
EMZ acquires HRWorks
EMZ Partners has agreed to acquire software developer HRWorks, according to a regulatory filing.
The firm will take a stake of up to the entire share capital of the company.
EMZ is currently investing from its ninth vehicle, EMZ 9 (Euromezzanine 9). The fund had a target size of €900m and a hard-cap of €1bn, and ultimately exceeded its target, by closing the fund on €1.04bn in July 2020. The fund typically writes equity cheques of €50m per investment; however, it can write cheques as low as €10m and up to around €100m.
The firm recently opened its first international office in Munich, headed by partner Klaus Maurer – formerly of Silverfleet Capital and ICG – and it most recently acquired Ankerkraut, a Germany-based speciality retailer in August 2020.
Company
HRWorks, founded in 1997, provides HR and accounting subscription software, and currently has about 200,000 users. Besides its Freiburg headquarters, the company has additional locations in Berlin and Frankfurt am Main.
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