Clearwater has advised Greek private equity house Global Finance, the majority shareholder of TotalSoft, in addition to other shareholders, on its sale to Logo Software Investment S.A. (Logo) – a 100% subsidiary of Logo Yazılım Sanayi ve Ticaret A.Ş. Logo has acquired 100% of TotalSoft shares for an enterprise value of €30m.
According to market reports, the Romanian enterprise application software (EAS) market is expected to grow significantly over the next 5 years. TotalSoft is a leading player in this market and is one of the few companies offering end-to-end services. TotalSoft reported a revenue of over €20m in 2015 and its international sales made up 23% of the overall total. In 2016 the EBITDA is expected to reach in excess of €4m.
The acquisition of TotalSoft offers many synergies to Logo. It will enable Logo’s growth in international markets, and help it gain a competitive position in specialised vertical markets such as finance, leasing, medical and agriculture, as well as providing an opportunity to tap into the highly qualified R&D pool of Romania and to transfer Logo’s SME know how into Romania.
