As we delve deeper into 2023, the Greek M&As 2023 landscape has been marked by a series of significant business consolidations. Spanning diverse sectors from cybersecurity to biotechnology, these M&As offer a comprehensive view of the Greek innovation ecosystem. Notably, April emerged as a pivotal month, with three significant M&As signaling a period of strategic consolidation.
They follow significant acquisitions that Greece saw in 2022. For instance, Neobank Viva Wallets was partially acquired by JP Morgan at a valuation of €1.5B, and Accusonus, a Greek-founded audio applications development company, was acquired by Meta in a deal estimated between €70M and €100M.
Several of the startups, including Code BGP, DeepSea, Seervision, Kineo, Arrikto, and Augmenta, not only have roots in Greece but were also previously backed by prominent Greek venture capital funds such as Marathon Venture Capital, Metavallon, and Odyssey Venture Partners, aiding the cyclical nature of investment where local support fosters startups that later garner international interest.
Read on for our list of the most notable M&As in Greece for the current year. These are organized chronologically (by month) from the most recent to the earliest, offering a structured overview of the business consolidations and partnerships that have shaped the Greek innovation landscape thus far in 2023. Additionally, we’ve highlighted acquisitions involving companies with Greek co-founders in a distinct subsection, even if these companies are based outside of Greece.
August
Startup: Code BGP (Greece-based)
Founders: Fontas Dimitropoulos 🇬🇷, Vasileios Kotronis 🇬🇷, Lefteris Manassakis 🇬🇷
Vertical: BGP (Border Gateway Protocol) Monitoring
Acquirer: Cisco
About: The American-based multinational digital communications technology conglomerate corporation headquartered in California, Cisco, acquired Code BGP, a Greek BGP monitoring company, marking one of the significant Greek M&As 2023 in the cybersecurity sector. Code BGP’s team of BGP experts will enhance Cisco ThousandEyes’ capabilities in BGP monitoring and global Internet health analysis. BGP (Border Gateway Protocol) is vital for Internet functionality, but its complexity makes detecting and resolving incidents challenging. The acquisition aims to bolster ThousandEyes’ Internet routing visibility, enabling swift detection and troubleshooting of BGP-related issues.
Code BGP is a spin-off company of the Foundation for Research and Technology – Hellas (FORTH) – one of the largest research centers in Greece. The startup has a remote and physical team in Crete. Before this acquisition, in 2021, Code BGP raised a $1.5M seed investment from the Greek early-stage fund Marathon Venture Capital.
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July
Startup: DeepSea Technologies (Greece-based)
Founders: Dr. Konstantinos Kyriakopoulos 🇬🇷, Roberto Coustas
Vertical: Maritime Shipping
Acquirer: Nabtesco
About: In another notable entry in the Greek M&As 2023 list, Nabtesco, a Japanese automation multinational, became the primary shareholder of Greece-based AI optimization company DeepSea Technologies, signaling a significant investment in the future of AI for shipping. This move aligns with Nabtesco’s strategy to develop autonomous vessels and other AI applications across its sectors. As a key investor since 2021, Nabtesco is deepening its collaboration with DeepSea to drive innovation in semi-autonomous shipping and AI research.
DeepSea was founded in 2017 by the Oxford and Cambridge AI graduates Roberto Coustas (CEO) and Kostantinos Kyriakopoulos (CTO). Previous to this acquisition, in 2021, DeepSea closed a €5M round, led by Nabtesco Technology Ventures (the corporate VC of the Japanese shipping automation company Nabtesco Corporation that is managed by the climate tech VC Emerald Technology Ventures). The Signal Group – a diversified shipping services group with a presence in Greece, the UK, and Singapore – participated in this round.
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June
Startup: Seervision (Switzerland and Greece-based)
Founders: Nikos Kariotoglou 🇬🇷, Reto Hofmann
Vertical: Camera Automation
Merger: Q-SYS
About: Аnother significant partnership was Swiss-based AI-driven camera automation software provider, Seervision, merged with Q-SYS, a division of QSC LLC, to advance intelligent video collaboration. This collaboration empowers Seervision to extend its AI-powered camera automation software solutions globally. Seamlessly integrating with AV/IT ecosystems, Seervision enhances autonomous control of multiple cameras, delivering high-quality AV experiences. This partnership enhances expertise in AV, machine learning, and motion prediction, driving innovative AV solutions.
Seervision has teams in both Switzerland and Greece. In 2021, the company completed a financing round led by Verve Ventures, along with Athens-based VC Metavallon, the EIC Fund, Zürcher Kantonalbank and existing investors.
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April
Startup: Kineo (Greece-based)
Founders: Adam Markakis 🇬🇷
Vertical: Transportation
Acquirer: instacar
About: Greece-based instacar acquired Greek startup Kineo to expand micro-mobility offerings in Greece. The fully digital vehicle rental service (instacar) aims to enhance its services by integrating Kineo, an electric bike and scooter subscription provider. The collaboration aligns with instacar’s strategy to invest in eco-friendly transportation solutions. Additionally, the acquisition facilitates Kineo’s growth, leveraging instacar’s resources and network. Both companies share a commitment to greener mobility options, fostering affordable and environmentally conscious transportation. Prior to this acquisition, Kineo’s total funding amounted to €1.9M. The company closed its last funding round on Sep 1, 2021 from a Debt Financing round.
Read more: Polish-founded Smartschool Raised $1.5M to Offer Personalized AI Assistant to School Kids
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Startup: Arrikto (California-based + Greek branch)
Founders: Constantinos Venetsanopoulos 🇬🇷, Vangelis Koukis 🇬🇷
Vertical: MLOps (Machine Learning Operations)
Acquirer: Hewlett Packard Enterprise
About: Hewlett Packard Enterprise (HPE) reinforced its Ezmeral software portfolio by welcoming the expertise of Constantinos Venetsanopoulos, Vangelis Koukis, and their Kubeflow / MLOps team from Arrikto. This strategic addition aligns with HPE’s commitment to secure, scalable artificial intelligence (AI) and machine learning (ML) solutions. With strategic acquisitions forming the foundation of HPE Ezmeral, the platform is refining data management and analytics for advanced AI/ML workflows.
Arrikto’s team amplifies HPE’s backing of pivotal open-source projects. Arrikto has a Greek branch, located in Athens. The company raised a total of $15M in funding over 3 rounds. Among their initial investors is Odyssey Venture Partners – a VC that operates from offices in Athens & Silicon Valley and invests in Greek information and communication technology (ICT) startups addressing global markets.
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March
Startup: Agile Actors (Greece-based)
Founders: Dimitris Livas 🇬🇷, Alexandros Basakidis 🇬🇷, Elias Drakopoulos 🇬🇷
Vertical: Software Development
Acquirer: Austrian Post
About: Austrian Post solidified its partnership with Agile Actors through an 80% stake acquisition. Agile Actors, a significant player in Greece’s software development sector, is now operating as a key strategic entity within the Austrian Post Group. This move aims to bolster software development and data engineering services across Greece and Europe. The investment stands to benefit both companies by tapping into Agile Actors’ software expertise and agile approach. The integration is expected to drive premium services for European clients and support Austrian Post Group’s digital transformation strategy.
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Startup: Augmenta (Greece-based)
Founders: Dimitri (Jim) Evangelopoulos 🇬🇷, George Varvarelis 🇬🇷
Vertical: Farming
Acquirer: CNH Industrial
About: Agricultural tech also found its place in the Greek M&As 2023 highlights as the agricultural machinery company based in the UK, CNH Industrial, acquired Greece-based Augmenta to enhance its innovative ‘Sense & Act’ technology. Augmenta, previously a strategic partner and investment by CNH Industrial Ventures, is now playing a pivotal role in advancing CNH Industrial’s agricultural offerings. The integration aims to optimize crop spraying processes and boost yield, sustainability, and cost savings.
Marathon Venture Capital was among the first to support Augmenta with a $600K pre-seed ticket. After that, the company raised a $2.5M seed round, which was co-lead by Marathon VC along with HCVC, and an $8M Series A round, led by CNH Industrial. Across these rounds, Marathon invested a total of more than $3 million in Augmenta.
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Acquisitions with Greek founders
May
Startup: Cyclica (Canada-based)
Founders: Jason Mitakidis 🇬🇷, Naheed Kurji
Vertical: Biotech
Acquirer: Recursion
About: In the biotech domain, the Greek M&As 2023 landscape was enriched when Salt Lake City-based Recursion acquired Cyclica, a Toronto-based digital chemistry company. This strategic move enhances Recursion’s AI-driven drug discovery capabilities. Cyclica’s AI engine, MatchMaker, predicts small molecule interactions, while POEM (Pareto Optimal Embedding Model) enhances property predictions. The acquisition marks a significant step towards innovative drug discovery solutions through data-driven approaches.
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April
Startup: SourceKnowledge (Canada-based)
Founders: Patrick Hopf, Hector Pantazopolous 🇬🇷, Vladimir Fessenko, Deborah Kilpatrick
Vertical: Ad network
Acquirer: mrge
About: Canada and Germany-based commerce advertising platform, acquired SourceKnowledge, a Montreal-based network for publishers and retailers. This deal expands mrge’s North American presence and incorporates SourceKnowledge’s direct advertisers and programmatic technology. The acquisition aligns with mrge’s strategy to enhance its commerce advertising offerings and leverage SourceKnowledge’s expertise in the field.
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March
Startup: Miroculus (US-based)
Founders: Alejandro Tocigl, Fay Christodoulou, PhD 🇬🇷
Vertical: Biotech
Acquirer: INTEGRA Biosciences
About: Swiss-based INTEGRA Biosciences acquired Miroculus, a California-based biotech company specializing in streamlining next-generation sequencing (NGS) protocols. The acquisition expands INTEGRA’s presence in the NGS market, aiming to offer efficient automation solutions for research and diagnostics labs. Miroculus’ expertise in simplifying complex genomics protocols through automation, including the Miro Canvas™ system, aligns with INTEGRA’s vision for innovative genomics solutions. This collaboration anticipates advancements in genomics research and boosts scientific discovery.
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👇 Want to know more about the Greek innovation ecosystem? Dive into these articles: 👇
- 15 Early-Stage Greek Startups to Keep an Eye on in 2023
- Uni.Fund Raises €50M in Capital to Boost University Spinouts in Europe
- Is Greece becoming a hotspot for US investments?
- How Greece Modernized Startup Legislation and Healthcare: Lessons From a Deep Tech Investor
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- Everything You Need to Know About Greece’s Digital Nomad Visa
- 8 Best-Funded Blockchain and Crypto Startups From Greece
- Web3 Unicorn Mysten Labs Is Making Greece Its Next Engineering Hub
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