Hellman & Friedman (H&F) is weighing options for its Italian cloud software maker TeamSystem, a business which could be valued at several billion euros, two people familiar with the matter told Reuters. Private equity investors are showing interest in TeamSystem, which may also attract sovereign wealth funds, they said. Hellman & Friedman is likely to begin a formal sales process next month, they added. Hellman & Friedman acquired TeamSystem in 2016 and in 2021 moved the company from one of its funds to another. TeamSystem's management reinvested in the company as part of the 2021 transaction, and private-equity firm Hg held a minority stake. TeamSystem, which was founded in 1979, generated revenue of 545 million euros in 2021, while posting adjusted core earnings of around 235 million euros, according to company results on its website. The business provides accounting, payroll, and business management software for small and medium-sized enterprises. Enterprise resource planning...
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