London / Amsterdam – August 13, 2025 – Bain Capital, a leading global private investment firm, today announced that it has signed an agreement to invest in HSO, a leading global Microsoft services partner. The transaction is subject to customary regulatory approvals and is expected to close in the coming months. Financial terms were not disclosed.
HSO is a world leading independent Microsoft Dynamics services partner and has been a member of Microsoft’s elite Inner Circle for 19 consecutive years. Founded in 1987, the company supports clients across North America, Europe, and Asia Pacific with end-to-end services across the Microsoft product suite including Dynamics 365, Power Platform, Azure, Data, and AI.
During the previous six years, global investment firm Carlyle worked in partnership with HSO’s leadership to support the company’s international expansion strategy, build out new service lines, align its go-to-market strategy with Microsoft’s cloud, data and AI priorities, and further strengthen the management team with a range of key hires. Value creation was further accelerated through the strategic acquisition of companies in the US, Canada, Netherlands and New Zealand.
Bain Capital will invest, via its European Private Equity fund, alongside Peter J. ter Maaten, who will remain a significant shareholder and board member.
Christophe Jacobs van Merlen, a Partner at Bain Capital, said: “HSO sits at the forefront of two secular trends reshaping enterprise technology: cloud migration and AI-led automation. Its exceptional relationship with Microsoft, deep vertical expertise, and global delivery capabilities differentiate it as the preeminent independent Microsoft Dynamics services partner today. We look forward to partnering with Peter and the team to help accelerate HSO’s global expansion and continuing to build-out its capabilities as Microsoft’s go-to partner for AI transformation.”
Peter J. ter Maaten, founder & CEO of HSO, said: “Carlyle has been an outstanding partner and I would like to thank the team for their role in HSO’s growth and global expansion since 2019, creating the leading international Microsoft Solutions Partner that HSO is today. We are excited to continue our momentum with Bain Capital, a long-term partner that also supports our vision and shares our ambition to build the world’s leading Microsoft services partner.”
Michael Wand, Head of Europe Private Equity at Carlyle, and Thibault Thevissen, Principal on the Carlyle Europe Technology Partners (“CETP”) investment advisory team, said: “HSO was a quintessential CETP deal, where we found a sub-scale European hidden champion and, together with the founder, developed the business into a top two Microsoft Dynamics Partner globally over our investment period. This is what CETP does best, partnering with founders and managers of aspirational European B2B Tech businesses and turning them into global leaders. We are very proud to have partnered with Peter and the HSO team over the past six years through what has been a remarkable collaborative effort, and we believe the business will continue to thrive in the future.”
Charles Lamanna, CVP, Business & Industry Copilot at Microsoft and HSO Executive Sponsor, said: “Agentic AI is transforming the way that companies operate, and Dynamics 365 and Business Applications sit front and center to this at Microsoft. We have always been a partner-led business, but in times like this rely even more on our leading partners to drive change in our customers’ organizations. HSO has been on the journey with us for over 20 years and today sits among our strongest partners globally with an exceptional level of trust and mutual respect between our teams. This trust will be critical as everyone reimagines their business with AI. We are very excited to see them embark on this next stage of growth.”
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About HSO
HSO is a leading global business and AI transformation partner with deep Industry and Microsoft technology expertise. As the largest independent Microsoft Dynamics partner globally, HSO delivers enterprise-grade services across ERP, CRM, Power Platform, Azure, Data, and AI. Founded in 1987, HSO supports more than 1,400 customers in over 30 countries. The company is a member of Microsoft’s elite Inner Circle and operates across North America, Europe, and APAC. For more information, visit www.hso.com.
About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $465 billion of assets under management as of June 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.
London / Amsterdam – August 13, 2025 – Bain Capital, a leading global private investment firm, today announced that it has signed an agreement to invest in HSO, a leading global Microsoft services partner. The transaction is subject to customary regulatory approvals and is expected to close in the coming months. Financial terms were not disclosed.
HSO is a world leading independent Microsoft Dynamics services partner and has been a member of Microsoft’s elite Inner Circle for 19 consecutive years. Founded in 1987, the company supports clients across North America, Europe, and Asia Pacific with end-to-end services across the Microsoft product suite including Dynamics 365, Power Platform, Azure, Data, and AI.
During the previous six years, global investment firm Carlyle worked in partnership with HSO’s leadership to support the company’s international expansion strategy, build out new service lines, align its go-to-market strategy with Microsoft’s cloud, data and AI priorities, and further strengthen the management team with a range of key hires. Value creation was further accelerated through the strategic acquisition of companies in the US, Canada, Netherlands and New Zealand.
Bain Capital will invest, via its European Private Equity fund, alongside Peter J. ter Maaten, who will remain a significant shareholder and board member.
Christophe Jacobs van Merlen, a Partner at Bain Capital, said: “HSO sits at the forefront of two secular trends reshaping enterprise technology: cloud migration and AI-led automation. Its exceptional relationship with Microsoft, deep vertical expertise, and global delivery capabilities differentiate it as the preeminent independent Microsoft Dynamics services partner today. We look forward to partnering with Peter and the team to help accelerate HSO’s global expansion and continuing to build-out its capabilities as Microsoft’s go-to partner for AI transformation.”
Peter J. ter Maaten, founder & CEO of HSO, said: “Carlyle has been an outstanding partner and I would like to thank the team for their role in HSO’s growth and global expansion since 2019, creating the leading international Microsoft Solutions Partner that HSO is today. We are excited to continue our momentum with Bain Capital, a long-term partner that also supports our vision and shares our ambition to build the world’s leading Microsoft services partner.”
Michael Wand, Head of Europe Private Equity at Carlyle, and Thibault Thevissen, Principal on the Carlyle Europe Technology Partners (“CETP”) investment advisory team, said: “HSO was a quintessential CETP deal, where we found a sub-scale European hidden champion and, together with the founder, developed the business into a top two Microsoft Dynamics Partner globally over our investment period. This is what CETP does best, partnering with founders and managers of aspirational European B2B Tech businesses and turning them into global leaders. We are very proud to have partnered with Peter and the HSO team over the past six years through what has been a remarkable collaborative effort, and we believe the business will continue to thrive in the future.”
Charles Lamanna, CVP, Business & Industry Copilot at Microsoft and HSO Executive Sponsor, said: “Agentic AI is transforming the way that companies operate, and Dynamics 365 and Business Applications sit front and center to this at Microsoft. We have always been a partner-led business, but in times like this rely even more on our leading partners to drive change in our customers’ organizations. HSO has been on the journey with us for over 20 years and today sits among our strongest partners globally with an exceptional level of trust and mutual respect between our teams. This trust will be critical as everyone reimagines their business with AI. We are very excited to see them embark on this next stage of growth.”
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