Investors and Lucid Founders Bid to Take Cint Private

A consortium consisting of investors Triton Fund 6 and Bolero, and Lucid founders Patrick Comer and Brett Schnittlich, is bidding to purchase online research marketplace Cint, for a price of SEK 5.60 per share, valuing the company at SEK 1,989 million or around $US 212m.

The bid is being made via an acquisition vehicle, TriCarbs BidCo AB. Luxembourg-based company Bolero is Cint's largest shareholder, while Comer (pictured) is currently Cint's CEO and Schnittlich its COO. Lucid was acquired by Cint in 2021 for $1.1 billion.

Given that the consortium includes major existing shareholders of the company, the bid is for the c.66% of shares it doesn't already own, and totals around SEK 1,312 million or $US 140m. The shares are listed on Nasdaq Stockholm, Mid Cap and the offer has been unanimously recommended by the Cint Board of Directors, and supported by a 'fairness opinion' provided by KPMG AB.

The offer price represents a premium of 33% over Cint's closing share price on 24th April 2026, the day before the announcement was made. Tracking back a little, it's 72% above the volume-weighted average trading price of Cint stock over the 90 days before the offer.

For conflict of interest reasons, neither Comer nor Schnittlich have participated, or will going forward participate, in Cint's handling or decisions in relation to the Offer, the acceptance period for which commenced last week, and will end on or around 12th June 2026.

Thomas Hofvenstam, Fund Managing Partner, Co-Head of Triton Mid-Market at Triton Partners, comments: 'We have followed Cint and the broader market for data-driven insights for some time and see clear potential in the Company and its platform. The market is undergoing a significant transition, requiring Cint to further increase the pace of both innovation and development to fully realize its long-term potential. We strongly believe in Cint and its position in the value chain, and believe the Consortium have the right experience, expertise and financial capacity to support Cint. The next phase of Cint's journey will require bold decisions, an accelerated pace of execution as well as considerable continuous investments which together will entail both financial and operational risk. This is best carried out in a private setting, with the flexibility to focus on long-term value creation.'

'For Cint to reach its full potential,' says Comer, 'it will require accelerated investment in three key areas: AI, the outcomes measurement product, and continued platform development. AI is reshaping how research is bought and delivered, creating both new opportunities and potential risks that we need to address. We are progressing well with our new platform capabilities, but there is still important work and migration related challenges ahead, particularly with our largest and most complex customers. Delivering this agenda at an accelerated pace will require significant investments and a frontloading of such investments which is better managed in a private setting with a long-term perspective. Brett and I are convinced this is the right path for Cint, and I am committed to leading it.'

Triton Partners' experience in the sector includes a prior investment in panels firm Norstat - it was also rumoured to be in the market for Kantar in 2024. TriCarbs BidCo says its 'plans for Cint's future business and general strategy do not currently include any material changes to Cint's operational sites or its management and employees, including their terms of employment.' Completion of the Offer is conditional upon regulatory and other clearances, but the bidding company says it believes the transaction 'does not require any approvals from authorities.'

The firm is online at www.cint.com .