Investcorp Technology Partners, a technology investor, announced that it has entered into a definitive agreement to sell German-based Softgarden e-recruiting GmbH, a provider of innovative HR software solutions to Grupa Pracuj, the parent company of a number of Eastern European job board brands.

The transaction, which is expected to complete imminently, will result in a return of in excess of 3x invested capital in less than four years, according to Investcorp. The price of the transaction was not disclosed.

Headquartered in Berlin, Germany, Softgarden offers an innovative recruitment software platform to a diverse set of mid-market and enterprise customers across Europe. The company’s Talent Acquisition Suite enables its customers to streamline and manage their entire digital recruitment process in an efficient, integrated and data-privacy-compliant manner. 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. Customers also have access to hundreds of fully integrated job-boards at Softgarden.

Investcorp acquired Softgarden in 2018 as part of its Investcorp Technology Partners Fund IV and worked closely with its founder, managing director, and Chief Technology Officer Stefan Schüffler and the management team to accelerate growth through international expansion, the strategic acquisition of Absence.io as well as meaningful investments in product innovation and its go-to-market strategy. Investcorp oversaw significant development and revenue acceleration at the company, including the growth of its software revenue by more than 400%, the strategic entry into new markets such as France, Spain, and Poland as well as the Company’s employee base more than doubling.

Georg Knoflach, Managing Director at Investcorp Technology Partners, said, “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 internationalising the business model. I am confident that Softgarden will build on these strong foundations to continue its growth journey.”

Mathias Heese, CEO at Softgarden, said, “We could not have wished for a better partner than Investcorp Technology Partners. 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.”

Grupa Pracuj  recently reported revenue for the first quarter of 2022 of PLN 142.1 million (€30.8 million), an increase of 40.8% when compared to the same period a year ago.