”.

Vincent Mendes — CEO & Co-founder @Aster

“I am delighted to have advised Aster during this strategic exit, and we can’t wait to see their growth journey within the DiliTrust family. It’s been a pleasure assisting this talented Aster team in opening this new chapter.”

Thomas Tcheudjio — Tech M&A Partner @Positive Capital

Positive Capital Team involved in the deal:
• Thomas Tcheudjio, Partner
• Rudolphe Michau, Managing Director