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Germany has a reputation for being one of the toughest markets for SFs in Europe. However, it is currently experiencing a boom, with a significant influx of traditional SFs over the past ten months, alongside a growing number of accelerators, ETA platforms, and EIR programs.
Last year, only two deals were recorded: the acquisition of the software company Dedicom and the largest buyout in Europe, Alfavet Tierarzneimittel GmbH. However, 2025 has started strong. Following the acquisitions of EZS Identtechnik, a provider of labeling and marking solutions, and SOS Software Service, a third deal has now been completed: the successful acquisition of Apoplex Medical Technologies GmbH, a MedTech SaaS company that offers ECG-based solutions to hospitals.
Geratherm Medical AG announced in September last year that it would sell its entire 60.55% stake in Apoplex Medical Technologies, together with the remaining shares held by other shareholders, for approximately €16.5M. The deal includes an upfront payment of €8M, due upon signing, and an additional earn-out component based on EBITDA performance over the next four years. Last week, Geratherm confirmed that the sale had been successfully completed. The buyer, Inderwies Unternehmensnachfolge, was supported during his search by a group of investors including Nico Gormsen, William Thorndike, Alexander Kirn, Thomas Bühler, Simon Webster, Jürgen Rilling, Ambit Partners, Alza Capital, among others. Relay Investments and Istria Capital participated in the acquisition.
Founded in 2024 by Albert Hirtz and based in Pirmasens, Apoplex Medical Technologies is a specialized provider of cloud-based applications that assist clinics and medical practices in the early detection of stroke risks. Through automated ECG data analysis, Apoplex enables healthcare professionals to identify risks at an early stage and implement targeted preventive measures. Its flexible, on-demand solutions are designed to integrate seamlessly into daily clinical routines. The company employs 24 people and, according to data from its former parent company Geratherm Medical AG, recorded revenues of €2.54M in 2023.
