Investcorp Technology Partners (ITP), a European technology sector-focused subsidiary of Bahrain’s Investcorp, has agreed to sell Softgarden e-recruiting Company, a provider of innovative human resources software solutions, to Grupa Pracuj, an HR Tech company leading in Central and Eastern Europe, for $123 million.
The transaction will result in a return of in excess of 3 times the invested capital in less than four years. Headquartered in Berlin, Softgarden offers an innovative recruitment software platform to a diverse set of mid-market and enterprise customers across Europe. Its award-winning Talent Acquisition Suite enables customers to streamline and manage their entire digital recruitment process in an efficient, integrated and data-privacy-compliant manner.
Furthermore, customers also benefit from access to hundreds of fully integrated job boards. Through the strategic acquisition of absence.io in 2021, Softgarden expanded its product offering beyond recruitment to include features such as time-tracking, vacation and absence management as well as digital personnel file management.
“We are immensely proud of the successful sale of Softgarden built on our close collaboration with the management team. This investment is a great demonstration of how our strategy of working in partnership with founders and management teams comes alive, driving value, executing M&A and internationalizing the business model. I am confident that Softgarden will build on these strong foundations to continue its growth journey. We wish the team the very best for the years to come.”
ITP acquired Softgarden in 2018 as part of its ITP Fund IV. ITP oversaw significant development and revenue acceleration at the Company, including the growth of its software revenue by more than 400 percent, the strategic entry into new markets such as France, Spain, and Poland as well as the doubling of the Company’s employee base.
Mr. Mathias Heese, CEO at Softgarden, said that “We could not have wished for a better partner than ITP. The team has closely supported our growth and development where we most needed it and, most importantly, enabled us to deliver great results for our clients. The business is going from strength to strength, and we look forward to our bright future as part of Grupa Pracuj.”