Clearwater has advised the shareholders of billwerk GmbH (billwerk), a leading European provider of subscription management and recurring billing software, on the sale of a majority stake to PSG, a leading growth equity firm that focuses on partnering with middle-market software and technology-enabled services companies.
Founded in 2015, billwerk rapidly developed from a start-up to one of the leading European subscription management platform providers. The company’s subscription management software is a flexible and reliable one-stop-shop solution for all subscription processes perfectly suited for European subscription businesses meeting the highest European standards according to EU-GDPR and GoBD. Today, billwerk manages more than 15 million customer contracts for its diverse customer base consisting of medium-sized and corporate companies from a wide range of industries. billwerk's well-known customers include companies such as waipu.tv, Lexware, RTL, Trusted Shops, EWE, Anicura and A/S Information. Headquartered in Frankfurt am Main, Germany, billwerk operates two more subsidiaries in Belarus and Poland and employs 45 people.
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalise on strategic opportunities and build strong teams. Having backed more than 65 companies and facilitated over 300 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London.
billwerk has found a strong partner in PSG, fostering the tremendous growth path by supporting the continued development of the company and its European roll-out. Together with PSG, billwerk will further develop its unique set-up and competitive advantage over the next years. Following the transaction, the company will continue to be led by its Co-Founder Dr. Ricco Deutscher, continuing in his role as CEO.
