Acquisition of StepStone Solu

RNS Number : 3976J

HG Capital Trust PLC

30 March 2010

 



Set out below is the text of a press release issued today by HgCapital, which manages the investment portfolio of HgCapital Trust plc alongside those of other institutional clients. The Trust, which is a listed investment trust giving private and institutional investors the opportunity to participate in all HgCapital's investments, will invest at least £13.4m in StepStone.

HgCapital agrees the acquisition of StepStone Solutions for

€110 million enterprise value

London, 30 March 2010:  HgCapital, the European sector focused private equity investor, is pleased to announce that it has agreed the acquisition of StepStone Solutions, the Talent Management solutions division of StepStone ASA. The acquisition will be completed together with the current management team, led by Group Managing Director, Matthew Parker. 

HgCapital Trust plc is contributing at least £13.4m of the total €110m enterprise value. This is the Trust's second capital commitment within days, following HgCapital's investment into the commercial laundry business JLA last week.

Over 1,400 organisations, including many of the world's leading businesses, use StepStone's Talent Management Solutions to recruit, retain and develop talent. StepStone Solutions is one of the biggest European SaaS (Software as a Service) companies with over 400 staff located in 16 countries across the globe.

StepStone ASA is a wholly-owned subsidiary of Germany-based publishing and media company Axel Springer AG.  Axel Springer is retaining ownership of the online division of StepStone.

This transaction is HgCapital's third SaaS technology acquisition in the last two years. HgCapital thereby continues its strong track record in backing European best-of-breed software companies with a strong subscription element who are clear market leaders in their field.

Commenting on the acquisition, Kai Romberg, a director in HgCapital's TMT team said:"We are excited about the opportunity to back StepStone Solution's management team and help accelerate the company's growth both organically and by select add-on acquisitions, taking it to the next stage of its development. The business is a strong market leader in Europe and has achieved impressive levels of customer retention and subscription rates."

Commenting on the acquisition, Matthew Parker, CEO of StepStone Solutions said:"The acquisition by HgCapital gives us a great opportunity to move on to the next phase in our development. The growth potential in the Talent Management space combined with HgCapital's track record and the great team at StepStone Solutions should prove to be irrepressible."

"Since Axel Springer has set a clear strategic focus on online job boards for StepStone ASA, acquisition of the software division by HgCapital will allow the Solutions unit to enter a new phase of expansion under HgCapital's ownership," added Dr. Jens Müffelmann, Head of Electronic Media at Axel Springer.

For further details:

HgCapital	Kai Romberg	[phone]
HgCapital Trust	Roger Mountford	[phone]
Maitland	Neil Bennett	[phone]
	Rowan Brown	[phone]
StepStone	Andrew Rodaway	[phone]

About StepStone Solutions

StepStone helps businesses get increased performance from their people, helps them build and develop global talent pools, and helps people find new jobs that match their talents. Across the world thousands of organisations rely on StepStone every day to improve their business performance and talent development strategies while millions of people rely on StepStone to improve their careers. StepStone delivers world class technology and services for finding, recruiting, retaining, managing and developing talented people.

StepStone Solutions provides a complete suite of Talent Management software solutions. StepStone's on-demand (SaaS) software and services enable organisations to implement efficient processes, including; attraction and hiring, post-hire talent management, performance management, compensation management, skills and competency management, career and succession planning, training and development management.

StepStone is a wholly-owned subsidiary of Germany-based publishing and media company Axel Springer AG. At the end of December 2009 more than 1,400 organisations, including many of the world's leading businesses, use StepStone software and services. It operates in 17 countries and employs around 800 people. Its global customers include Aviva, Deloitte, Deutsche Telekom, Lufthansa, McDonald's, Puma, ThyssenKrupp and Volkswagen.

For more information see: www.stepstonesolutions.com 

About HgCapital Trust plc

HgCapital Trust plc is an investment trust whose shares are listed on the London Stock Exchange. The trust gives investors exposure to a portfolio of high-growth private companies, through a liquid vehicle.  This portfolio is managed by HgCapital, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors. The Trust has won the Investment Week Private Equity Investment Trust of the Year every year since 2005.

For further details, see www.hgcapitaltrust.com

About HgCapital

HgCapital is a sector focused private equity investor in the European mid-market.  We focus on investments with an enterprise value in the range of £50-£500 million.  Our business model combines sector specialization with dedicated, pro-active support to our portfolio companies as well as the corresponding management expertise across all phases of the investment process.

HgCapital manages more than £3 billion for some of the world's leading institutional and private investors.

For further details, see www.hgcapital.com 

 

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