TeamSystem is Italy’s leading provider of small business accounting, tax and payroll management software with product sales to end-users of over €200 million. Founded in 1979, TeamSystem serves small to medium-sized businesses and small home-office businesses. Through direct sales and exclusive distributors, TeamSystem’s three core software systems have been installed in more than 40,000 companies, commercialisti (financial advisors) and consulenti del lavoro (labour advisors). Product loyalty is extremely high with 98% of customers renewing the service each year. The investment by Palamon was made in order to support a national expansion strategy focused on gaining significant market share in a highly fragmented sector. To this end, Palamon has assisted the professionalisation of the management structure, which allowed the company to grow revenues and profitability over 2.5 times under Palamon’s ownership. TeamSystem was sold to Bain Capital in December 2004.