Global alternative investment firm Investcorp’s global technology arm, Investcorp Technology Partners (ITP), is to acquire a majority stake in VEDA, an HR software and digitally enabled payroll-as-a-service provider in the DACH region.
Following the deal, VEDA’s CEO Ralf Graessler will continue to remain invested in the Company alongside Investcorp.
Terms of the transaction, which is expected to close in Q1 2024 subject to customary closing conditions, have not been disclosed.
Headquartered in Alsdorf, Germany, with approximately 170 employees, VEDA provides a platform solution for digital HR management, including payroll, time and security, recruiting, personnel development and learning management with the aim of digitalising tasks and minimising administrative effort. The company has approximately 1,200 customers, including MAN, Lufthansa and many mid-market enterprises between 150-5,000 employees of size. In 2023 VEDA generated revenues of around €20 million.
ITP, as VEDA’s first institutional investor, will help to strengthen the Company’s go-to-market strategy and further build out its portfolio of products and services, with a focus on the Company’s fast-growing cloud business. As the Company operates across the large and fragmented DACH HR and payroll markets, the investment will also allow VEDA to grow through add-on acquisitions of companies with complementary products and services.
