Atena Backs Pontual, Securing Support for Portuguese SMEs and New Tech Jobs

Portugal-based private equity house Atena Equity Partners has quietly purchased more than 80% of Grupo Pontual, a deal that effectively hands one of the country’s busiest small-business IT vendors the financial fire-power to double in size across the Iberian Peninsula.

Why This Matters

• 3,500 Portuguese SMEs that rely on Pontual’s software support get long-term service security.

• Atena’s capital injection could trigger new tech jobs in Santa Maria da Feira, Lisbon and Porto as early as this summer.

• The move signals fresh M&A activity in Portugal’s mid-cap IT scene, potentially lifting company valuations.

• For investors, Atena’s bet suggests that digital-services margins remain attractive despite economic headwinds.

Iberian Tech in the Crosshairs

Atena is the only CMVM-regulated private-equity manager that has placed two separate bets on cyber-security and managed-services providers in under 24 months—first Redshift in 2024, now Pontual. Industry analysts say the strategy is clear: scoop up profitable, founder-led boutiques before global funds turn their gaze to Portugal. With 11 offices from Viseu to Barcelona and €12 M in annual revenue, Pontual gives Atena an instant, physical network in regions where larger consultancies still struggle to recruit.

How the Deal Was Structured

The transaction was financed by Atena III, a €60 M fund raised in 2024 to bankroll scale-ups looking for an exit or expansion capital. While neither side disclosed the ticket size, banking sources familiar with Atena’s prior deals estimate a valuation multiple just shy of 9× EBITDA, in line with recent Southern European norms for high-recurring-revenue IT integrators. Founder António Teixeira and his three-man management circle retain a minority stake and all operating control—an arrangement designed to keep Pontual’s “garage-to-growth” culture intact.

What This Means for Residents

Residents and small-business owners stand to gain in three tangible ways:

Improved service levels: Atena has earmarked cash for 24/7 support desks, something many regional ERP vendors still lack.

Price stability: Deeper pockets allow Pontual to absorb supplier-price hikes, limiting the knock-on effect on monthly support fees—currently around €200, roughly half a micro-company’s electricity bill.

Job creation outside Lisbon: The first recruitment wave targets 25 cybersecurity analysts in Santa Maria da Feira and cloud-migration consultants in Fundão, an inland city often overlooked by tech employers.

Why Atena Is Betting Now

Portuguese SMEs are rushing to comply with the EU’s NIS2 cyber-security directive, due to enter force by mid-2026. That regulation alone is expected to inject €300 M in advisory spend into the domestic market. Atena believes that a mid-sized player like Pontual—already a certified partner for Microsoft, WatchGuard and Cegid Primavera—can out-maneuver global consultancies on price while beating micro-firms on breadth of service.

Next Targets on the Radar

Co-founder Miguel Lancastre says Atena has shortlisted three Spanish cloud-security boutiques and one Algarve-based data-analytics shop for bolt-on deals. Combined, those assets would lift Pontual into the Iberian top-three for SME managed services by 2027. The firm is also mulling a specialised AI-ops division to ride the wave of European Recovery Plan subsidies that begin disbursing later this year.

The Competitive Landscape

While Atena executes its roll-up, heavyweights Inetum, Claranet and Noesis are circling the same customer pool. Yet Pontual’s niche—companies with 20 to 500 employees—remains fragmented. According to consultancy IDC Portugal, the largest single provider still holds less than 7% market share, leaving ample room for consolidation. Atena’s fresh capital may therefore pressure rivals to launch defensive acquisitions or drop prices.

Bottom Line for Investors

With government digitalisation grants scheduled to release €2.5 B over the next 18 months, Atena’s timing looks prescient. If Pontual can convert even 1% of that subsidy flow, revenue could jump to €25 M, pushing a partial exit valuation north of €200 M—a handsome uplift for a fund that closes in 2030.

For readers juggling their own tech budgets, Atena’s move is another signal that Portugal’s mid-sized IT scene is entering a consolidation phase. Expect more cold calls from newly capitalised providers—and perhaps a better service contract in the bargain.