TempoCap Liquidity Indices – Q4 2025
We are pleased to announce the seventh edition of the TempoCap Exit Indices, updated to include exit activity during Q4 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 – Nexthink and GoCardless.
Nexthink – topping our list for all-cash exits since 2020, we have Nexthink, a reported $3bn majority acquisition by Vista Equity Partners. Nexthink is a Digital Employee Experience (DEX) platform that continuously collects and analyses telemetry from employees’ devices and applications to show how well the platform is performing. It gives IT teams end‑to‑end visibility, AI‑driven diagnostics, and automation capabilities so they can detect issues early, remediate them at scale, and measurably improve users’ day‑to‑day digital experience.
GoCardless – a reported $1.3 billion share acquisition by Mollie (with nominal cash consideration). GoCardless enables businesses to collect recurring and one-off bank payments directly from customer accounts via a global account-to-account network. The acquisition strengthens Mollie’s payments offering – enabling the combined group to offer merchants a unified platform that integrates cards, local payment methods, and global account-to-account capabilities.
Congratulations to the management teams and exiting investors!
We look forward to new additions to our indices in 2026. Please let us know your predictions for the 2026 exit market – how do you expect the IPO volume to evolve vs trade sales? How do you think asset pricing, buyer appetite, and exit timelines will change given the current macro environment?
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.
