Private equity firm CVC Capital Partners has bought Raet from AlpInvest and Advent International. The value of the deal was undisclosed, but it is thought it was less than the original asking price of €400 million.
Since AlpInvest and Advent acquired the company for a reported €315 million in 2003, Raet has performed well, turning over €132 million in the 12 months leading up to June 2011. The company has concentrated on developing its cloud computing expertise in that time.
Raet said CVC’s involvement would help it fulfil its current business strategy and there were no current plans to change the company’s management team.
The company’s services include HR functionalities such as absence management, recruitment and training, as well as a payroll processing and pension calculation.
Raet said CVC would help it broaden its geographic footprint beyond its home market of the Netherlands.
A partner at CVC’s Amsterdam office said in a statement that there was “a market need for further optimisation and digitalisation of HR processes both nationally and internationally.”
CVC has a long track record in the technology, media and telecoms space. In June this year, it acquired Indonesian cable TV and broadband operator, Link Net. It also made an unsuccessful bid for Swedish cable company Com Hem earlier this year.
The sellers AlpInvest and Advent did not disclose their return on the deal. The two firms have experience investing in technology businesses, with Advent International teaming with Bain Capital and Berkshire Partners to acquire Cloud computing company SkillSoft last year.