Wilmington acquires Spanish regtech firm Conversia for €121.6 million

London-based publishing and information services group Wilmington has agreed to acquire Spanish regulatory technology software business Conversia for €121.6 million in cash, marking its largest acquisition and strategic expansion into the data privacy sector.

The deal, announced yesterday, will see Wilmington purchase Professional Group Conversia SLU from Spanish investment firm Arraigo Midco, funding the acquisition through £35 million in existing cash resources and £70 million from new debt facilities.

Barcelona-headquartered Conversia operates in Spain’s governance, risk and compliance market, providing proprietary regtech documentation generation software solutions primarily focused on data privacy compliance for small and medium-sized enterprises and homeowner associations.

The target company generated revenue of €36.6 million and earnings before interest, tax, depreciation and amortisation of €9.3 million in the year ended June 30, 2025. Conversia has demonstrated consistent double-digit revenue growth rates in recent years alongside improving profit margins, operating a subscription-based model with over 70% annual recurring revenue.

Wilmington Chief Executive Mark Milner described the acquisition as “earnings enhancing” and emphasized its strategic importance in expanding the group’s international presence in governance, risk and compliance markets.

The deal opens a new data privacy sector for Wilmington while targeting Spain’s addressable market of 3.2 million SMEs. Conversia Director General Alfonso Corral expressed enthusiasm about joining Wilmington, citing shared vision around technological innovation and operational excellence.

The management team has committed to remain with the business for a minimum of five years following completion.

The transaction remains conditional on receiving Foreign Direct Investment clearance in Spain, expected within eight to twelve weeks. Upon completion, Wilmington’s debt leverage ratio will reach approximately 2x before reducing below this level within the first full year.

Wilmington shares rose 5% on the announcement, reflecting investor confidence in the strategic rationale.

The acquisition represents further execution of the group’s strategy to expand positions in GRC markets and grow quality revenues and profits through targeted acquisitions.

The deal follows Wilmington’s recent acquisition pattern, having purchased Phoenix Health & Safety for £30.25 million in October 2024 and Astutis Limited for £16.8 million in November 2023, demonstrating continued consolidation activity in the professional services sector.