Hellman’s TeamSystem buys E-conomic

According to a source familiar with the situation, the transaction was fully funded by cash on TeamSystem's balance sheet.

Prior to the transaction, TeamSystem retained a 40% stake in the business. As part of the deal, the company's headquarters will remain in Copenhagen.

The acquisition is part of TeamSystem's M&A strategy, based on expanding its product offering to cloud-based marketplaces. The deal follows the recent acquisition of Italian cloud-based invoicing software developer Fatture In Cloud in September 2015.

According to the most recent figures, TeamSystem posted a turnover of €257m in 2015 and employs a staff of 1,900.

Previous funding
In December 2015, Hellman & Friedman acquired a majority stake in TeamSystem from HgCapital, Bain Capital, ICG and the company's management board. As part of the deal, HgCapital and the management team retained a minority stake in the business. The deal is reported to have valued the company at €1.2bn.

TeamSystem bought a 40% stake in E-conomic in March 2016.

Company
Founded in 2001 and headquartered in Copenhagen, E-conomic develops a software focusing on accounting services for SMEs. The company claims 2,500 clients across southern Europe, England and Germany, and currently employs 15 people.

People
Hellman & Friedman – Blake Kleinman (managing director).
TeamSystem – Federico Leproux (CEO).

Advisers
Equity – Gattai Minoli Agostinelli & Partners (legal); New Deal Advisors (financial due diligence).

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