HgCapital to buy TeamSystem
HgCapital is set to buy Italian accounting software firm TeamSystem after beating rival buyout firm Cinven in the final stages of the auction. Seller Bain Capital could get as much as €600m (£495m). Bain received bids from both firms by Friday’s deadline as listed British software provider Sage unexpectedly withdrew from the process.
A sale at that price would value the Italian provider of tax, payroll and budgeting software for small- and mid-sized businesses at about 12 times Ebitda.