Exit: Main Capital Partners sells majority stake in GBTEC to Carlyle
Global investment firm Carlyle (NASDAQ: CG) today announced a majority investment in GBTEC Software AG and its affiliates (“GBTEC”). GBTEC is a leading provider of software for business process management (BPM) and governance, risk and compliance (GRC). Company founder and CEO Gregor Greinke remains the largest single private shareholder and CEO of GBTEC. As part of the transaction, co-founder Marc-Oliver Stromberg and the extended GBTEC management team are reinvesting and investing significant shares in the company. Main Capital Partners, which has supported GBTEC as a specialized software investor since 2019, is selling its stake in GBTEC as part of the transaction. Further details of the transaction were not disclosed.
GBTEC is a leading provider of SaaS software in the market segments of intelligent Business Process Management (iBPM), Digital Process Automation (DPA) and Process Governance, Risk and Compliance (GRC). GBTEC’s products stand out in particular due to their high level of user-friendliness based on no- and low-code technologies and a state-of-the-art product platform. GBTEC is highly regarded by leading technology analysts. The company has over 1,200 customers, including many well-known European and international blue chip companies and public institutions, and employs around 300 people. In addition to the DACH home market, GBTEC has already established branches in Spain and Australia and has continuously invested in the international awareness of the brand in recent years.
Together with GBTEC’s management team, Carlyle plans to further accelerate the company’s international expansion and further develop its product portfolio, particularly in the area of Digital Process Automation (DPA). Significant investments are to be made in sales and marketing in particular, as well as in artificial intelligence.
The equity for the investment is provided by Carlyle Europe Technology Partners (“CETP”) V, a EUR 3 billion fund that invests in technology companies in Europe. In its collaboration with GBTEC, Carlyle will draw on its many years of experience in the internationalization of European software companies, including SER Group, Shopware, CSS, 1E, Phrase and Hack The Box.
Gregor Greinke, founder and CEO of GBTEC, said: “With our modern and user-friendly products, we have developed into a leading BPM and GRC SaaS provider in Europe in recent years. Carlyle’s investment marks the beginning of the next phase of GBTEC’s growth story. As one of the leading technology investors, we have found in Carlyle the ideal partner to realize our further growth plans. We would like to thank Main Capital Partners for their excellent cooperation and partnership over the past four years.”
Michael Wand, Managing Director and co-head of the CETP advisory team, said: “GBTEC is active in one of the most important technology trends of our time: digital transformation and, above all, the automation of business processes. We are delighted that Gregor Greinke and his team have decided to partner with us. We are convinced that with our track record of over 20 years in infrastructure software investments and in the internationalization of European software companies, we can significantly support GBTEC in its further development into a global market leader.”
Sven van Berge Henegouwen, Managing Partner at Main Capital Partners, said: “The development of GBTEC over the past years has been impressive, and the time spent with the management on strategic initiatives such as internationalization and product expansion has been extremely exciting. We are convinced that Carlyle is investing in an outstandingly positioned company with excellent future prospects.”
Advisor to Main Capital Partners: McDermott Will & Emery advised Main Capital Partners and the other shareholders on the sale of their respective shareholdings in the GBTEC Group including GBTEC Software AG to the investment company Carlyle.