- Carlyle’s expertise, capital and network will support the long-term growth of the company
- CEO Michael Friemel to retain significant minority stake in CSS and continue to lead the company
Künzell, Germany –Global investment firm Carlyle (NASDAQ: CG) announced today that it has acquired a controlling stake in CSS AG (CSS), one of Germany’s leading providers of business software focused on accounting software , management control and human resources (HR). Majority shareholder Michael Friemel will retain a significant minority stake in CSS and will continue to lead the company as CEO.
Founded in 1984, CSS is headquartered in Künzell, Germany, and serves and supports clients from eight additional regional offices. CSS is the only vendor to offer a fully integrated all-in-one business solution, named eGECKO, for Accounting, Controlling and Human Resources modules, which specifically targets the needs of local German and multinational mid-market customers. . It serves approximately 2,500 clients in a wide variety of industries.
Carlyle will work alongside the CSS leadership team to support the growth of the business through the further development of its eGECKO solution through synergistic acquisitions and offering cloud solutions. The equity for the transaction will be provided by Carlyle Europe Technology Partners (CETP) IV, a € 1.35 billion fund that invests in technology-driven small and medium-sized businesses in Europe and the United States. The CETP team has extensive experience in supporting enterprise software companies, both globally and in German speaking countries. Previous investments in the German enterprise software market include software provider HR Personal & Informatik (P&I), enterprise content management (ECM) software provider SER Group, and iC Consult, a major Identity and Access Management (IAM) service providers.
Dr Thorsten Dippel, Managing Director of the CETP Advisory Team, said: “CSS is a leading player in the German accounting and human resources software market. We believe the company is uniquely positioned to benefit from the growing demand for modern cloud-based solutions. and capture more market share from existing players or suppliers who only offer accounting or HR software, rather than a bundled product.In partnership with Michael Friemel and the CSS management team, we will seek to leverage our significant industry expertise gained through similar software companies, both organically and through mergers and acquisitions. “
Michael Friemel, CEO of CSS, said: “We are delighted to partner with Carlyle who brings a vast network and deep understanding of our industry. Carlyle’s investment in CSS represents a major step in moving the company forward into the next phase of its development. and growth. By partnering with Carlyle, we will seek to take advantage of organic and M&A opportunities, while continuing to expand our growth and innovation plans. I have no doubts that Carlyle is the perfect match and that this is the right step at the right time. “
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital in three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $ 293 billion in assets under management as of September 30, 2021, Carlyle’s goal is to invest wisely and create value on behalf of its investors, the companies in its portfolio and the communities in which we live. and let’s invest. Carlyle employs more than 1,800 people in 26 offices across five continents. More information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
CSS AG is one of Germany’s leading providers of business software focused on accounting, controlling, human resources (HR) and related software. CSS is the only software vendor to offer a fully integrated all-in-one business solution (eGECKO) for accounting, controlling, human resources and adjacent modules, which specifically targets the needs of local and multinational German customers. of the middle market. With more than 240 employees and 9 regional offices across Germany, the company closely serves and supports its more than 2,500 customers.
The Carlyle LP group published this content on November 03, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 03 November 2021 09:11:01 UTC.