The Amadeus Fire Group (ISIN: DE0005093108, Prime Standard, SDAX), one of Germany’s leading providers of personnel services and professional training, is acquiring 100 percent of the shares in Masterplan com GmbH. The Berlin-based tech company operates on a software-as-a-service (SaaS) model with recurring subscription revenues and is one of the innovative e-learning engagement platforms for corporate training. The closing will take place today. The enterprise value is approximately €20 million plus additions to current assets and minus net debt.
The acquisition strengthens Amadeus Fire Group’s position in the dynamically growing market for digital B2B training, which is facing a paradigm shift due to AI. Masterplan is well positioned for further growth, both strategically and operationally. The company expects revenues of over eight million euros in 2025. Management is planning significant growth and a leap into profitability in 2026.
“The acquisition is a strategic milestone for our growth in the field of digital training,” says Robert von Wülfing, CEO of Amadeus Fire AG, welcoming the first transaction of the fiscal year. “With Masterplan, we are expanding our training portfolio with a scalable SaaS platform and creating the basis for a high-growth model in the B2B segment. This puts us in the league of EdTech providers,” said Robert von Wülfing, emphasizing the significance of the acquisition.
Masterplan focuses on the German EdTech market, which is expected to reach a volume of around €17 billion by 2030 and grow by more than 13 percent annually until then. The company offers over 3,500 video courses in more than 26 languages and already counts more than 300 companies among its customers, including numerous DAX-listed companies and international corporations (e.g., VW, Otto Group, DZ Bank).
Scalability, internationalization, synergies
Founded in 2017, Masterplan operates on the basis of a cloud-based business model. The platform can be seamlessly integrated into existing HR and learning systems and impresses with high customer satisfaction, technological flexibility, and AI-supported didactics. The recently expanded language functions enable efficient internationalization. The first steps in this direction have already been prepared with existing customers with an international presence.
Monika Wiederhold, COO of Continuing Education at Amadeus Fire AG: “Masterplan perfectly complements our continuing education offerings—technologically, didactically, and commercially. The platform offers high cross-selling potential within our existing sales structure, especially with regard to the B2B business of personnel services and our Dr. Endriss tax college. Our goal is to build a market-leading B2B learning platform in the medium term that integrates partner content in addition to our own content – as a true digital education infrastructure for companies.”
Amadeus Fire Group generated consolidated revenue of around €437 million in the 2024 financial year, of which around €169 million was in the continuing education segment. The strategic integration of Masterplan is intended not only to secure revenue growth, but also to leverage new synergies in sales, marketing, and content development.
A growth market with social relevance
The demand for digital continuing education is on the rise: 82 percent of companies want to maintain or increase their training budgets in the coming years. At the same time, the shortage of skilled workers is increasing the structural need for continuing education. With its approach—learning as an experience, not as a duty—Masterplan strikes a chord in the working world.
“This is a dream partnership for us,” says Stefan Peukert, CEO and co-founder of Masterplan. “Together with Amadeus Fire, we are combining technology, sales power, and market access to build a European EdTech platform. Amid structural change, digitalization, and the rapid rise of artificial intelligence, new visions for continuing education are needed. Our common goal: scalable continuing education that works – and accompanies people, companies, and societies through transformations – we want to actively shape this.” The existing management team and all 47 employees will remain on board.