The story of PHC Software began in 1989, when founder Ricardo Parreira set out to help businesses work smarter. Over the following decades, PHC evolved into one of Portugal’s leading software companies—respected for its adaptable cloud and on-premise solutions, and celebrated for its vibrant internal culture.
Driven by innovation, PHC became an early champion of GenAI, with Parreira recognised as a thought leader across the tech and business community. Under his leadership, the business grew to more than 260 professionals, with over 170,000 users in 37,000 companies and a network of 315 certified partners. It was also consistently ranked as one of Portugal’s best places to work.
When the time came to find a partner for the next phase of growth, it was clear this would be a pivotal moment, and one that had to honour both the commercial success and the culture built over 35 years.
Strategic alignment beyond the deal
We acted as lead advisor to the shareholders of PHC Software on its sale to Cegid, a leading provider of cloud business management solutions in Europe. The deal marks a transformational moment for PHC—joining forces with a like-minded player in the business software space and unlocking a new phase of growth across Europe and Portuguese-speaking Africa.
The integration also brought together two long-time competitors—PHC and Primavera, Cegid’s Portuguese brand—in a shared vision for the future. What began as a competitive process evolved into a partnership built on mutual respect and a shared ambition to lead in the SMB cloud space.
The right partner for the next chapter
The acquisition by Cegid gives PHC the scale and investment to supercharge its ambitions, while preserving what made the company special. The founders remain actively involved and continue to steer the company’s evolution—this time, with the added strength of a partner who shares their long-term vision.
“This agreement is strategic for PHC’s future. We knew our growth path would involve joining forces with an international business that values our culture and people. Cegid stood out for their belief in our mission and their commitment to innovation. We’re also deeply grateful to the Clearwater team for their expertise and support. They were by our side from the very beginning.”
- Ricardo Parreira, Founder, PHC Software
Preparation, positioning, and process
We played a central role throughout the process, ensuring PHC was in the strongest possible position ahead of going to market. This began with exhaustive preparation—getting the company ready both operationally and structurally, and working closely with the executive team to prepare them for their engagements with potential investors. Our team helped build their confidence and sharpen their messaging, ensuring they could present the business clearly and effectively to a global audience.
We also played a pivotal role during the Vendor Due Diligence phase, developing a roadmap to address any issues early and efficiently, which allowed the process to move forward without unnecessary delays. At the same time, we offered strategic advice on the transaction perimeter and deal structuring, helping position PHC for a smoother and more compelling sale.
Given PHC’s high profile in the market, confidentiality was paramount. We managed this with care—navigating industry speculation and ensuring the deal remained under wraps until the transaction had formally closed. Our insight into buyer behaviour also proved critical, allowing us to anticipate how each prospective investor or acquirer might react at different stages of the process and tailoring our approach accordingly.
With our unrivalled reach into both European and US-based strategic and private equity buyers, we created a highly competitive process. That rigorous preparation, deep market insight, and global access delivered a process that not only met—but exceeded—the shareholders’ expectations in terms of both value and strategic alignment.
The right partner for the next chapter
The acquisition by Cegid gives PHC the scale and investment to supercharge its ambitions, while preserving what made the company special. The founders remain actively involved and continue to steer the company’s evolution—this time, with the added strength of a partner who shares their long-term vision.
“This agreement is strategic for PHC’s future. We knew our growth path would involve joining forces with an international business that values our culture and people. Cegid stood out for their belief in our mission and their commitment to innovation. We’re also deeply grateful to the Clearwater team for their expertise and support. They were by our side from the very beginning.”
- Ricardo Parreira, Founder, PHC Software
“A transformational partnership built on shared values”
This was a real strategic turning point for a company with deep roots and bold ambitions. Together with Cegid, PHC is now poised to expand into new markets, invest further in GenAI innovation, and continue shaping the future of SMB business software.
At Clearwater, we’re proud to have helped bring two vision-aligned companies together, and to support Ricardo and his team in realising their vision for the next chapter.
Clearwater Advisers
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