Global Finance exits TotalSoft in €30m deal

Global Finance's South Eastern Europe Fund (SEEF) sold its entire 90.5% stake in the deal, which gave TotalSoft an enterprise value of €30.25m, equating to 8.6x TotalSoft's 2015 EBITDA.

The deal brings to an end Global Finance's 11 years of ownership, first through its Global Romania and Bulgaria Growth Fund and Black Sea funds, and later through the SEEF vehicle.

Previous funding
Global Finance first invested in TotalSoft through its Global Romania and Bulgaria Growth Fund and its Black Sea Fund in April 2005, acquiring an 80% stake for €7.7m. In June 2009, Global Finance's SEEF vehicle took over ownership of TotalSoft, taking a 90.5% shareholding in the business.

Company
Founded in 1994, TotalSoft is an enterprise software developer focusing on large and mid-sized enterprises.

The company is based in Bucharest and sells its products to clients in 35 countries across the world. It generated EBITDA of €3.48m in 2015 from revenues of €20m.

People
Global Finance – George Kourtis (partner).
Logo – Tugrul Tekbulut (chair).
TotalSoft – Liviu Dragan (CEO).

Advisers
Vendor – Clearwater International (corporate finance); RTPR Allen & Overy (legal).

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• Topics
• Exits
• Technology
• CEE
• Romania
• Trade sale