Who Is Buying Microsoft Dynamics Partners? Top Acquirers of Dynamics Partners: 2015-2025

We have recorded 210 acquisitions of Microsoft Dynamics partners between 2015 and 2025. This market consolidates one country at a time. On the partner ecosystem lifecycle we map, that makes it a mature market. The buyers are Nordic, Dutch, Belgian, Baltic and Central European platforms of 200 to 2,500 people, most of them private-equity backed, each buying national coverage market by market. Several trade under a name they adopted in recent years.

Those 210 deals are several buyer lists. Business Central, Finance and Supply Chain Management and Customer Engagement are different products with different deal sizes and different acquirers, and a platform strong in one is often the wrong buyer for another. Digmatix and The Digital Neighborhood buy Business Central almost exclusively; HSO and Fellowmind weight toward Finance and Supply Chain Management. So your product narrows the list as much as your country does, and the list you face is shorter than the headline count suggests.

The buyers changed hands a generation ago in market share terms: the global integrators, the IT majors and the accounting firms made three to eight deals a year until 2019 and one to four a year since, and the regional platforms took their place. So the list that matters to a seller today is the platform list, and it is organized by country and by product line.

The Most Active Acquirers of Microsoft Dynamics Partners

Fourteen buyers have made at least three acquisitions since 2015; the table ranks them by period.

Acquirer	2015-19	2020-22	2023-25	Total	Type and ownership
9altitudes	1	5	0	6	Belgian-Nordic platform; Waterland 70 percent
Columbus	4	1	1	6	Danish ERP consultancy; listed (Nasdaq Copenhagen)
DXC Technology	5	0	0	5	Global integrator; listed (NYSE)
Fellowmind	1	3	1	5	Dutch-Nordic platform; FSN Capital since 2019
HSO	0	4	1	5	Dutch Microsoft specialist; Bain Capital investment agreed 2025
Seyfor (incl. Solitea)	1	2	2	5	Central European software group; Sandberg Capital and founder
Velosio (incl. BroadPoint)	2	2	1	5	US Dynamics partner; Court Square Capital since 2024
Avanade	2	2	0	4	Accenture and Microsoft joint venture
Digmatix	0	1	3	4	Latvian platform; Livonia Partners since 2023
Evidi	0	0	4	4	Norwegian platform; Credo Partners
Telefónica Tech	0	4	0	4	Spanish telecom group; listed (BME)
Cosmo Consult	2	0	1	3	German Microsoft group; founder-owned
KPMG	3	0	0	3	Big Four; partnership
The Digital Neighborhood	0	1	2	3	Dutch Microsoft platform; EMK Capital since 2020

This market has many consolidators and a crowded middle. 143 different buyers appear across the 210 deals, most bought once, and six acquisitions in eleven years is the ceiling. Ten of the fourteen most active buyers are regional platforms, and every family that bought more than once since 2023 has a fund behind it.

What You Own, and Who Buys It

Business Central, Finance and Supply Chain Management and Customer Engagement draw different buyers, so what you own narrows your list before your country does.

If you own an ERP business, on Business Central or Finance and Supply Chain Management, the serial consolidators are your market, because the serial consolidators are ERP consolidators. If you own a CRM business, you are mostly selling to a first-time buyer: the 48 CRM-led companies that sold went to 42 different buyers, and five of the fourteen most active families, Columbus, DXC, Digmatix, Cosmo Consult and The Digital Neighborhood, have yet to buy one.

The two sides trade differently because CRM attaches to ERP and the traffic runs one way. An ERP business adds a CRM team, while a CRM business stays a CRM business, so a second line raises your value to an ERP consolidator and the reverse rarely happens.

Even inside one country the lists split. Six buyers have taken Danish Business Central firms and six have taken Danish Finance and Supply Chain Management firms, and only 9altitudes appears on both.

Who Is Buying Now

Six names carry most of the current buying. Evidi leads with four acquisitions since 2023, and Digmatix bought three times; Seyfor, The Digital Neighborhood, Fujifilm and SignUp Software bought twice each; and the other 38 buyers of the last three years bought once.

Several of the older names have gone quiet. Telefónica Tech made all four of its purchases in 2021 and 2022, and DXC sold its Dynamics business off in parts by 2023: the Americas services to EY, eBECS to Mphasis, the US mid-market base to Enavate.

The buyers’ own announcements run ahead of our records, and they name the firms an owner would be talking to now.

• Digmatix bought BCS Itera in Estonia and Finland in May 2025, around 100 staff on €9.3M of 2024 revenue, then LLP CRM in the Czech Republic and Elian Solutions in Romania in June 2026. Elian is the most useful comparable in this market, because the seller was the listed Bittnet Systems and had to publish: €6.0M for 100 percent of a business with €6.2M of 2025 revenue and €0.69M of EBITDA. That is 0.97x revenue and 8.7x EBITDA on the equity price, close to the published medians below.
• Grant Thornton, itself backed by New Mountain Capital, bought MCA Connect, a Dynamics 365 manufacturing specialist, in May 2026.
• Velosio bought Domain 6 in June 2026 and Kopis and Acuitas in July 2026.
• Acumant bought Northprim in Sweden in December 2025.

Which Regions Are Consolidating, and When

This is the part of the market a seller can act on. Consolidation here runs country by country, so the question is whether a platform is buying in your market now, and on your product line.

The center of gravity is Northwest Europe. The Nordics with the Netherlands, Belgium and Germany account for 81 of the 210 deals against 48 in the United States.

And each country runs its own cycle. Split the same deals by market and the waves arrive years apart:

The United States ran hardest from 2015 to 2020 and has been quiet since, at 5 deals in the last two years against 19 in 2018 to 2020. The Dutch wave came next. The UK and Danish waves ran through 2021 to 2023. Germany and Norway are at or near their highest in the most recent period.

A wave in your country typically runs two or three years and then moves on, though the United States ran for six and Sweden has run flat throughout. The UK deals since 2022 show the pattern: the buyers have been UK platforms, Kerv Group with cloudThing and Inciper, Node4 with TNP and Tisski, Arc UK Systems with Perspicuity and Transparity with Xpedition.

Central and Eastern Europe is where the wave is arriving now: 14 deals across Czechia, Poland, Hungary, Latvia, Croatia, Lithuania, Serbia and Slovenia, with Seyfor and Digmatix both buying there.

In aggregate, 2018, 2019 and 2021 all sit at 27 deals, volume fell to 14 in 2024 and recovered to 24 in 2025, with seven of the 24 announced in the final quarter. The composition changed more than the level: the global integrators, IT majors and accounting firms ran at three to eight deals a year to 2019 and one to four since.

The total masks eight national cycles running out of phase, which is why your own country’s row above says more than the headline count.

One signal is worth watching alongside your own country’s count. A sponsor that bought its platform recently has a fresh hold period, undrawn acquisition capital and a reason to deploy early, which covers Bain at HSO, Court Square at Velosio, Livonia at Digmatix and Polaris at Cepheo. Late in a hold period the incentive reverses, because an unintegrated add-on hands the incoming buyer a quality-of-earnings argument.

On price, IT services multiples repriced downward after 2022. Private valuations follow the listed market with a lag, so watch for listed multiples recovering and holding.

The Platforms in Detail

Cosmo Consult is the one platform here that is founder-owned, so rollover equity is off the table with them.

9altitudes

Overview: 9altitudes is a Belgian-headquartered Microsoft and PTC platform assembled from national partners across Belgium, the Netherlands, Denmark and Spain. Waterland holds 70 percent and founder Filip Bossuyt the balance.

Acquisition pace: It has bought six times, five of them in 2021.

Typical target: It buys national Dynamics partners of 30 to 80 people in Benelux and the Nordics, building continuous country coverage.

Select transactions: Its purchases include Bredana Solutions (Denmark, around 50 staff, 2021), Add-IT Infosystems (Netherlands, 2021), and Econocap (Denmark, 2021).

Columbus

Overview: Columbus is a Danish ERP consultancy listed on Nasdaq Copenhagen, with Dynamics as its largest business area alongside Infor M3.

Acquisition pace: It has bought six times across the full 11 years, the widest span of any buyer here.

Typical target: It buys country-level Dynamics partners, historically in the United States and now in the Nordics.

Select transactions: Its purchases include InterDyn Business Microvar (US, 2015), Tridea Partners (US, EV $8.8M, 2017), and the Norwegian division of Accigo (Norway, December 2025).

Columbus also sells: its US small and mid-market Dynamics unit went to Enavate in 2021.

Fellowmind

Overview: Fellowmind is a Dutch-headquartered Microsoft business applications group of roughly 1,800 people across five countries. FSN Capital created it in November 2019 by buying Fellowmind, eCraft and Orango at once, and holds 52 percent.

Acquisition pace: It has bought five times, from 2018 through Xperity in October 2025.

Typical target: It buys national Dynamics partners in Northern Europe, which run under their own brands for a period and then fold into one identity.

Select transactions: Its purchases include ProActive (Denmark, EV $43.4M, 2020), Bonair (Poland, 2020), and Xperity (Netherlands, EV $17.9M, 2025).

Fellowmind also sells: AXtension went to SignUp Software in 2023 and its German business to Cosmo Consult in 2025.

HSO

Overview: HSO is a Dutch Microsoft specialist and, on its own description, the largest independent Dynamics partner globally. Bain Capital agreed in August 2025 to invest, with Carlyle exiting in full after six years; founder Peter ter Maaten rolled his stake. Press reports put the valuation near $1B and both parties kept the terms private.

Acquisition pace: It has bought five times, concentrated in 2020 to 2022, then Aware Group in New Zealand in August 2024.

Typical target: It buys established Dynamics partners in English-speaking markets, adding country presence and industry depth.

Select transactions: Its purchases include AKA Enterprise Solutions (US, 2020), CRM Dynamics (Canada, 2021), and Aware Group (New Zealand, EV $7.6M, 2024).

Seyfor, including Solitea

Overview: Seyfor is a Central European software group in Brno of around 2,200 staff, backed by Sandberg Capital alongside founder Martin Cígler and called Solitea until 2022. Its own Money and BYZNYS accounting lines are the core, so Dynamics is one line among several.

Acquisition pace: It has bought five times across 2017 to 2025, with more on its own announcements.

Typical target: It buys an established Dynamics partner in a Central or Eastern European country, of 20 to 80 people.

Select transactions: Its purchases include CDL System (Czech Republic, Dynamics NAV and CRM, CZK 200M revenue and 80 staff, 2017), Axiom Provis (Czech Republic, 2020), and NPS (Serbia, 2025).

Evidi

Overview: Evidi is a Norwegian full-stack Microsoft partner of over 500 people across Norway, Sweden and Denmark, formed in 2021 from a five-way merger. It describes itself as half owned by its employees in partnership with Credo Partners.

Acquisition pace: It has bought four times, all since 2023, which makes it the most active buyer of the period.

Typical target: It buys Nordic Business Central and Dynamics 365 firms of 20 to 60 people.

Select transactions: Its purchases include Valcore (Denmark, Dynamics 365 CRM and Power Platform, 2023), Navipro (Sweden, Business Central for fashion and retail, 54 staff at SEK 76M, 2024), and Auzilium (Norway, Business Central at NOK 37.5M of revenue, 2025).

Digmatix

Overview: Digmatix is a Dynamics 365 integrator in Riga, renamed from Digital Mind in early 2025 and now roughly 530 people across eight countries on revenue over €41M. Livonia Partners took majority ownership in December 2023.

Acquisition pace: It has bought four times, in 2022, 2023 and twice in 2025, and twice more in 2026.

Typical target: It buys an established Business Central partner in a Baltic, Polish, Balkan or Central European market.

Select transactions: Its purchases include the Alna Business group (Lithuania and Poland, 100 certified staff, 2022), EIP Dynamics (Poland, 130 staff on €10M of 2023 revenue, 2023), and DignetSoftware (Croatia, 2025), and BCS Itera, an Estonian and Finnish Dynamics partner of roughly 100 people, in May 2025.

EIP Dynamics had itself acquired three Polish Business Central partners before Digmatix bought it.

Velosio, including BroadPoint

Overview: Velosio is a US Dynamics partner in Columbus, Ohio, and among the most active acquirers in North America. Harren Equity backed it from 2019 and Court Square Capital Partners took a majority in March 2024.

Acquisition pace: It has bought five times from 2018 to 2025.

Typical target: It buys US Dynamics firms on both Business Central and Finance and Supply Chain Management, adding industry depth and regional coverage.

Select transactions: Its purchases include Synergy Business Solutions (US, 2019), Silverware (US, 2022), and Strava Technology Group (US, Dynamics 365 Customer Engagement and Power Platform, 2025).

Velosio and Cherry Bekaert are the two names a US seller should know, because the European platforms keep their buying at home.

The Digital Neighborhood

Overview: The Digital Neighborhood is a Dutch Microsoft platform of roughly 1,300 consultants across seven countries, renamed from Broad Horizon and majority-owned by EMK Capital since 2020. Dynamics is one of four lines in a group weighted toward Azure and Microsoft 365.

Acquisition pace: It has bought three times, from 2021 to 2024.

Typical target: It buys Dutch and Danish Business Central firms.

Select transactions: Its purchases include GAC Business Solutions (Netherlands, 2021), ABC E Business (Netherlands, 2024), and Consit Gruppen (Denmark, 2024).

Its three Dutch Dynamics businesses were merged into a single brand, Bravx, in February 2026.

Global Integrators and IT Majors

The global firms were meaningful buyers before 2020 and have largely stopped.

DXC Technology assembled the largest Dynamics deal count of any global integrator between 2016 and 2019, including Tribridge in the US at an enterprise value of $152M, and then dismantled it.

Avanade, the Accenture and Microsoft joint venture and the route through which Accenture participates in this market, bought KCS.net in Switzerland in 2015, Alnamic in Germany in 2019, QUANTIQ in the UK in 2021 at around 300 staff, and eLogic in the US in 2022. Its own announcements add Infusion in 2017 and Total eBiz Solutions in Singapore in September 2025, its first South East Asia Dynamics acquisition.

Telefónica Tech entered twice in three months and has stayed out since: it bought Incremental Group in the UK in March 2022 and BE-terna, one of the largest European Dynamics partners at over 1,000 staff and €121M of pro-forma revenue, in May 2022. The Incremental brand was retired; BE-terna still trades under Telefónica Tech.

The remaining global integrators and IT majors each bought a country position once or twice and stopped. Four deals show the pattern:

• Capgemini bought Empired, an Australian and New Zealand partner of 1,100 consultants, at an enterprise value of $178M (2021).
• HCL Technologies bought PowerObjects in the US at an enterprise value of $46M (2015).
• Nomura Research Institute bought Velrada in Australia at $36.6M (2022).
• Fujifilm bought MicroChannel Services in Australia at $67.3M (2023).

Accounting and Advisory Firms

This buyer type is a real feature of the Dynamics market, because a Dynamics ERP consultancy sits naturally beside an audit and tax client base.

Together with the global firms this group accounts for 41 of the 210 deals and six of the 53 since 2023.

KPMG is the most active at three, all through national member firms: Hands-On Systems in Australia in 2015, DEVtalk and AXelia in Belgium through KPMG Belgium in 2017, and Adoxio in Canada in 2018. A seller in conversation with any Big Four firm is in conversation with a national partnership and its own investment approval.

The other networks each bought an established national partner once or twice. Three deals are representative:

• EY bought Pythagoras Communications in the UK (2021).
• BDO USA added Flintech and Dynamics Beyond in one announcement (2023).
• RSM US bought Junction Solutions, then the largest US Dynamics AX partner at 200 consultants (2015).

Among mid-tier US firms, Sikich, Wipfli, Crowe, Armanino, Cherry Bekaert and LBMC have each bought at least one Dynamics partner, and Cherry Bekaert’s ArcherPoint deal in October 2024 took what was described as the largest independent Business Central partner in the United States.

If you run a US Business Central or GP business, this is a live buyer group that a search focused on technology acquirers will miss entirely.

Product and ISV Buyers

A Dynamics product business sells to a different set of buyers from a consultancy.

Two patterns worth noting. Product businesses trade more than once: LS Retail has changed hands twice and SignUp Software went from Standout Capital to Insight Partners and then became a buyer itself. And the buyers are software investors, which is why the one disclosed multiple here sits above the services medians published below.

If you run a product business, the live risk is Microsoft shipping your capability in a release wave.

What Microsoft Dynamics Partners Sell For

Prices reach the public record on a minority of these transactions: an enterprise value on 33 of the 210 deals, a target revenue figure on 37, and both together on 12.

The four samples are different sets of deals, so dividing the median enterprise value by the median revenue produces a different figure from the published multiple. Two transactions sit outside the multiples: Incremental Group at 10.8x revenue and SignUp Software at 9.0x, where the figures describe a contingent headline price and growth software pricing.

The largest disclosed prices came from Telefónica Tech’s 2022 entry: up to €350M including earn-outs for BE-terna, at a disclosed 13.7x EV to OIBDA, and up to £175M including contingent payments for Incremental Group. HCL’s 2015 purchase of PowerObjects, at 1.24x revenue, remains one of the few clean revenue multiples in this market.

A Dynamics partner earns money on licenses as well as on work: margin on cloud subscriptions through the Cloud Solution Provider program, and the enhancement-plan fee on customers still running on-premises. A partner with both a cloud and an on-premises base earns both. Salesforce consulting partners earn fees alone.

Dynamics partners price at the bottom of the IT services band. At 1.06x revenue they sit just below SAP partners at 1.2x and at roughly half the 1.97x we record for Salesforce partners. On earnings the order reverses: 8.63x EBITDA here against 7.1x for SAP partners on a sample of 15.

One times revenue means different things at different margins. Across the 17 Dynamics deals where both revenue and EBITDA were disclosed the median margin is 8.8 percent. At that margin, 1.06x revenue works out at roughly 12x EBITDA, which is above the 8.63x median we record on the 8 deals where EBITDA was disclosed directly, so the two samples describe different businesses. Our IT services valuation multiples research puts the median IT services deal at 1.1x revenue and 10.4x EBITDA across 1,051 transactions, on a median deal size of about $21M. A buyer will negotiate your business on EBITDA whatever the revenue comparables say, so run the arithmetic on the multiple we publish. At 8.63x EBITDA, one point of margin is worth roughly 0.09x on revenue, which makes the difference between an 8 percent and a 12 percent margin worth about 0.35x.

These figures describe a market. Your business will be priced in a negotiation.

What You Receive, and What Travels With the Deal

Consideration structures stay private across all 210 deals, so what follows is a checklist of what to establish. The components to establish are the cash at close, any earn-out and its length, a holdback against warranty claims, and retention for the founders and for the senior Finance and Supply Chain Management or Business Central leads a buyer is really paying for. Where the buyer is sponsor-backed, part of the consideration may be rollover equity in the platform, which pays you a second time when the sponsor exits, and only then. Rollover often sits behind the sponsor’s preference shares, so check the leaver provisions and where you rank.

Establish three things ahead of the headline number: what share of the total is payable at close, what the earn-out measures and whether the buyer controls that number once group costs are allocated to your business, and what happens to the earn-out if the buyer reorganizes or is itself sold. That last question is live here. Of the platforms in the ranking, HSO has changed sponsor once since 2019, Velosio once, and Telefónica Tech retired the Incremental brand after buying it. An earn-out from a buyer in the middle of its own transaction is a credit decision as much as a price.

Two further things are worth settling in the same conversation.

Where your license revenue sits after integration. A buyer may route your Dynamics subscriptions through its own provider once the businesses combine, which moves that margin out of your entity’s profit and loss. If your earn-out is measured on your entity, you have lost part of it while the headline price stays the same. Ask for a covenant against re-routing during the earn-out period.

Channel conflict feeds straight into whether an earn-out pays. Where the acquirer already runs a Dynamics business in your country or your product line, your leaders end up competing internally for the same opportunities, so raise it with any buyer that overlaps you.

Who Buys Next

The country-by-country record says who built this market, and what they bought was geography, vertical capability and installed customer relationships. Who extends the map next is our judgment, and it rests on four signals: the pace of a buyer’s recent deals, the date its sponsor invested, the plans it has stated, and the capabilities it still lacks.

The table names the buyers those signals point to today.

The list is up to date as of the time of writing.

What To Do About the Offer on Your Desk

One buyer has decided your company is worth owning. Three things are worth establishing before you answer what it is worth.

The first is how many acquisitions they have made. Across all 210 deals, 143 different buyers appear and most bought once, so a first- or second-time buyer is the common case. That cuts both ways. A serial acquirer has an approved price range, an integration team and a repeatable process, so it is disciplined on price and reliable to closing. A first-time buyer has more room to overpay for something it has decided it wants, and a higher chance of walking away part-way through diligence, because the firm is doing this for the first time.

The second is whether other credible buyers exist for your specific business, which turns on your country and your product line. Denmark accounts for 17 of the 210 targets and the Netherlands 20, so both have had several active buyers, and the live pool matters more than the total. Your product line narrows that list again.

The third is what the offer is made of. Establish the structure before you name a price expectation, because the share payable at close, the earn-out and any rollover matter more than the headline.

The buyer list here depends on your country and your product line, and the names on it change year to year. The firms most likely to bid are Nordic, Dutch, Belgian and Central European platforms; Digital Mind became Digmatix, Solitea became Seyfor, Broad Horizon became The Digital Neighborhood, and Evidi was assembled from five Norwegian firms in a single year. A list built from the names you competed against five years ago will be stale, and the gaps are the hardest part to spot.

Prices reach the public record on 33 of 210 deals, so benchmarking an offer takes private information. Most buyers here bought once, so a second bidder has to be found, and until one appears the first number stays untested.

Our view is that a competitive process produces both a better price and a choice of buyer, and the choice matters because you will be asked about earn-outs and retention either way. If you already have a bidder at the table, the honest trade-off is that a broad process risks disengaging them, and the way to manage it is to run a short defined list on a timetable that keeps the incumbent engaged.

Aventis Advisors is an M&A advisor for technology and IT services companies. We believe the world would be better off with fewer but better quality M&A deals, done at the right moment for the company and its owners. Our research on how software partner ecosystems consolidate puts this market in its wider cycle. Get in touch to discuss what your business could be worth and how the process works.

Method and Sources

Figures come from our deal database, sourced from Mergermarket, covering announced acquisitions between 2015 and 2025 of businesses built on Dynamics 365, Business Central, NAV, AX, GP or Dynamics CRM, where Dynamics was the defining focus of the business or of the division sold. Power Platform-only, Microsoft 365 and Azure-only partners are excluded, so this page counts the Dynamics channel alone.

Every figure on this page, including the ranking, comes from the same population of 210 deals. Counts consolidate corporate families, so BroadPoint’s acquisitions sit under Velosio, EIP’s under Digmatix and Admiral Dynamics’ under 9altitudes. Solitea and Seyfor are one company, renamed in 2022.

Our first pass on this market held 160 deals, and fifty more were added after we checked each acquirer’s own announcements, among them the four largest disclosed enterprise values. The true market total runs higher than 210: deals verified from acquirer announcements and still to be recorded are named in the text and sit outside every count. Where a buyer’s own announcements run ahead of our records, the buyer profile keeps our count. SAP partner multiples quoted on this page follow the August 2026 sample published in our SAP article: 1.2x revenue on 31 disclosed deals and 7.1x EBITDA on 15. One such deal, Digmatix’s May 2025 purchase of BCS Itera, is verified with the buyer directly and counts in Digmatix’s family total above. The Who Buys Next section is our judgment from the signals named there, not a count from the database, and it is up to date as of the time of writing.

The product split rests on a separate review of all 210 targets, deal by deal. Each target was assigned the Dynamics line that was the largest part of its business at the deal date, plus any other lines it sold materially. Roughly half rest on the deal record naming the line outright, and the rest on the acquirer’s announcement, the target’s own site or a Microsoft partner listing. Where sources gave the lines equal weight, the lead line stays open, which is why 32 stay unplaced.