Primavera and Cegid announce Iberian merger
Cloud management solutions company Cegid and business management software company Grupo Primavera have announced that they will merge on the Iberian peninsula.
The announcement on Tuesday of the binding merger agreement to become the (main) supplier of business management software in Spain and Portugal means that the company will now be worth €6.8Bn.
“Cegid, Cegid Meta4 in Portugal – one of the main global specialists in cloud management solutions in the area of finances (ERP, treasury, taxes), human resources (salary processing and talent management), accounts, retail, for entrepreneurs and small companies — announced today a binding agreement to merge with the Primavera Group – a leader in cloud-based platform management software in the Iberian region” state the companies in a joint communiqué.
According to the same information source “this transaction of shares crates a powerful business management software (company) on the Iberian peninsula and drives Cegid’s international expansion, making the merged company worth around €6.8Bn”.
The companies inform that Silver Lake will continue to be the main shareholder of the new company, while Oakley Capital which created the Primavera Group through a series of 12 acquisitions is its main shareholder, joining KKK and AltaOne as minority shareholders in Cegid.
“Together, these shareholders have become partners of Cegid CEO Pascal Bouillon, CEO of Primavera Group, Santiago Solanas, and the rest of the Cegid management team for the next phase of Cegid’s growth”.
Primavera’s website states: “The combination of Cegid and Grupo Primavera underscores Cegid’s position as a strong provider of cloud-based management solutions. Building on Cegid’s Retail and Tax offerings in Iberia that were augmented significantly with leading Human Resources solutions by the acquisition of Meta4 in 2019 and the more recent acquisition of VisualTime, the addition of Grupo Primavera firmly establishes Cegid’s leadership in Iberia and offers exciting expansion opportunities for Grupo Primavera through Cegid’s presence in Latin America.