MILAN & LONDON – TeamSystem, a leading provider of business software solutions to companies and accountants in Italy and Spain, announced today that Silver Lake, a global leader in technology investing, has entered into a definitive agreement to acquire a €600 million minority stake in the company from Hellman & Friedman (H&F). H&F will remain the majority shareholder in TeamSystem following close of the transaction.

This strategic investment from Silver Lake marks a significant milestone for the Company as it continues to drive the digital transformation of businesses and their accountants in Italy and Spain. TeamSystem’s innovative software platform – with solutions ranging from core business applications to financial technology and AI tools – has revolutionized business processes, empowering clients to streamline operations, drive efficiency and accelerate growth. Since the time of H&F’s initial investment in TeamSystem in 2016, the number of customers served by the company has grown from 200 thousand to approximately 1.8 million today.

Commenting on the investment, Federico Leproux, CEO of TeamSystem, said: “We are pleased to welcome Silver Lake as a strategic partner. We believe this partnership will unlock even greater potential for TeamSystem as the company continues to expand its product offering to help digitise the Italian and Spanish economies – and beyond. We are also delighted to continue our partnership with Hellman & Friedman, which has been our trusted partner for over seven years.”

Christian Lucas, Co-Head of EMEA at Silver Lake, said: “We are excited to partner with TeamSystem as it continues to transform the Italian software industry. Management’s strong commitment to technological leadership, customer-centric approach, and drive for best-in-class innovation are qualities we value highly and have invested behind consistently in support of cloud software leaders across Europe, making TeamSystem an ideal fit for Silver Lake. We look forward to working closely with Federico and the full team in partnership with Hellman & Friedman to drive further growth and deliver exceptional value to its customers.”

Blake Kleinman, Partner at Hellman & Friedman, added: “We are thrilled to welcome Silver Lake as an investor in TeamSystem as we set our sights on the next phase of growth for the business. We have been impressed by TeamSystem’s performance since our initial investment in 2016. Federico Leproux and his team have done an outstanding job to strengthen TeamSystem’s offering and more than triple the company’s revenues. Our investment in TeamSystem which started over seven years ago is a great example of H&F’s approach to long-term value creation. We look forward to continuing our partnership with Federico and his outstanding management team.”

The transaction is expected to close around end of the year, subject to customary closing conditions and regulatory approvals. Evercore acted as financial adviser to H&F and TeamSystem.

About TeamSystem

TeamSystem is an Italian technology company with market-leading digital solutions enabling companies and professionals to run their businesses. The Group – which has a 40-year track record – reported a turnover of approximately €700 million in 2022. TeamSystem serves 1.8 million customers through proprietary Cloud platforms. For more information, visit www.teamsystem.com.

About Silver Lake

Silver Lake is a global technology investment firm, with more than $95 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate more than $282 billion of revenue annually and employ approximately 713,000 people globally.

About Hellman & Friedman

Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors including software & technology, financial services, healthcare, consumer & retail, and other business services.

Since its founding in 1984, H&F has invested in over 100 companies. The firm is currently investing its tenth fund, with $24.4 billion of committed capital, and has over $85 billion in assets under management as of December 31, 2022. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.

GTreasury secures investment from Hg to accelerate growth as a global Treasury Management Software platform.

Chicago, Ill. – May 18, 2023: GTreasury, a treasury, payments, and risk management software provider, today announces that it has secured a majority investment from Hg, a leading investor in global software and services companies. As part of the transaction, the GTreasury management team and former majority owner, Mainsail Partners, will continue as investors in the business.

Based in Chicago, Illinois, GTreasury is a global leader in treasury management systems (TMS) for organizations worldwide. GTreasury’s SaaS solutions assist treasury departments to effectively manage liquidity needs, payment execution, bank relationships, FX hedging, and auditing and compliance requirements. GTreasury provides these practitioners with real-time insight and access into their global liquidity needs, serving over 700 customers across 30 industries in over 160 countries.

Hg’s investment and support will enable GTreasury to continue its rapid growth as a highly strategic platform in the TMS segment, with scope to drive further operational improvements, invest in more product development, and continue its global expansion plans—including Asia Pacific regions and in Europe, where Hg has a deep network and 30-year heritage. Hg has invested around $9 billion in the wider tax and accounting software segment across Europe and North America over the last 19 years, with an increasing focus on software serving the ‘Office of the CFO’.

Terms of the transaction are not disclosed. Hg was advised by William Blair & Company, Skadden & Arps, Slate Meagher & Flom LLP, EY and McKinsey. GTreasury and Mainsail were advised by Guggenheim Securities and Wilson Sonsini.

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For further information, please contact:

GTreasury:
Bret Clement (Clement | Peterson)
+1 (303) 229-2271

Hg:
Tom Eckersley
+44 (0)208 148 5401

Harry Mayfield (Brunswick, USA)
+1 917 818 5204
HG@brunswickgroup.com

Positions Leading Bundled HR Solutions Provider to Drive the Next Chapter of Growth and Innovation in Partnership with Global Leader in Technology Investing

HONOLULU & MENLO PARK, Calif. – ProService, a leading provider of bundled HR solutions, today announced that Silver Lake, a global leader in technology investing, has partnered with the ProService management team and employee owners to invest in and drive the company’s next chapter of innovation and growth.

ProService offers critical HR services including payroll, benefits, insurance, compliance, administrative and risk management services on a fully bundled basis. More than 3,000 employers, with over 70,000 employees, partner with ProService to reduce their employment costs, compete for and retain the best talent, and ensure compliance in complex regulatory environments.

ProService excels at serving employers in specific markets where it is challenging to manage the costs and complexities of HR, payroll, and benefits. In addition to Hawai’i, ProService offers bundled HR solutions to employers in Las Vegas, NV; Denver, CO; and the senior care and disability services market through its AdvanStaff HR, Obsidian HR, and ProCare business units, respectively. These businesses are each experiencing strong growth by providing excellent service and bundled offerings that lower costs and save time for employers and employees. ProService plans to aggressively invest in its technology and insurance offerings to bring more value to clients, and will grow where employers face challenges managing the rising costs and complexities of employment.

Silver Lake brings deep technology and industry expertise to support ProService in accelerating the company’s technology strategy and execution capabilities, driving the further enhancement of ProService’s solutions and services.

“We can imagine no better partner than Silver Lake as we continue to pursue our purpose of making it easier to be an employer in the markets we serve,” said Ben Godsey, President and CEO of ProService. “The Silver Lake team is an amazing complement to ProService, bringing its excellence in product development and tech management to our HR and service expertise.”

“ProService has truly mastered solving for employers’ needs, with comprehensive solutions for each local market,” said Lee Wittlinger, Managing Director at Silver Lake. “Silver Lake is incredibly excited to partner with the ProService team and utilize our technology expertise and business scaling experience to help better serve the company’s current and future employer and employee partners.”

“On behalf of our entire team, we are grateful to FFL Partners for their support and partnership over the past six years, and for how they have worked with us to pass the equity investment baton to Silver Lake,” concluded Godsey. “The sequential investments from these two firms validate our client-focused business model, and they are instrumental in making good on our promise that ProService’s success is shared by our clients, our employees, and the markets we serve. As we look ahead, our ‘Clients are Partners’ core value has never been more front and center, and we look forward to accelerating our innovation to better support employers in the local markets we serve. The best is yet to come!”

About ProService

ProService provides bundled HR solutions that make it easier for employers to succeed. We provide local HR services for time-consuming and complex HR tasks and help employers manage HR and employee benefits and costs. These bundled solutions include configured HR technology, payroll, scheduling, HR consultations, health benefits management, administrative & risk management, workers’ compensation, 401(k), and regulatory compliance. ProService’s family of companies serve over 3,000 businesses representing over 70,000 employees in Hawaii, Las Vegas, NV, Denver, CO, and the senior care and disability services markets through ProService Hawaii, AdvanStaff HR, Obsidian HR, and ProCare, respectively. ProService is accredited by the Employer Services Assurance Corporation (ESAC).

About Silver Lake

Silver Lake is a global technology investment firm, with more than $95 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate more than $282 billion of revenue annually and employ approximately 713,000 people globally.

First half of April, KPN Ventures completed the Pre-Series A Investment Round in German-based enterprise cloud software platform BOX ID.

Under Clearlake’s and STG’s ownership, Archer has transformed into a leading end-to-end integrated risk management software-as-a-service platform serving customers around the world

 

Santa Monica, CA, Menlo Park, CA, London, UK, and Overland Park, KS – April 13, 2023 – Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and Symphony Technology Group (“STG”) announced today that they have entered into a definitive agreement to sell Archer (the “Company”) to Cinven. The transaction is expected to close in the middle of 2023 and is subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.

 

Founded in 2000 and headquartered in Overland Park, Kansas, Archer is a leading provider of integrated risk management (“IRM”) cloud software solutions with products that encompass compliance, governance, security, audit and ESG. STG initially acquired Archer in 2020 as a part of its acquisition of RSA Security LLC from Dell Technologies and subsequently partnered with Clearlake in 2021 to establish Archer as an independent business.

 

Over the course of Clearlake’s and STG’s ownership, Archer was strategically repositioned as a leading standalone IRM platform poised for continued expansion under the guidance of a new executive leadership team. The Archer executive team accelerated product innovation by modernizing its core platform to drive customer satisfaction and launched new product offerings that allowed the Company to broaden its addressable market with a focus on ESG risk quantification and modeling.

 

Leveraging Clearlake’s O.P.S.^® strategy and best practices from STG’s software investment portfolio, Archer transformed its global go-to-market motion, resulting in accelerated bookings and annual recurring revenue (“ARR”) growth, while transitioning many of its customers to its cloud subscription offerings. As a result, Archer has approximately doubled the size of its software-as-a-service (“SaaS”) ARR under Clearlake and STG’s ownership. Today, Archer has over 1,000 customers spread throughout the globe, including more than 50% of the Fortune 500 across financial services, healthcare, technology, consumer and other end-markets, and has been awarded 24 cumulative “Leader” positions from Gartner since 2013.

 

“We are thrilled by the tremendous progress Archer has made since re-launching as an independent SaaS Company and we want to recognize the efforts of CEO Bill Diaz and the rest of the management team that have made Archer a leading provider of cloud-based IRM solutions across a broad range of applications, end markets, and geographies,” said Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner and Managing Director, at Clearlake. “We are grateful to have had the opportunity to partner with the Archer and STG teams to create a solid foundation for the Company’s continued growth under Cinven’s ownership.”

 

“It has been a pleasure partnering with Bill and the entire Archer management team in scaling the business,” said William Chisholm, Managing Partner, at STG. ‘Since the Dell carveout in 2020, we established Archer as a standalone business and drove investments in both product and sales and marketing, which resulted in product innovation and capital efficient growth at the Company. Archer has evolved to become a leader in the SaaS-based integrated risk compliance and management market delivering significant value to its customers and partners.”

 

Mr. Diaz, Chief Executive Officer at Archer, said, “This is a very exciting milestone in Archer’s history after going through a tremendous strategic transformation over the past few years under Clearlake’s and STG’s ownership. Cinven’s acquisition of Archer represents confidence in our ability to accelerate our leadership position in integrated risk management and our goal to help organizations manage risk in the digital era. We are grateful to Clearlake and STG for their support during this process, and we are excited for the next chapter of Archer’s story with Cinven.”

 

“With a portfolio of leading end-to-end software solutions alongside a history of product innovation, we believe Archer is well positioned to capitalize on emerging growth trends in global risk and compliance software markets,” said Julia Kahr, Partner and Head of North America, and Daniel Garin, Senior Principal, at Cinven. “As an independent scaled platform, Archer is strategically differentiated in the IRM market, and we’re excited to partner with the management team to help Archer accelerate growth through both organic and inorganic initiatives.”

 

Goldman Sachs & Co. LLC and Morgan Stanley and Co. LLC acted as financial advisors to Archer. Sidley Austin LLP provided legal counsel to Archer, Clearlake, and STG.

 

About Clearlake

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.^® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has over $70 billion of assets under management and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK, Dublin, Ireland and Singapore. More information is available at www.clearlake.com and on Twitter @Clearlake.

 

About STG

STG is a private equity partner to market leading companies in data, software, and analytics. The firm brings experience, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market winning portfolio companies, STG creates sustainable foundations for growth that bring value to existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world class management teams. STG’s expansive portfolio has consisted of more than 50 global companies. For more information, please visit www.stg.com.

 

About Cinven

Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.

 

 

Media Contacts

 

For Archer:

Ben Desjardins

571-758-7286

ben.desjardins@archerirm.com

 

For Clearlake:

Jennifer Hurson

Lambert & Co.

845-507-0571

jhurson@lambert.com

 

For STG:

Gloria Consola

pr@stgpartners.com

 

For Cinven:

Alison Raymond

Alison.Raymond@Cinven.com

Together with the strong investor, the services, software and digitalization group aims to accelerate its growth strategy by accessing new markets and customers