Private equity firms Francisco Partners and KKR have agreed to acquire minority stakes in Italian business software provider TeamSystem from majority owner Hellman & Friedman (H&F), in a transaction that values the company at between €8bn and €10bn, according to a report by Reuters.
The report cites unnamed people familiar with the matter as saying that Francisco Partners is buying approximately 10% of TeamSystem, while a further stake of around 5% is being sold to a group of investors that includes KKR.
The transaction provides H&F with a partial realisation of its investment in TeamSystem while allowing the private equity firm to retain significant exposure to the business. Part of H&F’s remaining holding will be transferred to another fund managed by the firm, according to the sources.
TeamSystem provides accounting, payroll and business management software to companies and professionals. Its products are closely integrated with Italy’s electronic invoicing infrastructure used by small and medium-sized businesses, a feature that could provide some protection against AI-led disruption.
H&F first invested in TeamSystem in 2016 and owned 69% of the company as of July, according to a corporate filing. Silver Lake held 12.8% and Abu Dhabi sovereign wealth fund ADIA 9.8%, having acquired their stakes from H&F in 2023.
TeamSystem has grown significantly since H&F’s initial investment. The company generated adjusted EBITDA of €476m in 2025, compared with €75m when H&F first invested, while current revenue is above €1.3bn and core earnings are around €600m, according to one of the sources.
The reported valuation would represent roughly 16.5 to 17 times TeamSystem’s 2025 adjusted EBITDA.
H&F, Francisco Partners, KKR and TeamSystem reportedly declined to comment.
