HgCapital, the European sector-focused private equity investor, has acquired 91.85 per cent of Personal & Informatik (P&I), a payroll and transaction HR software provider, from The Carlyle Group.
Headquartered in Wiesbaden, Germany, P&I provides payroll and HR-related software to mid-market companies and the public sector in Germany and the surrounding region.
The company serves almost 4,000 direct and 15,000 indirect customers and generated revenue of EUR82m in FY 2013. The business offers software for the management of payroll, workforce, time management and human capital management. It typically services SMEs with 200 to 5,000 employees across industries as well as medium-sized and large public sector customers. It employs a staff of almost 400 with offices in Austria, Switzerland, Slovakia and the Netherlands and has partners in nine additional European countries.
P&I is HgCapital’s first investment in its HgCapital 7 fund which closed at its GBP2bn hard cap in April this year. The acquisition also marks the company’s third investment in the software sector in 2013 following investments in e-conomic, one of Europe’s leading Software as a Service (SaaS) accounting companies for SMEs, and Intelliflo Limited, one of the leading SaaS providers of front and back office software to financial advisors, advisor networks and brokers.
HgCapital will support P&I’s development of its new product offering around cloud, big data and mobile and continuous operational improvements.
HgCapital has completed ten prior investments in the regulatory-driven software space since the firm’s inception in 2000.
Kai Romberg, partner at HgCapital, says: “We have been following the progress of P&I for over 10 years and have built a strong relationship with the outstanding management team in that time. We are delighted to have been selected as their preferred partner to take the business on to its next phase of expansion. We look forward to working with the management team lead by Vasilios Triadis as they continue to grow the business.”
Vasilios Triadis, chief executive of P&I, says: “Having been in contact with the team at HgCapital for many years, I am very happy to have the support of an investor who is familiar with the business, an expert in the industry and dedicated to developing P&I’s leading market position.”