Three quarters of the €1.71bn TeamSystem’s annual reports disclose for acquisitions since 2015 went out in the last three years, and in 2025 three quarters of the year’s spend went to companies outside Italy. The Pesaro group, Italy’s market leader in accounting and business software and majority owned by Hellman & Friedman since 2016, closed 2025 with pro forma revenue of €1.15bn, 3.1 million customers and a direct presence in five countries.
Our records show 49 TeamSystem software acquisitions announced from 2015 to 2025. It pays above the private software market for accounting and business software, most of all outside Italy, and often in two steps, with the price of the founders’ remaining shares set years after closing. That second payment shapes the whole negotiation.
TeamSystem’s consolidated financial statements for 2015 to 2025 give the cost and the target’s revenue for most deals, and with its results releases and investor presentations they supply the spend, prices and multiples on this page. The deal counts, sectors and geography are from our transaction records.
TeamSystem Companies and Brands: How TeamSystem Is Organized
TeamSystem sells software for accountants, small businesses and mid-sized companies, and it has grown from €254M of revenue in 2015 to €1,058M of statutory revenue in 2025, a little over four times. Recurring revenue made up 88 percent of the 2025 total and international revenue 24 percent. In 2025 it reorganized around customer groups:
| Business unit | Customers | Share of 2025 revenue |
|---|---|---|
| Professional | Accountants, law firms and other professional firms | 29% |
| Mid-Market | Small and mid-sized companies on its ERP and industry software | 22% |
| Micro | Micro businesses on products such as Fatture in Cloud | 17% |
| International | Micro businesses and accountants in Türkiye, Spain, France and Israel | 17% |
| Large Account | Mid-market clients buying one cross-sold product | 15% |
Most acquired brands sit inside these units. Abroad, TeamSystem builds around a local platform that then buys for itself: Software del Sol, bought in 2020, buys for TeamSystem in Spain, and Mikro, bought in 2023, is the base for its Turkish business. At home, TeamSystem sells through its own branches and through a network of specialized dealers, and it also buys those dealers.
How Much TeamSystem Buys
TeamSystem made 49 software acquisitions of control from 2015 to 2025, including step-ups from a minority stake to control. The count ran between 2 and 7 a year, with 7 in 2016 and again in 2025, and 19 of the 49 came from 2023 to 2025. Alongside the software deals, TeamSystem buys the resellers of its own products and services businesses, counted separately in the section on what it buys.
Spending has grown faster than the count. The disclosed cost of each year’s acquisitions came to €276M across 2015 to 2020, €146M across 2021 and 2022, and €1,292M across 2023 to 2025: €465M in 2023, €203M in 2024 and €624M in 2025. That cost includes the estimated price of minority shares that TeamSystem has agreed to buy later under put and call options, so it measures what TeamSystem committed in the year, with part of the cash following over several years.
The cash side tells the same story. TeamSystem’s investor presentation shows €514M spent in 2025 on new investments and payments to minority shareholders, up from €107M in 2020, and €1.58bn across those six years.
TeamSystem pays for this with cash flow and debt. Operating cash flow reached €484M in 2025, and in July 2025 the group issued new notes, bringing its senior secured notes to €2.75bn, with consolidated senior secured net leverage of 4.98 times EBITDA at the end of 2025, including the deals signed after year end.
What Size of Company TeamSystem Buys
Most of what TeamSystem buys is small. Its filings give a cost for 42 of the 49 deals, and the median is €10.1M, with an interquartile range of €2.8M to €23.2M. Half of them, 21 of the 42, cost under €10M. Target revenue is small too: across the 38 deals in our multiples dataset, the median was €3.4M in the year of acquisition, with an interquartile range of €1.1M to €6.3M.
The large deals are recent and international. Ten acquisitions cost €25M or more, and the three above €100M, in Türkiye, Israel and France, all came from 2023 on. A company with revenue above €6.3M sits in the top quarter of the targets TeamSystem has priced.
What TeamSystem Buys
TeamSystem buys software across many verticals, with accounting at the center.
| Vertical, 49 software acquisitions | Przejęcia |
|---|---|
| Accounting, ERP and invoicing | 17 |
| Industry, construction and property | 7 |
| Legal, compliance and security | 5 |
| Marketing, e-commerce and data | 5 |
| HR, payroll and recruitment | 4 |
| Fintech and finance | 3 |
| Other vertical software (hospitality, fitness, waste, logistics and more) | 8 |
| Outside the software count: IT services firms (42 of them TeamSystem resellers) and other businesses | 56 |
Accounting, ERP and invoicing is the core, with 17 of the 49 software acquisitions, and it dominates abroad: 9 of the 13 software companies TeamSystem bought outside Italy sell accounting, ERP or invoicing software to small businesses and accountants. In Italy the program is broader: TeamSystem has added vertical products for hospitality businesses, gyms, wineries, textile makers, waste collectors, logistics firms and condominium managers.
TeamSystem also consolidates its own sales channel. It buys the resellers of its products, often through a newly formed company that takes over a dealer’s business unit, and folds them into a small number of TeamSystem vehicles. For a dealer, the buyer already knows the products, since they are its own. Beyond its 49 software acquisitions, our records show 56 more: 47 IT services firms, 42 of them resellers of TeamSystem software, and 9 other businesses, from payroll services and online accounting to credit brokerage.
One early deal shows how far a small purchase can go. In 2015 it bought a controlling stake in Madbit Entertainment, the start-up behind Fatture in Cloud, and a decade later Fatture in Cloud is the core product of its Micro business unit.
Where TeamSystem Buys
TeamSystem bought software companies in eight countries: Italy with 36 acquisitions, Spain with 5, France and Türkiye with 2 each, and Denmark, the United Kingdom, Israel and Switzerland with 1 each. Until 2022 the program was almost entirely Italian, with four deals abroad in eight years. From 2023 it turned outward: 9 of the 19 acquisitions of 2023 to 2025 were outside Italy, and those 9 took 86 percent of the money.
The pattern in each new country is the same. TeamSystem buys an accounting provider serving small businesses, then adds more companies around it, as in Spain from 2020, Türkiye from 2023 and France from 2024; Israel followed in 2025. Its CEO, Federico Leproux, said on the purchase of ACD in France in April 2026 that the French market, reshaped by the gradual rollout of electronic invoicing, shows strong similarities to what already happened in Italy. Foreign revenue grew 35 percent organically in 2025, and Türkiye alone grew 60 percent.
What TeamSystem Pays: Acquisition Multiples
TeamSystem’s own filings price most of its deals: for 38 software acquisitions its notes give both the cost of the investment and the target’s revenue for the year of acquisition, so the multiples below come from TeamSystem’s own figures. The cost includes the estimated price of any minority shares under option, which makes it a measure of the full price of the business.
Across the 38 acquisitions with both figures, the median price was 4.8 times revenue, with an interquartile range of 2.9x to 6.5x, above the 3.7x median across private software deals in our valuation research. Thirty-five were private companies, at a median of 4.8x, and three were carve-outs of a business unit, at 3.1x to 5.4x, two of them from a listed seller; TeamSystem has yet to take over a listed company.
Location and size move the price. The 14 targets outside Italy fetched a median of 5.7x, against 3.5x for the 24 in Italy, and the 22 deals costing €10M or more a median of 5.0x, against 4.1x for the 16 smaller ones. The median rose over time, from 4.3x for the 21 deals of 2015 to 2022 to 4.8x for the 17 of 2023 to 2025, and the large recent deals lifted the total: summed together, the priced deals of 2023 to 2025 cost €911M on €140M of revenue, 6.5 times.
Revenue in the year of acquisition includes the months after closing, so for a growing company a multiple of trailing revenue sits higher still. TeamSystem’s notes report profit after tax, so an EBITDA multiple is out of reach. As arithmetic, 4.8x revenue equals 19.2x EBITDA at a 25 percent margin and 16.0x at 30 percent, against 19.0x across private software deals.
For the value of the buyer itself, Reuters reported in September 2026 that Francisco Partners and KKR had agreed terms to buy minority stakes in TeamSystem from Hellman & Friedman at a valuation of €8bn to €10bn, about 16.5 to 17 times its 2025 adjusted EBITDA.
Have an offer from TeamSystem?
If you have an offer from TeamSystem or one of its companies on your desk, talk to us before you answer it. TeamSystem is a serious buyer: it has closed 49 software acquisitions since 2015, it pays a median of 4.8 times revenue, above the private market, and it keeps founders invested through options on their remaining shares. Where it buys a majority, the price of the remaining shares depends on a formula applied years after closing. Our job is to find the buyers who will compete with it, including those who pay more at closing, and to negotiate the option formula while there is still room to move it. TeamSystem already pays above the market, and competitive pressure alone should push its valuation higher still. Call us before you sign a letter of intent.
How TeamSystem Structures a Deal
TeamSystem often buys in two steps. Of the 49 acquisitions, 22 were for a stake below 100 percent, most of them at 51 or 60 percent, and its accounting policy states that when it buys a majority it normally agrees put and call options on the remaining shares at the same time. The founders keep a minority and sell it later, at a price set by formula: the filings describe it as based on normalized earnings of the company, plus its average or actual net debt over the period when the options fall due.
That structure turns part of the price into a bet on the years after closing. TeamSystem carried €256M of liabilities to minority shareholders at the end of 2025, covering options, earn-outs and deferred payments, and it paid €126M of them during the year. It also increased its estimate of them by €67M in 2025, so it expects to pay sellers more than it first booked. The newest deals follow the pattern: in early 2026 it bought 70 percent of one Italian start-up with the remaining 30 percent priced on its 2026 results, and 85 percent of ACD in France, with options on the rest.
For a founder, the definition of normalized earnings decides a large part of the price, so negotiate it line by line. The years when the options open matter as much as the multiple, because the price follows the company’s results in those years. And your control over budget and hiring while you are a minority shareholder decides whether you can deliver those results.
Most acquisitions, 27 of the 49, were for 100 percent, and recent deals used one of the large audit firms for due diligence. Dealer deals often run through a demerger: the seller moves its TeamSystem business into a new company, which TeamSystem then buys. For an owner comparing structures, our guide to sprzedaży firmy do software roll-upu sets out the trade between cash at closing and a retained stake.
What Happens After Closing
Integration speed depends on what TeamSystem bought. Dealers and small software companies are merged into TeamSystem’s own companies quickly: companies bought in 2025, such as Muscope, were merged into the parent within the same year, and every annual report from 2015 to 2025 records a round of mergers to simplify the group. The dealer vehicles absorb the resellers’ business units.
Larger companies keep their identity: Software del Sol runs TeamSystem’s Spanish business and buys for it, Mikro does the same in Türkiye, and when Mikrogrup bought a Turkish SME platform in 2025, its co-founders stayed on to support product development and operations. The option structure keeps founders invested: at the end of 2025 TeamSystem still held options over 17 percent of Mikro, more than two years after buying control.
TeamSystem also sells what it outgrows. In late 2024 it sold dealers it had bought within the previous two years, and in October 2025 it sold Nuovamacut, its CAD and product lifecycle software distributor, for a gain of €68M. The 2025 reorganization by customer group, with a strategy of selling more products to each customer, tells you where an acquired product is expected to earn its keep: in cross-selling to TeamSystem’s 3.1 million customers.
TeamSystem’s Competitive Position
We see TeamSystem holding a strong hand in Italy and buying its way toward a similar position in Spain, France, Türkiye and Israel, and its CEO draws the parallel between the Italian and French e-invoicing rollouts himself. Reuters reported in September 2026, citing a source, that its products are closely integrated with government e-invoicing systems, which makes them harder for AI-driven rivals to replicate.
The competition for the same targets has grown. Visma, the most active buyer of accounting, ERP and HR software in our records, entered Italy in 2024, and Silver Lake, which holds 12.8 percent of TeamSystem, is combining Cegid and Silae in France into a group valued above €10bn, according to Reuters. For an owner of accounting or ERP software in TeamSystem’s markets, those buyers make a competitive process realistic, and a second bid tests TeamSystem’s price. The wider field is in our ranking of software acquirers.
Is This a Good Time to Sell to TeamSystem?
TeamSystem is buying at a high rate. In the first five months of 2026 it kept buying in Italy, Spain, France and Türkiye, including an Italian software company with about €25M of revenue and 160 staff, and it had committed €313M to deals signed by mid-April. Hellman & Friedman held 69 percent in July 2026, and under the stake sale Reuters reported in September it would move its remaining holding into another of its funds.
The wider software market repriced in 2026, as AI tools cast doubt on parts of a sector whose valuations we had already called too high. In our March 2026 webinar on SaaS valuations we noted that the businesses holding up best were smaller, vertically focused and serving mission-critical workflows, and that more buyers now ask how a business is addressing AI disruption risk. TeamSystem launched eight AI editions of its products in 2025 and says over 65 percent of its revenue is now volume-driven.
The case for selling is strongest, we think, for a founder with most of their wealth in one software business. If you sell accounting, ERP or tax software to small businesses or accountants in a market where TeamSystem is building a platform, you are in the part of its range where it pays most. If you run a TeamSystem dealer, the buyer is also your supplier, and an outside valuation before the first conversation gives you a reference point. For an owner whose business is growing and who can carry the risk, keeping the company is a good option too. The latest prices are in our mnożniki wyceny software badań.
Why You Need an M&A Advisor When TeamSystem Approaches You
The buyer has made 49 software acquisitions since 2015, writes the option formula and sees its own prices across all of them. The owner across the table is selling one business.
Establish what the business is worth before the first offer arrives, from comparable transactions and from how TeamSystem will read your revenue, growth and margin. Then bring in one or two other buyers, at least one with a different model: a strategic buyer in your market, or a private equity platform, can pay more at closing or pay for synergies, and the second bid tests the first.
Negotiate the options as hard as the price: the stake you keep, the definition of normalized earnings, the treatment of debt, the years when the options open and your control over the business until then. A competing bid gives you room on all of it. The figures on this page describe a market; your company will be priced in a negotiation.
That is the work we do for owners of software businesses while they keep running the company, and running it well through the process matters, because the results of the following years feed straight into the price of the shares you keep. For how an approach fits into a wider sale, see jak sprzedać firmę programistyczną i nabywców strategicznych a finansowych.
O Aventis Advisors
Aventis Advisors is an M&A advisor for software and technology companies. We believe the world would be better off with fewer but better quality M&A deals, done at the right moment for the company and its owners. Our goal is to provide honest, insight-driven advice that lays out all the options clearly, including the option to keep the status quo.
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