Technology

Cegid buys business software publisher Primavera

On July 26, Cegid announced the start of exclusive negotiations to acquire Grupo Primavera, which develops business management software (invoicing, accounting, ERP). The merger with a publisher of cloud-based financial, HR, accounting and retail management solutions will create a new company worth around 6.8 billion euros, Cegid said in a statement. This will strengthen Cegid’s position in Spain and Portugal and allow Primavera to develop in Latin America, where Cegid already has a presence.

The operation will be carried out exclusively through an exchange of shares. The new group will be led by Cegid boss Pascal Huyon.

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The French-born software publisher founded by Jean-Michel Aulas is owned by the Silver Lake, KKR and AltaOne foundations. American Silver Lake (the fund that bought Meilleurtaux at the end of 2020 for 700 million euros) will remain the majority shareholder of the new structure. Since delisting in 2017, the company has grown through successive acquisitions and more than doubled its turnover. In 2021, this amount reached 632 million euros. Cegid is present in 15 countries and has 3,600 employees.

Primavera is also owned by British fund Oakley Capital, which formed it by buying a dozen small and medium-sized businesses. Oakley will become a minority shareholder of Cegid, receiving, according to the Financial Times, about 500 million euros in shares. Primavera employs 800 people in five countries, has 165,000 VSE-SME customers and generated a turnover of €76 million in 2021.

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