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Berlin, 24 February 2023 - GP Bullhound acted as the exclusive financial advisor to Factor Eleven, a leading German software company in the field of digital marketing, on its sale to Armira Investment Holding.

Factor Eleven’s one-stop software solution supports advertisers in their cross-channel campaigns. The company uses proprietary algorithms and delivers transparent billing on a KPI basis in addition to brand safety. Factor Eleven constantly develops its own technology stack to automate and simplify the process from campaign planning to billing. Its customers and partners include corporate enterprises, agencies, and SMEs. The company currently employs just under 100 people, and in addition to the German market, it is also active in the Austrian and French markets. Further international markets will follow.

Armira is a Munich-based Investment Holding that invests in established, market-leading, and fast-growing companies in Europe, focusing on family businesses and technology.

Alexander Anhuth, Founder and CEO of Factor Eleven, commented: “The combination of Armira’s deep understanding of the market, strategic approach, and confidence in our independence provides Factor Eleven with the best outset for achieving our goals. A special thanks to our M&A advisor GP Bullhound, who actively supported us with their experience and a strong global team.”

Julian Riedlbauer, Partner at GP Bullhound and Head of DACH operations, commented: “The innovative and unique business that Alexander Anhuth and his team have created is highly impressive. We look forward to the future successes Factor Eleven will achieve together with Armira over the coming years.”

The transaction is further testament to GP Bullhound’s leading position in the digital advertising and adtech space, having also recently advised on the acquisitions of Adyoulike by OpenWeb, Bliss Point Media by Tinuiti, and the investments by Mayfair into LoopMe, and by LDC into Blis, among many others.

For enquiries, please contact:
Julian Riedlbauer, Partner, at
Simon Nicholls, Partner, at
Alec Dafferner, Partner, at
Carolin Drewes, Vice President, at

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 13 offices spanning Europe, the US and Asia. For more information, please visit

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