4.1x / 52%
Provider of accounting, tax and payroll management software
TeamSystem was a regional, founder-led software company serving around 28,000 clients, and employing approximately 200 staff.
Palamon identified an opportunity to drive a national expansion strategy focused on gaining significant market share in a highly fragmented sector. TeamSystem presented a solid base business whose market position and past growth pattern suggested that it could achieve growth rates of 15-20% per annum. In addition, TeamSystem’s large existing network was perfectly suited for internet exploitation.
Under Palamon ownership, TeamSystem grew its customer base to 43,000 whilst revenue and profitability grew by more than 2.5 times to €58 million and 23 million, respectively. The company employed more than 450 staff.
In December 2004, TeamSystem was sold to Bain Capital generating a 4.1x return on invested capital and a 52% IRR..
“In three years of joint activity, Palamon has been a constant support for me in strategic analysis and planning, as well as a continuous point of reference for discussion and advice on the most critical business and operational decisions. Palamon guarantees full support, leaving at the same time autonomy to the management to conduct business.”
Gianandrea De Bernardis CEO of TeamSystem Pessaro, Italy