Main Capital to acquire education software firm Tribal Group for £190 million
What's the deal? Main Capital PartnersDealroom has a profile for this one. Try Dealroom → has agreed to acquire UK-based education software firm Tribal GroupDealroom has a profile for this one. Try Dealroom → for about £189.3 million in cash. The buyer, Thames Bidco LtdDealroom has a profile for this one. Try Dealroom →, is a newly formed company controlled by funds managed or advised by Main Capital.
What does Tribal do? Founded in 1999, Tribal builds student information systems and education management software. It employs about 915 people and serves more than 660 institutions globally, including over 200 universities across the UK, Australia, New Zealand, Canada, and Asia-Pacific.
The deal covers Tribal's Student Information Solutions division and its EtioDealroom has a profile for this one. Try Dealroom → business, spanning six subsidiaries. In the UK, the group runs offices in Sheffield, Hessle, Lancaster, and Bristol.
The numbers: For the year ended December 31, 2025, Tribal reported revenue of £92.5 million and adjusted EBITDA of £17.5 million on a proforma basis, with net asset value of £58.6 million.
Why the buyer? Main Capital is a software-focused investor with about €12 billion in assets under management, active across the Benelux, DACH, France, the Nordics, the UK, and North America.
Chief executive Mark Pickett said Main Capital's "deep software expertise, international network and experience supporting ambitious growth strategies make Main Capital a strong partner for Tribal." He added the firm looks forward to "accelerating product innovation, cloud adoption and international growth."
The signal: Private equity continues to hunt for listed software firms with recurring revenue and entrenched customers. For Tribal, the deal points to a familiar path — a public company taken private to pursue cloud migration and overseas expansion away from market scrutiny.
Read more: insidermedia.com
Image credit: NEC Corporation of America
