Silver Lake Partners

Grupo Primavera started its journey in 2019 when Oakley acquired Ekon as a standalone platform and partnered with a top management team, led by Santiago Solanas, to execute an ambitious buy and build strategy including the transformative acquisition of Primavera BSS in 2021 Through acquisitions and significant investment in product innovation and talent, Grupo Primavera has performed well ahead of its business plan, becoming Iberia’s largest software platform in just three years and now further building out its offering through the combination with Cegid

Grupo Primavera currently has 800 employees based in five countries, serves 165,000 paying customers, and delivered €76 million of revenue in 2021 The company offers a wide range of cloud-based software solutions covering Invoicing, Accounting, and Enterprise Resource Planning (ERP) These offerings serve small businesses and mid-market segments across Spain, Portugal, and Africa, with a particularly strong footprint among accounting professionals Together, Grupo Primavera and Cegid will have pro forma revenue in the Iberia region of more than €150 million this year

Pascal Houillon, Chief Executive Officer of Cegid, said, “Joining forces with Grupo Primavera is an immense opportunity for both companies and our respective clients Like Cegid, Grupo Primavera offers useful and innovative solutions to partners and customers in the cloud, and has achieved impressive growth specifically across Spain, Portugal, and Africa We share an inspiring vision for the future driven by continuous product and technology innovation, and Cegid is fully committed to investing in the combined company’s continued growth We look forward to working closely with Santiago and the talented team at Grupo Primavera to bring value to a more global customer base ” Santiago Solanas, Chief Executive Officer of Grupo Primavera, said, “We are strongly aligned with Cegid’s vision and ambition and have long admired the company Like Cegid, we have an entrepreneurial and passionate culture with a focus on product excellence, a commitment to customers, and an exciting vision for growth This is a powerful partnership that will allow us to combine resources and expertise, bringing customers new products and continued innovation, as well as building on our proven track record to expand and integrate new talent and approaches to market needs Both Cegid and Grupo Primavera share a mission to grow our ecosystem and to offer our combined customers, channel partners, colleagues, and communities renewed value ” Christian Lucas, Co-Head of Silver Lake EMEA and Vice-Chairman of the Board of Directors of Cegid, said, “Through our investment and strategic development executed since 2016, Cegid has become a pan European and global player with strong positions in multiple geographies including France, Spain, and Portugal, with important market presence in 12 other countries and selling in more than 130 countries We are excited about the growth prospects of the combined group and by the creation of the Iberian market leader in the business software space, reinforcing Cegid’s existing position on a broader global scale The market for digitisation solutions in the European mid-market, namely through financial management software, is large and growing meaningfully, and the combined company will be uniquely positioned to capitalize on this opportunity as it continues to expand ” Oakley Capital Founder and Managing Partner Peter Dubens, said, “In partnership with Oakley, Grupo Primavera has grown to become a leading player in the Iberian market for business software Now under the stewardship of both highly experienced management teams and committed shareholders, Cegid and Grupo Primavera are poised to accelerate a global growth strategy with a focus on market expansion and cross sell opportunities We look forward to being a part of this new chapter for both companies and the significant potential that lies ahead ” Upon closing of the transaction, Mr Solanas and his entire management team will join Cegid, with Mr Solanas reporting directly to Mr Houillon

The transaction is expected to close in Q3 2022, and as is customary, remains subject to the information and consultation processes of the relevant employee representative bodies in accordance with applicable laws

Grupo Primavera is an independent business software platform in the Iberian market that offers a wide range of cloud-based software solutions covering invoicing, accounting, payroll and Enterprise Resources Planning Software (ERP) These offerings serve a broad spectrum of customer sizes with focus on entrepreneurs, SMB and mid-market segments across Spain, Portugal and Africa, together with a strong footprint in accountants The group began its activity in 2019, backed by British private equity firm Oakley Capital, with the acquisition of Ekon and the creation of a strong management team led by Santiago Solanas With that team, Oakley acquired 11 further companies, including the transformative acquisition of Primavera BSS in 2021, to form the newly enlarged Grupo Primavera, which also includes Billage, Club del Asesor, Contasimple, Diez Software GSE, Professional Software (ProSoft) and Profiture in Spain, and Cloudware, Eticadata, Valuekeep and Yet in Portugal

Cegid is a leading provider of cloud business management solutions for finance (treasury, tax, ERP), human resources (payroll, talent management), CPAs, retail and entrepreneurial sectors With a solid full cloud business model, Cegid provides long-term commitment to its customers, superior and distinctive experiences and helps companies of all sizes accelerate their digital business transformation, locally and worldwide Cegid combines a forward-looking and pragmatic approach of the business with strong capacity to innovate, an in-depth expertise in new technologies and an understanding of regulations and compliance In today’s rapidly changing world, Cegid makes more possible by helping customers unleash their potential thanks to innovative and purposeful business solutions

Bolstered by its strong international ambition and reach, Cegid has 3,600 employees and sells its solutions in 130 countries Cegid reported Revenues of €632 million in 2021 Pascal Houillon has been the CEO since March 2017

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