Waterland acquires software development business GOD

The deal remains subject to competition authority approval.

Igor Krahne, Ralf Holland and Thomas Wolenski will remain in their management roles and will hold a significant minority stake in the business.

The GP is currently deploying equity via Waterland Private Equity Fund VIII, which held a final close in December 2020 on €2.5bn. Waterland typically deploys equity tickets of €2-25m and acquires Europe-based businesses operating in fragmented markets.

Waterland intends to support GOD's growth via a buy-and-build strategy, with the aim of acquiring businesses that will expand GOD's service portfolio. The company has previously made strategic acquisitions to support its growth, including German market peer Ströhmer Software, which it bought in August 2020.

Waterland's previous investments in the IT sector include Germany-headquartered managed IT network specialist Netgo, which the GP acquired in October 2019.

Company
Founded in 1985 and headquartered in Brunswick, Gesellschaft für Organisation und Datenverarbeitung (GOD) assists large and mid-market companies with the design and management of software, including cloud, Edge and SAP products. The company has additional offices in Hamburg, Ingolstadt and Wolfsburg, as well as Breslau in Poland, all together employing around 400 staff.

People
Waterland Private Equity – Gregor Hengst (principal).
Gesellschaft für Organisation und Datenverarbeitung – Igor Krahne (managing partner).

Advisers
Equity – Boston Consulting Group (commercial due diligence); Hengeler Mueller (legal); EY (financial due diligence); GCA Altium (debt advisory).

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