TeamSystem, a company backed by mid-market major HgCapital which provides software to accountants and SMEs in Italy, has expanded its operations with the acquisition of a controlling stake in multi-touch software developer H-umus.
H-umus, which develops software for interactive platforms including iPads and iPhones, was bought for €4m from Italian venture incubator H-Farm, where it will continue to maintain its headquarters.
TeamSystem boasts more than 80,000 clients, 27 offices in Italy and employs around 800 staff.
The Pesaro-based company was acquired by HgCapital in 2010 for an enterprise value of €565m, representing the mid-market buyout house’s seventh investment into vertical market application software.
Alongside organic growth, the firm intends to cross-sell products to TeamSystem’s existing client base through the use of add-on modules like reporting, analytics and payrol, according to its website.
The potential to complete a number of add-on acquisitions of complementary software businesses in Italy was also part of HgCapital’s growth plan for the business.
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