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In 2020, Ibérica Partners, led by Gonzalo Carmona and Kieron Chalder, successfully acquired Carpro in Spain and Jimpisoft in Portugal, with the backing of investors including Thomas Buehler, Gernot Eisinger, Relay Investments, Istria Capital, Atiud, Edge Partners, AIJ Global, among others. In less than five years, they have partnered with PSG Equity to fuel the next phase of growth. This represents a strong outcome for Ibérica Partners’ investors, marking one of the most successful European exits to date (multiple estimated between 7x and 8x).
Formed through the merger of Carpro and Jimpisoft, Emotion Mobility (“Emotion”) is a leading global SaaS mobility software group that offers a digital mobility management platform. Its solutions serve rental, subscription, operational leasing, chauffeur, and courtesy services across more than 90 countries. Emotion’s core offering includes two flagship products, Rentway and Carpro, which provide AI-enabled operational solutions for mobility providers of all sizes, from blue-chip Big-5 groups to independent operators, franchise networks, and OEMs.
Headquartered in Lisbon, Emotion serves hundreds of enterprise customers, including Avis, Enterprise, Europcar, Hertz, Sixt, and Volkswagen, helping to manage a global fleet of nearly 1 million vehicles. The company is playing a key role in moving the mobility industry away from legacy systems by delivering a modern, cloud-based platform tailored to the sector’s specific needs. Its flexible architecture and rich functionality enable mobility providers to streamline daily operations, improve fleet utilization, and achieve significant gains in operational performance and profitability. With more than 140 employees, the company closed 2024 with around €13M in revenue and approximately €6–7M in EBITDA, and it expects to finish 2025 with EBITDA close to €9M.
The partnership with PSG will enable Emotion to further advance its technology roadmap, scale into key international markets across Europe, the Americas, and Asia, and strengthen its leadership position through strategic M&A. Going forward, a key focus will be continued investment in the platform, broadening product functionality, deepening innovation, and enhancing Emotion’s ability to deliver long-term value to its customers.
“This partnership with PSG will help us unlock our next phase of growth, as we accelerate innovation for our existing customers, expand into new geographies and pursue strategic acquisitions that will further solidify our leadership within mobility software.” said Kieron Chalder, Co-CEO of Emotion Mobility.
“Our mission is to provide comprehensive and reliable fleet management software for mobility businesses. Given PSG’s track record in vertical SaaS and their experience in building global software leaders, in our view, it was clear they were the right partner for us as we enter this next phase of growth,” added Gonzalo Carmona, Co-CEO of Emotion Mobility.
“Kieron Chalder and Gonzalo Carmona have built a high-quality mobility platform, trusted by blue-chip customers, with strong fundamentals and a leading position in a market undergoing rapid transformation,” said Romain Railhac, Managing Director at PSG. “We are excited to back their ambition to further scale Emotion globally, continue expanding the product suite, as well as help strengthen the value delivered to customers as the platform grows.”
M&A: Lincoln International
