Francisco Partners and KKR agree to buy stakes in Italy’s TeamSystem
Private equity funds Francisco Partners and KKR have agreed on terms to acquire minority stakes in Italian software company TeamSystem from its main investor, Hellman & Friedman. This was reported by Reuters in an article published by Channel NewsAsia, citing three people familiar with the matter.
According to them, Hellman & Friedman agreed to sell Francisco Partners about 10% of TeamSystem. Another approximately 5% stake was sold to other investors, including KKR. The terms of the deal were not disclosed, and the publication’s sources provided the information anonymously.
TeamSystem valuation
The sources valued TeamSystem at €8–10 billion. The company develops software for accounting, payroll and business management, used by companies and professionals.
The deal allows Hellman & Friedman to partially recoup its investment. According to the sources, the fund is expected to transfer the remainder of its stake to another fund managed by Hellman & Friedman. Francisco Partners, KKR and TeamSystem declined to comment.
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Ownership structure and financial performance
Hellman & Friedman first invested in TeamSystem in 2016. According to a corporate document, as of July the fund owned 69% of the company. Silver Lake and Abu Dhabi sovereign wealth fund ADIA, which bought stakes in TeamSystem from Hellman & Friedman in 2023, held 12.8% and 9.8%, respectively.
According to one of the sources, TeamSystem generates more than €1.3 billion in revenue and about €600 million in core profit. Its products are integrated with government e-invoicing systems used by small and medium-sized enterprises, which, according to the source, makes them difficult to replicate for competitors using artificial intelligence.
Financial Times wrote in July that Hellman & Friedman was seeking a valuation of the business at about €8 billion. Such a valuation corresponded to approximately 16.5–17 adjusted TeamSystem EBITDA multiples for 2025, when the figure was €476 million.
