Raet, a leading HR solutions provider, specialized in HR cloud software and services, today announced a majority investment by HgCapital. HgCapital will back existing management and its growth strategy and assume majority ownership from the management shareholders and CVC Capital Partners. The terms of the transaction were not disclosed.
Raet has been active in the Netherlands since 1965. It currently employs over 1,000 staff and enables HR for some 3 million people internationally through its cloud solutions. The company serves over 10,000 customers and today has a presence in the Netherlands, Belgium, Spain, Argentina, Peru, Chile and Colombia.
Raet's growth strategy aims at further broadening its HR solutions portfolio and expanding its international presence to support all future strategic HR needs of people in organizations.
"We have been deeply impressed by the Raet team who have built a strong foundation in order to become one of the leading international HR solutions providers," said Ed Wielechowski, Principal at the HgCapital TMT team. "Through its in-depth HR expertise and strong customer base, Raet is well positioned for further expansion in the Netherlands and internationally."
"We are delighted to be partnering with the HgCapital team as we take our business forward with the vison of achieving sector leadership across HR software and HR services," said Kobe Verdonck, CEO of Raet. "I am grateful for the hard work of our employees, as well as the support from CVC Capital Partners over recent years, all of which has enabled our continued growth and initial international expansion."
The transaction will be filed with the relevant anti-trust authorities and is subject to the successful completion of the required consultation procedures.
Raet was advised by Rothschild, KPMG and Stibbe.