TempoCap Liquidity Indices – Q3 2025

We are pleased to announce the sixth edition of the TempoCap Exit Indices, updated to include exit activity during Q3 2025. In these indices, we track the largest VC-backed exits of European companies since 2020: all cash acquisitions, cash and shares (or all share) acquisitions, and public listings.

Congratulations to the new additions to the indices this quarter – Sana, Wallapop, NiCE Cognigy, and Klarna.

Sana – a reported $1.1 billion all-cash acquisition by Workday. Sana develops generative AI-powered enterprise knowledge management and conversational search tools that integrate across internal company systems, enabling employees to access real-time insights from fragmented data sources. The acquisition strengthens Workday’s ambition to embed AI across its financial and HR software suite, enhancing user experience and productivity through contextual knowledge automation.

Wallapop – a reported $625 million all-cash acquisition by NAVER Corp. Wallapop, founded in Barcelona, operates a leading peer-to-peer marketplace for second-hand goods, promoting sustainable consumption and local commerce. The deal marks NAVER Corp’s largest European investment to date, reinforcing its strategic presence in the circular economy and e-commerce ecosystems.

NiCE Cognigy – a reported $955 million cash acquisition (with a small stock hold-back) by NiCE. NiCE Cognigy provides an enterprise conversational AI and automation platform enabling companies to build intelligent virtual agents and automate customer service across voice and chat channels. The acquisition expands NICE’s CXone platform with advanced generative AI orchestration and large-language-model integrations, strengthening its position in the global contact centre software market.

Klarna – successfully completed its IPO on the New York Stock Exchange (NYSE: KLAR), raising approximately $1.8 billion at a valuation c. $15 billion. The listing marks the largest European fintech IPO since 2021, reflecting renewed investor confidence in profitable growth models. Klarna continues to evolve beyond its “buy-now-pay-later” origins into a full-scale global payments and shopping platform, integrating AI-driven personalisation and data analytics across its consumer and merchant ecosystem.

Congratulations to the management teams and exiting investors!

As ever, we have researched various public sources to ensure that we have the most accurate information possible, but if you’ve spotted something that needs to be corrected or a company that needs to be added or removed, please let us know at harrie@tempocap.com.