Clearwater International has advised Greek private equity house Global Finance, the majority shareholder of TotalSoft, in addition to other shareholders, on its sale to Logo Software Investment S.A. (Logo) – a 100% subsidiary of Logo Yazılım Sanayi ve Ticaret A.Ş. Logo has acquired 100% of TotalSoft shares for an enterprise value of €30m.
According to market reports, the Romanian enterprise application software (EAS) market is expected to grow significantly over the next 5 years. TotalSoft is a leading player in this market and is one of the few companies offering end-to-end services. TotalSoft reported a revenue of over €20m in 2015 and its international sales made up 23% of the overall total. In 2016 the EBITDA is expected to reach in excess of €4m.
The acquisition of TotalSoft offers many synergies to Logo. It will enable Logo’s growth in international markets, and help it gain a competitive position in specialised vertical markets such as finance, leasing, medical and agriculture, as well as providing an opportunity to tap into the highly qualified R&D pool of Romania and to transfer Logo’s SME know how into Romania.
The Clearwater team was led by Partner and head of TMT Carl Houghton, supported by Director Karen Edwards, Emma Rodgers, Director of TMT Intelligence and Senior Associate Richard Ellis.