Francisco Partners, KKR take a minority stake in TeamSystem

● GROWTH | HORIZONTAL SAAS · ERP & Business Management

SEPTEMBER 11, 2026

Francisco Partners, KKR take a minority stake in TeamSystem (Hellman & Friedman)

TARGET

ERP, accounting, payroll, HR, invoicing, and AI-enhanced business management software for SMEs, accountants, labour consultants, and professionals, primarily in Italy and Southern Europe. Valuation: €8–10 billion.

Deal value	Est. €8–10B valuation
Revenue	€1.15 billion (2025, pro forma; €1.06 billion 2025 consolidated IFRS)
EBITDA	€579 million adjusted pro forma EBITDA (2025); €476 million adjusted EBITDA (2025 consolidated IFRS)
Ownership	PE-backed · Hellman & Friedman (prior owner); Hellman & Friedman, Silver Lake, ADIA (Abu Dhabi Investment Authority), CapitalG
Capital raised	$2.46 billion
Headcount	6,000+ FTEs
Headquarters	Pesaro, Italy
Leadership	Tommaso Cohen, Chief Executive Officer Federico Leproux, Executive Chairman Elvira Pollina (Reuters)
Sell-side advisor	—

INVESTOR

Francisco Partners, KKR

Buy-side advisor

—

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Francisco Partners, KKR -> TeamSystem  (2026-09-11)
minority_investment | Horizontal SaaS | €8–10 billion valuation | announced
Target: ERP, accounting, payroll, HR, invoicing, and AI-enhanced business management software for SMEs, accountants, labour consultants, and professionals, primarily in Italy and Southern Europe. Valuation: €8–10 billion.
Website: teamsystem.com
HQ: Pesaro, Italy | Ownership: pe-backed | Seller: Hellman & Friedman
Advisors - not yet credited
Source: Thematic - https://thematichq.com/software/d/francisco-partners-kkr-teamsystem.html

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