Global private equity firm The Carlyle Group is acquiring 29.34 per cent of Personal & Informatik, a human resources software and services vendor to small and medium sized enterpris
Global private equity firm The Carlyle Group is acquiring 29.34 per cent of Personal & Informatik, a human resources software and services vendor to small and medium sized enterprises based in Wiesbaden, Germany.
Carlyle acquired 24.9 per cent of P&I shares directly and has been granted options to buy the additional 4.44 per cent of P&I shares. It intends to exercise these options after having obtained antitrust clearance in Germany and other jurisdictions. The purchase price was not disclosed.
Carlyle has invested in P&I previously, owning 66.64 per cent for three years from 2004 to 2007. During those three years P&I has achieved strong growth: 185 per cent increase in EBIT, 36 per cent increase in revenues, 50 per cent increase in license revenues and an 18 per cent increase in headcount. These efforts also resulted in a three-fold increase in share value to all public shareholders. Since Carlyle’s exit, the company has enjoyed revenue growth of six to eight per cent per annum.
Michael Wand (pictured), managing director of The Carlyle Group and co-head of Carlyle’s technology funds in Europe, says: ‘We have been monitoring P&I closely since our exit and the company has continued to perform well, which has not been recognised in its share price development. In order to reach its full potential of becoming a major European HR software vendor we believe the company will benefit from a strong single shareholder and the renewed partnership with Carlyle. Carlyle’s European technology team is particularly excited about partnering with the Company again, and looking forward to supporting the company in its next growth phase, organically and through acquisition.’
Vasilios Triadis, chief executive of Personal & Informatik, adds: ‘P&I has been on a rapid growth path driven by our outstanding team of nearly 400 highly skilled employees. We are delighted to be re-partnering with Carlyle an investor, whose demonstrated resources and expertise will help propel us forward as we continue to grow across the international marketplace. P&I is a market leader and has great potential for further expansion. We look forward to working with Carlyle again as we enter this exciting new chapter in our company’s development.’
