At what enterprise value was TEAMSYSTEM acquired in 2015?

During the acquisition of TEAMSYSTEM by HELLMAN & FRIEDMAN in 2015, the company was valued at an estimated revenue multiple of 5x - 12x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of TEAMSYSTEM when it was acquired by HELLMAN & FRIEDMAN?

The estimated EV/EBITDA multiple for TEAMSYSTEM is in the range of 15x - 25x. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.4x. Join our community for free to access full valuation data and industry trends.

When was TEAMSYSTEM acquired by HELLMAN & FRIEDMAN?

TEAMSYSTEM was acquired by HELLMAN & FRIEDMAN in 2015.

What was the revenue of TEAMSYSTEM at the time of the deal?

The revenue of TEAMSYSTEM at the time of the deal is estimated to be in the range of 150M - 250M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of TEAMSYSTEM during the acquisition?

TEAMSYSTEM's EBITDA is estimated to be in the range of 50M - 100M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the TEAMSYSTEM acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the TEAMSYSTEM deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://hf.com/hellman-friedman-acquires-controlling-interest-in-teamsystem-holding-spa-from-hgcapital-bain-capital-icg-and-management/

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Home Database TMT (Tech, Media, Telecom)TEAMSYSTEM

12/2015

HELLMAN & FRIEDMAN takes majority stake in TEAMSYSTEM

ITALY Software / ERP, HR & Finance EV 1b - 4b EUR

Context

Private equity firm Hellman & Friedman (H&F) has entered into an agreement to acquire a controlling equity interest in Italian software provider TeamSystem from an exiting investor group comprising HgCapital, Bain Capital, and ICG. Under the newly restructured corporate framework, the incumbent management team will continue to invest in the business, while historical sponsor HgCapital will roll over a portion of its proceeds to retain a minority stake. The transaction, which facilitates Bain Capital's full exit following an eleven-year investment lifecycle, was executed with Mediobanca advising H&F and Rothschild acting as financial advisor to HgCapital. For Hellman & Friedman, the buyout leverages its deep sector expertise to back CEO Federico Leproux and his management team in driving the next phase of corporate growth. The joint commercial roadmap focuses on reinforcing TeamSystem's leadership position within the Italian market by accelerating the rollout of its cloud-enabled software suite to a highly diversified base of over 200,000 professional and SME clients. For HgCapital, rolling over a minority position provides partial liquidity on a successful investment while maintaining strategic exposure to the platform's robust future growth opportunities.

Previously, the company had already undergone several LBOs, notably led by Bain Capital in 2004 and Hg Capital in 2010. This succession of buyouts, combined with an active build-up strategy, highlights the strong attractiveness of the company's business model.

TEAMSYSTEM, which reported an EBITDA margin of LOGIN in 2014, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

TeamSystem, founded in 1979, is an Italian company based in Pesaro, specializing in software solutions for small and medium-sized enterprises (SMEs) and professionals, including accountants, lawyers, and social consultants. The company offers a comprehensive suite of critical applications, encompassing integrated management systems, accounting, financial technologies, and advanced automation tools powered by artificial intelligence. Historically focused on the Italian market, TeamSystem has recently expanded its geographic footprint to support the digital transformation of economic players in Italy and Spain. The company's business model is built on proprietary cloud platforms, generating predictable and recurring revenue streams. TeamSystem currently supports a customer base of approximately 1.8 million clients, driven by a sustained external growth dynamic aimed at consolidating a fragmented market and integrating new professional verticals. Operating in an accelerated digital transformation context, the company provides integrated solutions for electronic invoice management, digital payments, and resource planning, ensuring compliance and efficiency across various industrial verticals. TeamSystem is now expanding across Europe, acquiring local leaders in markets undergoing regulatory changes, while exporting a scalable business model and proprietary technological frameworks.

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
04/2026	TEAMSYSTEM	ACD	FRANCE	Software	TeamSystem, a leading digital platform backed by Hellman & Friedman, Silver Lake, and CapitalG, has successfully finalized the acquisition of ACD in France. This strategic move represents the fourth transaction of the group in 2026, marking a significant acceleration of its international expansion strategy
10/2025	TEAMSYSTEM	SELLSY	FRANCE	Software	PSG Equity has divested its majority stake in Sellsy, a French SaaS company, to Italian firm TeamSystem after a three-year holding period. This transaction marks the exit of PSG Equity and the entry of a new shareholder, TeamSystem, which aims to expand its offerings internationally, particularly in Europe
05/2023	SILVER LAKE	TEAMSYSTEM	ITALY	Software	Technology investment firm Silver Lake has entered into a definitive agreement to acquire a significant minority equity stake in software provider TeamSystem. Following the completion of the transaction, which remains subject to customary closing conditions and regulatory approvals, Hellman & Friedman (H&F) will retain its position as the controlling majority shareholder
04/2014	TEAMSYSTEM	24ORE SOFTWARE	ITALY	Software	TeamSystem, a leading Italian management software provider backed by private equity sponsor HgCapital, has executed an agreement to acquire 24OreSoftware, the dedicated software division of publishing conglomerate Gruppo Sole 24 Ore
08/2010	HG CAPITAL	TEAMSYSTEM	ITALY	Software	European sector-focused private equity firm HgCapital has reached a definitive agreement to acquire a majority controlling stake in Italian software provider TeamSystem SpA. The buyout is being executed on behalf of the sponsor's client base, which includes the listed investment vehicle HgCapital Trust plc
12/2004	BAIN CAPITAL	TEAMSYSTEM	ITALY	Software	Private equity firm Bain Capital has completed the buyout of Italian software provider TeamSystem. The transaction was executed through a secondary buyout from exiting private equity sponsor Palamon, establishing Bain Capital's initial controlling ownership stake in the business

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 150M - 250M EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of TEAMSYSTEM by HELLMAN & FRIEDMAN are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: teamsystem

Acquirer: hellman & friedman