HR software leader P&I secures further backing from Hg in €5.5 billion transaction
• 2 minute read
Hg will increase its stake in P&I, acquiring a minority shareholding from Permira, which will fully exit the business after investing in 2016.
P&I continues to perform well, with revenue growing over 20% and exceeding €300 million.
As a result of the transaction, Hg will continue to be the majority shareholder in P&I, more than 10 years since first investing, in 2013.
The transaction values P&I at €5.5 billion, representing significant growth from Hg's initial investment at around €400 million in 2013.
Wiesbaden, Germany, 31 March 2025 - Personal & Informatik AG (“P&I”), a leading provider of modern, cloud-based HR solutions based in Germany, has secured a new valuation of €5.5 billion in a recapitalisation of the business. The transaction will see Hg, a leading investor in European and transatlantic software and services businesses, increase its shareholding in P&I after acquiringa minority stake from Permira, the global investment firm, which will fully exit the business.
Founded in 1968 and based in Germany, P&I has been at the forefront of HR innovation for over 50 years, providing cutting-edge technology to streamline and optimise HR processes. The company has grown substantially over the last 20 years and serves more than 15,000 customers across Europe, ranging from SMEs and large corporations across all industries to public sector customers of all sizes.
Revenue now exceeds €300 million, having grown a further 20% in the last year. A major driver of growth for P&I is its fully integrated HR Cloud Platform P&I LogaHR, which automates HR processes from payroll, time and workforce management to recruiting and talent management, revolutionising the way businesses approach human resources.
Hg first invested in the company in 2013 at an enterprise value of around €400 million. Funds advised by Permira became P&I’smajority shareholder in 2016, before Hg reacquired a majority shareholding in 2019 in a transaction valuing P&I at €2 billion
Vasilios Triadis, CEO of P&I, said:
"Today is also a special day for all P&I employees, because we’ve been on an extraordinary journey. It began over 20 years ago with our first client-server architecture, followed by the complete digitalisation of our HR platform through P&I LogaAll-in and our own HR data centre, and now reaches a new peak through the HR intelligence of P&I LogaHR. All these steps have made P&I one of the most significant and renowned companies in the European HR and cloud industry. This is an industry that has always been characterised by change and will continue to be in the future, whether it's how an HR product is defined, developed, or sold. We are well-positioned to meet the challenges of digital transformation and technological change and to successfully help shape the European HR world."
Justin Von Simson, Managing Partner at Hg, said:
“We want to be a long-term partner to the companies we work with and continue to back the winners over many years or decades. P&I is a leader in HR software with an outstanding product and a great track record of consistent growth, high recurring revenue and exceptional retention rates, that aligns perfectly with our investment approach. Our partnership with Vasilios, and Permira since 2016, leaves the company perfectly positioned to benefit from the continued transition to the cloud among its customers in the German Mittelstand and public sector and this new investment reflects our confidence in P&I’s growth trajectory.”
Stefan Dziarski, Partner and Co-Head of Permira Growth Opportunities, said:
"We have had the privilege of partnering with P&I over the past nine years and have worked closely with Vasilios Triadis and Hg on the transition of the business from a traditional license and maintenance software company towards a leader in modern cloud-based HR solutions. Together, we drove a number ofkey initiatives, including significant investment into the company’snew cloud platform, LogaHR, opening a new R&D centre in Greece, as well as enhancing P&I’s go-to-market strategy, team and operations. We believe P&I is well-positioned to continue its growth journey under Vasilios’ leadership.”
For further information, please contact:
Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com
Permira
James Williams, james.williams@permira.com
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come.
Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $75 billion in funds under management support a portfolio of around 50 businesses, worth over $160 billion aggregate enterprise value, with around 120,000 employees, consistently growing revenues at more than 20% annually.
About Permira
Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds across two core asset classes, private equity and credit, with total committed capital of approximately €80bn.
The Permira private equity funds make both long-term majority (Buyout) and minority (Growth Equity) investments in five key sectors: Technology, Consumer, Healthcare, Services and Climate. The Permira private equity funds have an extensive track record in technology investing, having invested more than 23 billion in 80+ companies across enterprise cloud adoption, cybersecurity, SaaS, fintech, digital commerce and online marketplaces.
Permira employs over 500 people in 16 offices across Europe, the United States and Asia. For more information, visit www.permira.com or follow us on LinkedIn.