[December 2013]
CloudOrigin is delighted to have provided Sofware as a Service (‘SaaS’) Due Diligence to HgCapital for the acquisition of P&I AG a leading German provider for payroll and HR-related software.
Headquartered in Wiesbaden, P&I serves 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 €82 million 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 – 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.
The acquisition of P&I further strengthens HgCapital’s position as a leading investor in the European software sector, having completed ten prior investments in the regulatory-driven software space since the firm’s inception in 2000.
Richard Hall, Chief Executive and founder of CloudOrigin, led this engagement.
CloudOrigin has worked with HgCapital on a series of technology deals across Europe and was honoured to once again bring our deep Software as a Service expertise, unique benchmarking model and HR sector knowledge to bear for a successful conclusion on an aggressive timescale.
For press coverage see PEHub.com story [here] and HgCapital portfolio news [here].