- H&F will remain the majority shareholder of TeamSystem
- Silver Lake agreed to buy a €600m minority stake in TeamSystem in May
- ADIA is a global investment institution that invests on behalf of the government of Abu Dhabi
Abu Dhabi Investment Authority (ADIA) and CapitalG have entered definitive agreements to acquire minority stakes in TeamSystem, a business software services provider to businesses and accountants in Italy and Spain.
No financial details of the transaction were disclosed.
TeamSystem reported a turnover of around €700 million in 2022 and has about 1.8 million customers. It is based in Pesaro, Italy.
Hellman & Friedman (H&F) will remain the majority shareholder after these transactions.
H&F first invested in TeamSystem in 2016.
“We firmly believe that TeamSystem is well positioned to continue to grow in both existing and new markets,” said Hamad Shahwan Aldhaheri, executive director of private equities department, ADIA. “This investment aligns with our approach of supporting market-leading software businesses that offer mission-critical solutions to their customer bases.”
The transactions are expected to close in Q1 of 2024, subject to regulatory approvals.
Silver Lake is a global technology investment firm, with over $95 billion in combined assets under management. The firm is based in Menlo Park, California.
H&F is a global private equity firm based in San Francisco, California. the firm has over $85 billion in assets under management as of 31 December 2022.
ADIA is a global investment institution that invests on behalf of the government of Abu Dhabi.
CapitalG is Alphabet’s independent growth fund. It is based in San Francisco, California.
Evercore is acting as financial adviser to H&F and TeamSystem.