London — April 5
StepStone ASA has signed a binding agreement to sell its StepStone Solutions talent management software division to European sector focused private equity investor HgCapital for a purchase price of 110 million euros. The transaction is expected to close by the end of April 2010, subject to usual closing conditions. In 2009, StepStone ASA recorded revenues of 100.1 million euros, of which 50.3 million euros relate to StepStone Solutions. The software division, which serves more than 1,400 customers, operates in 17 countries and employs around 450 people, will continue to be led by its current Group MD, Matthew Parker, and his management team under HgCapital’s ownership.
StepStone ASA is a wholly owned subsidiary of Germany-based media company Axel Springer AG, which will continue to own and operate StepStone ASA’s Online job board division as an integral part of its digital strategy.
“Since 2004, our StepStone Solutions software business has become the leader in the European market for talent acquisition and management solutions, demonstrating strong, profitable growth. It is also now growing well in the U.S. and Asia-Pacific markets. This development is clearly good news for the entire global customer base, who will have the reassurance of strong backing and continued investment in StepStone Solutions’ business strategy,” said StepStone ASA CEO Colin Tenwick.
“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 Müffelmann, head of electronic media at Axel Springer.
“StepStone Solutions exemplifies our investment policy for midsize European TMT businesses with excellent long-term growth potential based on strong technology and sound management,” said HgCapital’s Kai Romberg. “StepStone Solutions has already built a position as one of Europe’s leading SaaS vendors and as the leading European player in the talent acquisition and management space. We look forward to actively supporting the management team’s plans for continuing global development.”