A company backed by the Permira funds is to acquire the majority of P&I Personal & Informatik, a German full suite provider of HR software solutions, for an undisclosed sum.
The current owner HgCapital will continue to be invested as minority shareholder in the company.
Founded in 1968 and headquartered in Wiesbaden, P&I is a supplier of integrated HR software solutions for payroll, human capital management as well as HR cloud and outsourcing services. The company serves more than 15,000 customers, ranging from small and medium-sized private businesses (SMB) to public sector organisations of all size mainly in Germany, Switzerland and Austria (DACH region), with capabilities to serve them in 10 other countries.
For the last 10 years, P&I has delivered strong sales and earnings growth driven by its resilient business model with a high share of predictable revenues and its leading position in the German market which is growing by nearly ten percent per year.
The Permira funds will support the P&I management as it capitalises on the growth potential in the DACH region. This includes further penetration of its core customer base and drawing on numerous consolidation opportunities in its home market.
“With the acquisition of P&I, the Permira funds strengthen their position as one of the largest software investors in Europe and particularly in the DACH region,” says Jörg Rockenhäuser, head of the DACH region at Permira. “We are delighted to bring our deep expertise in the technology sector and our extensive knowledge of the German market to support the future growth plans of P&I.”
The acquisition by Permira V follows other recent investments in software companies, including TeamViewer in Germany, Informatica and Magento in the Sillicon Valley.
Permira V acquired P&I from the European private equity firm HgCapital, which bought the company in 2013.
“P&I is an outstanding asset with a strong and experienced management team,” says Kai Romberg, partner of HgCapital. “P&I has seen years of consecutive growth and we are very pleased to stay invested, as it gives us the opportunity to benefit from the future success of the company.”
