Quorum Cyber announced on 16 September 2026 a definitive agreement to acquire Ontinue, the Zurich-based Microsoft-focused managed detection and response provider owned by EQT's Mid Market Europe fund. Ontinue serves more than 250 customers; Eterna Growth Partners, Quorum's majority investor, will control the combined company.
Stadler Signalling AG of Wallisellen raised its share capital from CHF 100,000 to CHF 928,157 on 2 September 2026 by setting off a claim of CHF 39.8 million, published 17 September. Stadler's Signalling segment reported CHF 27 million of revenue in the first half of 2026.
Schweizerische Mobiliar Holding AG placed 7.5% of SMG Swiss Marketplace Group AG through an accelerated bookbuilding on 14 September 2026. TX Group AG bought 3,426,731 of the shares, raising its stake from 31.4% to 34.9%, and SMG bought back 1.0% of its own capital.
6Press-Reported Dealsup from 3 WoW
593Distress Events+8% WoW
6Startup FundingCHF 54.7M converted
8Succession Signals-43% WoW
953New Registrations-10% WoW
2355Board Changes— flat
EQT has now sold all of Open Systems. It bought the Zurich network-security company in 2017 and sold the network and SASE business to Swiss Post in 2024. On 16 September it agreed to sell the rest, Ontinue, the managed detection and response unit carved out in 2023, to Quorum Cyber of Edinburgh. Ontinue has more than 250 customers in Europe and the US and made three add-on acquisitions under EQT.
Foreign sponsor-backed buyers are paying for Swiss specialists. Quorum, controlled by Eterna Growth Partners, wanted a Microsoft security specialist with Continental clients. The same week Stockholm's Endra bought Planlabs, a two-year-old Zurich AI team. Both bought teams and capabilities, not local market share.
Two domestic ownership moves. Mobiliar sold 7.5% of SMG Swiss Marketplace Group overnight on 14 September, a year after the IPO; TX Group took most of the block to reach 34.9%, and SMG bought back 1.0%. Separately, the European Commission cleared Helsana and SBB's joint control of HMS, the railway's former occupational-health service.
One real register deal out of eleven. Six of the filings the old method counted as mergers state that one owner already held both companies; two are demergers and two are holding reorganisations. The exception joined two Lucerne staffing firms, Chrampfcheibe and Dommen Nadig, with new shares issued to the absorbed firm's owners.
Stadler recapitalises its signalling unit
Stadler Signalling AG of Wallisellen is the company behind the rail group's signalling and train-control business. On 2 September its shareholders raised the share capital from CHF 100,000 to CHF 928,157. No cash came in: the notice, published 17 September, says a claim of CHF 39.75 million was set off against 828,157 new shares, a price of CHF 48 per share of CHF 1 nominal. The notice does not name the creditor; the company belongs to the Stadler group.
For scale, Stadler's Signalling segment reported CHF 27 million of revenue and CHF 29.7 million of orders in the first half of 2026, against a group backlog of CHF 33.3 billion. A group converts CHF 40 million of loans into a subsidiary's equity when that subsidiary's equity needs the support: signalling is the Stadler business still being built, and it is being funded like one. Stadler's shares fell 22% on the half-year results in August, on margins and cash flow. The register now shows where part of that cash went.
Pre-Deal Signals — moves that precede transactions
Sep 16
MyStrom AGZH· Electronics & Precision
Auditor changed from Ernst & Young AG to T + R AG of Muri bei Bern (published 16 September)
bearish
Sep 16
Milan Flugzeugwerke AGBE· Aerospace & Defense
Share capital raised from CHF 414,000 to CHF 630,750 (+52%) within its capital band and from conditional capital (published 16 September)
The Bleienbach aircraft developer's second increase this summer, after CHF 240,000 to CHF 414,000 in July.
bullish
Sep 18
Romande Energie Services SAVD· Energy & Utilities
Purpose rewritten on 9 September to cover building energy optimisation, renovation, energy sales and telecommunications (published 18 September)
neutral
Sep 16
Bird B. AGAG· Technology & Software
Registered seat moved from Schaffhausen to Bad Zurzach (SH to AG), statutes of 2 September (published 16 September)
neutral
Procurement Prints — public contract awards
Sep 14
volenergy AGAG
Federal contract for civilian refuelling services (Zivile Betankung Bund).
award 3 on our record · 3 tracked total · CHF 39M lifetime
CHF 28.0M
Sep 15
B + S AGBE
Federal Roads Office, Thun branch: engineering design and site supervision for the A1 maintenance project between Kerzers and Bern-Bethlehem, including traffic and environmental work.
10 public awards in2026 · 38 tracked total · CHF 78M lifetime
CHF 14.7M
Sep 15
MTF Solutions AGBL
Basel-Landschaft central IT: supply of client hardware for the canton's workplaces.
award 6 on our record · 6 tracked total · CHF 25M lifetime
CHF 14.5M
Sep 18
National Protection Service 24 AGBE
Insel Gruppe: security services for the Inselspital and the group's regional hospitals.
2 public awards in2026 · 6 tracked total · CHF 24M lifetime
CHF 12.7M
Sep 15
ffbk Architekten AGBL
Basel-Stadt building department: general planner for the Walkeweg housing development, plots C and D, built partly from reused components.
award 2 on our record · 2 tracked total · CHF 19M lifetime
CHF 12.1M
The Tape — 6 transactions
Press reported in the mediaReg commercial-register filing, value = net assets
Sep 15
PRESS
TX Group AG← SMG Swiss Marketplace Group Holding AGZH
SMG runs Homegate, ImmoScout24, AutoScout24, anibis and Ricardo. Mobiliar placed 7.5% of its share capital overnight on 14 September; TX Group bought 3,426,731 of the shares, taking its stake from 31.4% to 34.9%, and SMG bought back 1.0% itself. Mobiliar has now sold down a year after the September 2025 IPO, and the Zurich media group used the moment to tighten its hold on the classifieds platform it co-founded.
Helsana Beteiligungen AG and SBB← Health & Medical Service AGZH
HMS provides medical services for transport, occupational health and insurance purposes. It grew out of SBB's MedicalService, whose operations Helsana took over in July 2017. The European Commission cleared joint control by Helsana and SBB on 17 September under its simplified procedure. Switzerland's largest health insurer and the national railway now co-own a business that sells medical assessments to employers.
Planlabs is a Zurich lab of PhDs founded in 2024 to automate mechanical engineering with AI: geometry, data and physics engines. Endra, a Stockholm company selling AI design tools for mechanical, electrical and plumbing engineering, announced on 16 September that it is buying it, its first acquisition, to extend its platform into mechanical systems. Bär & Karrer advised Endra. What Endra bought is a research team and its engine, not a customer base.
dormakaba, the Rümlang access and locking group, signed a binding agreement on 15 September to buy Alliants of the UK, the guest-experience software behind more than 100,000 hotel rooms. The fit is mobile keys: Alliants' app layer sits on top of the door locks dormakaba already sells to hotels. It is a software bolt-on for a hardware group, bought to keep dormakaba's locks at the centre of the guest's phone.
xFarm, the farm-management software company headquartered in Manno, bought Sibium Analytics of Brazil and its satellite monitoring of about 8 million hectares, announced 15 September. It is xFarm's sixth acquisition in four years and takes it into sugarcane and biofuel supply chains. A Ticino software company is buying abroad for data coverage rather than customers at home.
Two Lucerne staffing firms for construction, trades and industry: Dommen Nadig, placing workers since 1986, and Chrampfcheibe, since 1988. Published 15 September: Dommen Nadig absorbed Chrampfcheibe, with CHF 1.77 million of assets against CHF 1.76 million of liabilities, and issued 56 new shares to its owners. The firm now trades as Chrampfcheibe Dommen Nadig AG. The week's only register merger between different owners.
Piomic develops the COMS One Therapy System, a device for complex tissue healing. The round funds the end of its clinical programme, the US approval filing and market entry.
Aeon runs full-body preventive health check-ups combining imaging and blood tests. Alongside the extension it bought the assets and team of Aware Health, a Berlin consumer blood-diagnostics provider.
Ferm Labs, a Swiss-Italian start-up, ferments flavour enhancers that replace salt in industrial foods. The round scales its bioprocessing platform toward food manufacturers.
CDP Venture Capital, Fund F, Redstone, Alpine VC, Loacker Group
Seven years is a long hold for a mid-market buyout, and a sale process is the expected next step. Sintetica makes a narrow, regulated product range that a generics group with US ambitions can put through its own distribution. Neither Ardian nor Dr. Reddy's has commented.
DeinDeal AG ZH · Retail & Consumer
DeinDeal is one of the best-known Swiss discount and flash-sale brands, with a customer list and a domain that still carry traffic. A moratorium buys four months to find a restructuring or a buyer, and the administrator is the person to call before 7 December.
Court Watch — decisions ahead
Sep 23
Pékafé SAVD
granted definitive · Stouder Pascal
Sep 25
Parcialfinance Conseil Assurances et Investissements SAVD
granted definitive · Stouder Pascal
Sep 28
Sincopharm S.A.VD
granted definitive · Chiocchetti Philippe
Sep 28
AGORA RETAIL Switzerland GmbHGE
extended
Sep 29
AOT Energy Switzerland AGZG
extended
Sep 29
AOT Holding AGZG
extended
Estates — assets in play
Christen Rolladen AG in Liquidation ZH · Construction & Building
bankruptcy
A Dielsdorf installer and repairer of roller shutters, blinds and insect screens in the Zurich Unterland for more than 90 years, with 16 staff including two apprentices, according to the municipality's directory. Bankruptcy was opened on 24 June; the Zurich Obergericht granted suspensive effect on 7 July, then dismissed the appeal and reopened the bankruptcy on 11 September at 15:00. A service book of local customers is what a regional installer would buy here.
Fonti San Bernardino SA in liquidazione GR · Food & Beverage
bankruptcy
Declared bankrupt by the president of the Moesa regional court on 9 September 2026, published 15 September. The company, of Mesocco, produced and traded mineral water and drinks from the San Bernardino springs, whose carbonated water was being analysed as early as 1895. Share capital is CHF 500,000. In a water bankruptcy the spring rights and bottling equipment are the assets; whoever owns the source concession is the first question for a buyer.
PRO-DATA LGI S.A. en liquidation VD · Technology & Software · est. 1989
bankruptcy
Declared bankrupt by the La Côte district court on 7 September 2026 at 09:15, published 14 September. Founded in Geneva in 1989 and later based in Crans, PRO-DATA provided IT services, networks and support to small and large companies in Romandie and carried the Swiss Quality label. In an IT services bankruptcy the managed-service contracts walk within weeks, so a buyer who wants the client base has to move before they do.
The Signals
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Based on 5,786 SOGC/SHAB publications processed this week. M&A data sourced from Swiss commercial registry filings (1 SOGC), press-reported transactions via web intelligence (6 EXA), and startup funding from Startupticker, Tech.eu, and company disclosures (6 rounds). Company distress scoring based on proprietary multi-signal model across 113,000 Swiss companies. From this edition the register deal count excludes merger and asset-transfer filings whose notice states that one owner already held every share of both companies, and demergers. On that basis this week counts one register deal; the 2026-W37 figure of 12 was counted the old way, so the change is method, not market. The forward radar carries two names: the scored list was dominated by large-group subsidiaries whose board changes are housekeeping.
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