Investcorp sells softgarden to Grupa Pracuj for $125 million

Grupa Pracuj SA

14/06/2022 13:12

By Emma-Victoria Farr
    BERLIN, June 14 (Reuters) - Investcorp has sold its German
human resources (HR) software management firm softgarden to
Poland's Grupa Pracuj  GPPP.WA  for around 120 million euros
($125 million), Hazem Ben-Gacem, Investcorp's co-chief executive
officer told Reuters.
    The sale marks a three times return on investment for
Bahrain-based Investcorp, which bought its controlling stake in
softgarden in 2018, Ben-Gacem said on the sidelines of the
SuperReturn conference in Berlin.
    The scope of human resources at companies has changed in
recent years with an increased use of temporary labour, as well
as aspects like managing employee sabbaticals, taking its
function beyond hiring and firing, Ben-Gacem said.
    Berlin-based softgarden offers software for digital
recruitment as well as features including time-tracking,
vacation and absence management, and personnel file management. 
    Discussions between softgarden and Warsaw-based Grupa Pracuj
picked up following the outbreak of war in Ukraine. Indeed, the
close knit partnership formed between the European countries
involved helped get the deal over the line, Ben-Gacem said. 
    Investcorp is closing its fifth technology fund in the next
few months, targeting $700 million, he said. 
    Investcorp Technology Partners was advised on the deal by
Covington & Burling, Deloitte and Kuhn & Partner. Grupa Pracuj
was advised by Ebner Stolz, Houlihan Lokey and White & Case.
    Grupa Pracuj did not immediately return requests for
comment.
    ($1 = 0.9582 euros)

 (Reporting by Emma-Victoria Farr  Editing by Andres Gonzalez
and Mark Potter)
 ((emma-victoria.farr@thomsonreuters.com;))