AnaCap exits GTT to Stirling Square

Rachel Lewis
05 July 2023

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AnaCap has sold a majority stake in Spanish tax collection software Gestión Tributaria Territorial (GTT) to Stirling Square.

Buyer Stirling Square has made its second software deal in a month, having acquired construction software developer Infobric in June.

The sponsor said that it will expand the software platform, further diversify its suite of products and embark upon strategic acquisitions across Europe.

AnaCap will retain around 20% of the company post-transaction, which had a reported enterprise value of around EUR 300m, according to local media.

The vendor acquired the business in July 2020 via AnaCap Financial Partners III, for EUR 100m-EUR 120m, giving an EBITDA multiple of 10x, as reported.

Under AnaCap's ownership, GTT has increased its international revenues tenfold, with group revenue growing around 70%, the GP said in a statement.

The 2016-vintage recently realised a 4.3x return on a minority stake sale in German industrial broker MRH Trowe to TA Associates. The vehicle, the latest buyout strategy raised by AnaCap, still holds a number of exits as it gears up for its fourth fund.

These include French payments software developer Market Pay, UK-based wealth management platform WealthTime, and German ID solutions company WebID.

Company
GTT designs and develops software for tax administration in both local and regional public administrations across Spain. The company has a footprint in more than 4,500 municipalities and provinces throughout Spain and Latin America, following a recent internationalisation strategy.

People
AnaCap - Nassim Cherchali (co-managing partner).
Stirling Square - Enrico Biale (partner).
GTT - Carlos Rico Alonso (CEO).