TeamSystem is the leading Italian provider of accounting, payroll and business software for small and medium enterprises and professionals. Following acquisition by Palamon Capital Partners in 2000, a new management team was put in place, delivering strong growth. Since then the company has experienced continued strong growth and cash generation.
ICG invested in 2004 supporting Bain Capital’s acquisition from Palamon Capital Partners. ICG also supported the tertiary buyout by HG Capital in 2010 and acted as sole arranger of the mezzanine and PIK facilities. We also invested in the equity.
TeamSystem holds a leading position in the fragmented Italian software market with a large and sticky customer base with low concentration. The company has many opportunities for growth (organically and by acquisitions) and its sponsor, Hg, has great experience of the software sector. The company further benefits from a strong management team.
- Country: Italy
- Sector: Business services
- Year: 2004, 2010
- Status: Current investment