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HgCapital, the European sector focused private equity investor, 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.
StepStone's Talent Management Solutions software aims at recruiting, retaining and developing staff. StepStone Solutions is a so-called SaaS company (Software as a Service) with 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.
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."
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, the 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 Mueffelmann, Head of Electronic Media at Axel Springer.