Silver Lake acquires minority stake in cloud software maker TeamSystem for $660 million

Italian cloud software maker TeamSystem said on Friday that private equity firm Silver Lake has agreed to acquire a minority stake in the company from Hellman & Friedman (H&F).

The investment is worth €600 million ($660.48 million), TeamSystem said in a statement, adding that H&F will remain the majority shareholder after the transaction closes. TeamSystem, founded in 1979, provides accounting, payroll and business management software for small and medium-sized enterprises.

Reuters reported in January that H&F was weighing options for TeamSystem including a sale of a minority stake in the business which could be valued at several billion euros.