Investcorp Technology Partners, a European unit of Bahrain-based Investcorp, has agreed to sell Berlin-based human resources software provider Softgarden to Poland’s HR technology company Grupa Pracuj for €118 million ($122.9m), a statement from the company said.
The transaction is expected to be completed shortly and yield a return of more than three times the invested capital in four years, the statement said.
Softgarden offers recruitment software platform to various mid-market and enterprise customers across Europe. Its solutions enable customers to streamline and manage their entire digital recruitment process. Through the acquisition of absence.io in 2021, softgarden expanded its product offering beyond recruitment to include features such as time-tracking, vacation and absence management as well as digital personnel file management.
“We are immensely proud of the successful sale of softgarden built on our close collaboration with the management team. This investment is a great demonstration of how our strategy of working in partnership with founders and management teams comes alive – driving value, executing M&A and internationalising the business model,” said Georg Knoflach, managing director at Investcorp Technology Partner.
ITP acquired softgarden in 2018 as part of its Investcorp Technology Partners Fund IV.
