At what enterprise value was TEAMSYSTEM acquired in 2010?

During the acquisition of TEAMSYSTEM by HG CAPITAL in 2010, the transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR.

What was the EV/EBITDA of TEAMSYSTEM when it was acquired by HG CAPITAL?

The estimated EV/EBITDA multiple for TEAMSYSTEM is in the range of 10x - 18x.

When was TEAMSYSTEM acquired by HG CAPITAL?

TEAMSYSTEM was acquired by HG CAPITAL in 2010.

What was the EBITDA of TEAMSYSTEM during the acquisition?

TEAMSYSTEM's EBITDA is estimated to be in the range of 50M - 100M EUR.

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://www.hgcapitaltrust.com/news-insights/news/archive/08032010

What is the average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026?

The average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026 is 15.1x.

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Home Database TMT (Tech, Media, Telecom)TEAMSYSTEM

08/2010

HG CAPITAL takes majority stake in TEAMSYSTEM

ITALY Software / ERP, HR & Finance EV 500M - 1.5b EUR

Context

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. The transaction is officially anticipated to reach completion on September 30, 2010. For the acquirer HgCapital, which has proactively tracked the target's trajectory since 2004, the acquisition extends a proven thematic investment strategy targeting the regulatory-driven SMB software market. TeamSystem marks HgCapital’s fifth capital deployment in this specific European sub-sector, following historical investments in Iris, Addison, Computer Software Group, and Visma. Headquartered in Pesaro and established in 1979, the target operates as Italy’s top provider of daily-use, business-critical applications for accountants and SMBs, boasting a highly diversified base of over 80,000 customers. The post-closing commercial roadmap focuses on leveraging the company's predictable, subscription-heavy business model to drive long-term value creation through sustained organic growth and selective add-on acquisitions.

It is worth noting that the fund Bain Capital took control of Teamsystem through an LBO in 2004.

TEAMSYSTEM, which reported an EBITDA margin of in 2010, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

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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2010

2009

Other operations with TEAMSYSTEM

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
04/2026	TEAMSYSTEM	ACD	FRANCE	ERP, HR & Finance
10/2025	TEAMSYSTEM	SELLSY	FRANCE	CRM & Sales
05/2023	SILVER LAKE	TEAMSYSTEM	ITALY	ERP, HR & Finance
12/2015	HELLMAN & FRIEDMAN	TEAMSYSTEM	ITALY	ERP, HR & Finance
04/2014	TEAMSYSTEM	24ORE SOFTWARE	ITALY	ERP, HR & Finance
12/2004	BAIN CAPITAL	TEAMSYSTEM	ITALY	ERP, HR & Finance

REFERENCES

Valuation range: EV 500M - 1.5b 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 HG CAPITAL are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: teamsystem

Acquirer: hg capital