HgCapital acquires Italian software company TeamSystem for €565 million
03 Aug 2010
Buyout firm HgCapital yesterday acquired Italian software company TeamSystem SpA from US private-equity firm Bain Capital LLC for €565 million $741 million, the latest in a series of recent such deals where assets are being sold to by one private equity firm to another.
The acquisition came after Newcastle, UK-based business management software company Sage Group Plc pulled out of the auction last week although it had mulled putting in its bid after conducting due diligence, while private equity firm Cinven lost out to HgCapital.
Bain Capital had acquired TeamSystem for €274 million from Palamon Capital Partners in 2004.
Founded in 1979, Pesaro, Italy-based TeamSystem is Italy's leading provider of small business accounting, tax and payroll management software through direct sales and exclusive distributors.
TeamSystem's three core software systems have been installed in more than 80,000 companies and generate a high product loyalty with 98 per cent of its customers renewing the service each year.
Since 2004, TeamSystem revenues have doubled to €130 million with most of it coming from renewal of software contracts.
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