Twin tech offers flag nascent EU power

An employee works at a computer in Angers, France, July 3, 2019. REUTERS/Stephane Mahe

Advocates of Europe’s technology scene have something to crow about these days. Consumer-facing fintechs like $50 billion Klarna and Britain’s Wise are mulling bumper market debuts, and the region’s startups raised a record sum last year . Two recent deals show that the sector is also plugging a once-gaping hole for upstarts that sell software to companies rather than people. Germany’s Celonis, whose technology helps businesses make use of their data, raised $1 billion at an $11 billion valuation read more . And France’s Cegid, which offers cloud-based software for retailers, has attracted KKR (KKR.N) with a near $7 billion price tag .

That should assuage fears that Europe’s patchwork of fragmented markets would impair the growth of native business-to-business firms. The old argument was that American rivals would prevail by rolling out their products at scale at home before conquering Europe. Celonis’s customers, as well as European giants Vodafone (VOD.L) and Siemens (SIEGn.DE), include stateside titans like Dell Technologies (DELL.N). The tables may be turning. (By Liam Proud)

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