# European AI Buyout & Roll-up Index: Changelog

## Version 1.1, 2026-10-24

Second release on the same day. 19 entries (15 platforms, 4 investors) in 9 countries: Germany, United Kingdom, Denmark, Poland, Italy, France, Spain, Sweden, Finland. Status: verified 12, reported 3, announced 3, gtp 1.

### Added (7)

| Entry | Country | Type, model | Status | Source |
|---|---|---|---|---|
| Ancora | Italy | platform, software-first | verified | EconomyUp 2026-10-07; AziendaBanca 2026-09-29 |
| Jutro Medical | Poland | platform, build | verified | Tech.eu 2025-12-16; Vestbee 2025-12-16 |
| Onepilot | France | platform, software-first | reported | En-Contact 2024-03-05 |
| Paycraft | Poland | platform, buyout-first | announced | Company website; RollUpEurope 2026-07-16 |
| Zazume | Spain | platform, software-first | verified | Capital-riesgo.es 2026-06-03; Brainsre 2026-04-21 |
| EQT Growth | Sweden | investor, software-first | announced | EQT, 2026-07-28 |
| OpenOcean | Finland | investor, buyout-first | reported | Sifted 2025-03-13; Silicon Canals 2025-03-13 |

Leads came from the AI roll-up map on szabo.digital (28 European entries, 13 October 2026). Every lead was re-sourced; the map itself is not a source.

### Reviewed and not added (11)

| Candidate | Country | Reason |
|---|---|---|
| Afori | Germany | Software vendor with a minority-stake model; no acquisition |
| Archipel | France | Consolidator without a published AI operating model |
| Clove | United Kingdom | No acquisition and no acquisition strategy |
| Friends Digital Group | Germany | Agency network; no acquisition, no AI layer in reachable sources |
| Neno | Netherlands | AI-native accounting service built from scratch; no acquisition |
| Ralph | Germany | Only self-published material; no completed acquisition named (watchlist) |
| Sequence | Switzerland | Only undated company sources; whether the first fiduciary was acquired is not stated (watchlist) |
| Skalar | Germany | Build-first AI tax firm; no acquisition or declared strategy (watchlist) |
| Thrivo Wealth Partners | Switzerland | Partnership model; company states it does not buy companies |
| Moonbase Capital | Spain | Search-fund investor; no AI roll-up statement |
| WAD Capital | Belgium | Search-fund platform; no AI operating model |

FX reference (ECB, 23 October 2026): 1 EUR = 1.1193 USD, 0.83728 GBP, 0.9227 CHF. No new row needed a conversion.

## Version 1.0, 2026-10-24

First release. 12 entries (10 platforms, 2 investors) in 3 countries: Germany, United Kingdom, Denmark.

Files: european-ai-buyout-index.csv, european-ai-buyout-index.json (same fields, same order). Method: european-ai-buyout-index.methodology.md.

### Search plan summary

- 85 web searches on 2026-10-24 in English, German, French, Spanish, Italian and Swedish, plus direct retrieval of every source used. The full search log is available on request.
- Outlets: Sifted, Tech.eu, Fortune, The Next Web, FinanceFWD, Startbase, Deutsche Startups, EU-Startups, International Accounting Bulletin and sector trade press (lettings, legal, insurance, accounting, translation).
- Countries searched one by one: United Kingdom, Germany, France, Netherlands, Nordics (Denmark, Sweden, Norway, Finland), Switzerland, Austria, Spain, Italy, Poland.
- Sectors searched one by one: accounting, tax, property management, lettings, short-term rental, insurance brokerage, IT services/MSP, legal services, healthcare billing, facility services, testing and inspection, customs brokerage, translation, engineering offices, wealth management.
- Leads checked: Tenet advisors (Arbio, Buena, Zinco), companies named by General Catalyst (Europe's AI Transformation in Services, 2026-04-08), European entries of the Caritas AI Rollup Market Map (updated 2026-09-23), each with its own source.
- Starter list of six rows re-checked; Dwelly (Series B, July 2026), Buena (total funding) and Integral (source) updated.

### Excluded candidates

| Candidate | Country | Reason |
|---|---|---|
| Bending Spoons | Italy | Acquires software products; sources do not describe a shared AI operating layer for acquired companies (AI references concern internal code authorship). Listed by Caritas |
| Zinco (Siroco Network Partners) | Spain | Classic buy-and-build of advisory firms; no source with an AI reference in the operating model; only source not retrievable (HTTP 520) |
| Gravita | United Kingdom | PE-backed accountancy consolidator; AI appears only as a passing CEO quote |
| Xeinadin | United Kingdom | Classic accountancy consolidation |
| Talenom | Finland | Acquires accounting firms; acquisition releases contain no AI reference |
| Amarris | France | Classic accounting consolidation; AI only as market context |
| Trusso | Switzerland | Partner network without acquisitions |
| Pictet / Tretor | Switzerland | Classic fiduciary consolidation; no AI operating model in sources |
| Your.Cloud | Netherlands | AI positioning only in LinkedIn posts |
| Axaitra, Claranet | Europe | Classic MSP consolidation |
| reltix | Germany | AI-native property manager without acquisitions |
| Novumstate | Germany | AI-first property manager without acquisitions |
| Evernest | Germany | No acquisitions of property managers in sources |
| Matera | France | Organic growth, no acquisitions |
| Holidu | Germany | Acquires booking portals, not service firms on an AI layer |
| Avi Medical | Germany | Builds own practices; no acquisitions or AI operating model in current sources |
| Dougs | France | Online accounting firm; no acquisitions of firms |
| Moritz | Norway | AI-native law firm without acquisitions or announced acquisition strategy |
| Keith, Farringdon | United Kingdom | AI-native conveyancers; acquisitions only predicted or none |
| Jefferies London | United Kingdom | One acquisition; only source not retrievable |
| Campions Group | United Kingdom | Shared AI platform claim only in a sidebar teaser |
| Pass the Keys | United Kingdom | Franchise model, no acquisitions |
| Ageras, Accounto, Lexroom, Doctrine, casavi, Aareon, Invecorum | Europe | Software vendors or software acquisitions |
| IX Gruppe | Germany | No source on AI or on acquisitions |
| Policen Direkt | Germany | Buys insurance portfolios; no source with an AI operating model |
| Fin, River Markets (Tenet portfolio) | Unknown | Only source is a database (Caplight) |
| Titan, Modus, Accrual, Multiplier, AGI, Crete, Long Lake, Thrive Holdings | United States | Headquartered outside Europe; no European entity acquiring in Europe found |
| General Catalyst, EQT Growth, Motive Partners | United States / Sweden | Investors in roll-ups, but no dedicated AI roll-up or buyout strategy of their own in Europe |
| Wonderful | Israel / Netherlands | AI software company, not a roll-up |