Aquila, a Canadian technology investment fund with over 20 portfolio companies spanning media, finance, real estate, and education technology across North America, has completed the acquisition of Enocta, Turkey's foremost corporate e-learning platform. Regulatory approvals have been obtained and the formal transfer of title is expected to be registered within the coming days.

The structural feature that distinguishes this transaction is that Aquila did not acquire Enocta directly. Instead, the purchase was executed through Comosoft GmbH, a Hamburg-based software company that Aquila acquired in 2022. Comosoft is one of Europe's largest providers of multichannel media and Product Information Management (PIM) systems for B2C and B2B operations, operating globally through its flagship product LAGO. This layered structure transforms what might appear to be a straightforward bilateral deal into a multi-jurisdictional corporate reorganization spanning Canada, Germany, and Turkey.

Enocta was founded in 1999 by the Gürsoy family at a time when purpose-built distance learning software and Turkish-language digital training content were virtually nonexistent in the Turkish market. Turgut Gürsoy, a former chairman of the Turkish Informatics Industry Association (TÜBİSAD), played a central role in the company's founding and early development.

Over twenty-seven years of organic growth, Enocta built a client base that includes Vuslat Foundation, Cremicro, Qmark, Personal Best, Academy Neuro, and TİM Danışmanlık, reaching more than 2.5 million users. The company operates its technical infrastructure through the legal entity Avez Elektronik İletişim Eğitim Danışmanlığı Ticaret AŞ, the entity whose shares have now been transferred to Comosoft GmbH.

A significant corporate event sits behind this transaction. Turkven, one of Turkey's most prominent private equity funds, became a shareholder in Avez in 2024, providing growth capital as Enocta expanded its user base and product suite. With Aquila's acquisition now complete, Turkven exits the investment — all shares and sole control of Avez passing to Comosoft GmbH.

This exit reflects a maturing pattern in Turkey's private equity ecosystem: domestic funds provide growth capital, prepare the company for international buyers, and then realize their investment through a strategic exit to a foreign strategic or financial acquirer.

Named after the Latin word for eagle, Aquila manages more than 20 technology companies including Atex, Cibar, Exelis, Fame, Infocorp, Infinity, and Neosoft alongside Comosoft. Enocta represents Aquila's first direct investment in Turkey and is a concrete signal that the fund is extending its geographic reach beyond North America and Western Europe into the Middle East–Europe–Turkey corridor.

This transaction raises several points of significance under Turkish M&A law.

Competition law notification: The transfer of Avez may trigger a mandatory notification to the Turkish Competition Authority (Rekabet Kurumu) depending on whether the consolidated turnover thresholds are met. Critically, the analysis must account for the combined revenues of Aquila's entire portfolio — not merely the standalone figures of Comosoft or Enocta.

Layered structure: The Canadian fund → German intermediate → Turkish target chain may also require assessment under EU competition law given Comosoft's operations within the European Union. If the European Commission's jurisdictional thresholds are met, a parallel filing obligation could arise.

Foreign investment law: Turkey's Law No. 4875 on Direct Foreign Investments does not impose sector-specific restrictions on education technology. However, regulatory requirements of the Information Technologies and Communication Authority (BTK) applicable to software service providers should be reviewed as part of post-closing compliance.

Data protection: Enocta's training data covering more than 2.5 million users constitutes personal data under Turkey's Personal Data Protection Law (KVKK). The transfer of control to a foreign legal entity requires a review of data processing agreements and cross-border data transfer mechanisms before or concurrent with closing.

This transaction is a meaningful signal that Turkey's EdTech sector has reached a level of maturity that attracts international capital. Aquila's use of the Comosoft bridge exemplifies a structure that foreign funds frequently employ when entering Turkey: an existing European portfolio company is positioned as an intermediate holding vehicle to reduce both legal and operational integration risk.

For Turkish companies or investors evaluating similar structures, the key points to address are: calculating competition law thresholds on a consolidated basis, completing KVKK compliance before transfer, and defining closing conditions separately for each jurisdiction in multi-country transactions. For a broader view of Turkey–U.S. cross-border M&A activity in the same period, see our Turkey–U.S. M&A Daily Digest: July 25, 2026.

ULF New York monitors cross-border M&A transactions affecting Turkish companies and investors. This analysis is prepared for informational purposes and does not constitute legal advice.