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StepStone to sell software division to HgCapital

StepStone ASA has signed a binding agreement to sell its StepStone Solutions talent management software division to European sector focused private equity investor HgCapital for a purchase price of EUR110m.

The transaction is expected to close by the end of April 2010, subject to usual closing conditions.

In 2009 StepStone recorded revenues of EUR100.1m, of which EUR50.3m relate to StepStone Solutions.

The software division, which serves more than 1,400 customers, operates in 17 countries and employs around 450 people, will continue to be led by its current group managing director Matthew Parker and his management team.

StepStone is a wholly-owned subsidiary of Germany-based media company Axel Springer, which will continue to own and operate StepStone’s online job board division.

“Since 2004 our StepStone Solutions software business has become the leader in the European market for talent acquisition and management solutions, demonstrating strong, profitable growth. It is also now growing well in the US and Asia Pacific markets. This development is clearly good news for the entire global customer base, who will have the reassurance of strong backing and continued investment in StepStone Solutions’ business strategy,” says StepStone chief executive Colin Tenwick (pictured).

“StepStone Solutions exemplifies our investment policy for mid-size European TMT businesses with excellent long term growth potential based on strong technology and sound management,” adds HgCapital’s Kai Romberg. “StepStone Solutions has already built a position as one of Europe’s leading SaaS vendors and as the leading European player in the talent acquisition and management space. We look forward to actively supporting the management team’s plans for continuing global development.”

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