Global Finance

The South Eastern Europe Fund L.P. (“SEEF”) a fund advised by Global Finance, has announced it has sold its 90.5% stake in Total Soft S.A. (“Total Soft”), the Romanian leader in Enterprise Application Software to Logo Yazilim Sanayi ve Ticaret A.S. (“Logo”). The equity value of 100% of the shares was € 30.25 million. With an EBITDA of € 3.48 million the price paid had a 2015 EBITDA multiple of 8.6x. 

Total Soft, established in 1994, has developed its flagship product, Charisma Business Suite that serves large and mid-size enterprises in almost all business sectors. Starting from its home market Total Soft succeeded in expanding in international markets and now has clients in 35 countries all over the world.

Global Finance Group has been key for the growth of Total Soft by providing management support, industry expertise and assisting in strategic decisions over the past ten years.

George Kourtis, Partner at Global Finance said, “Successful exit from Total Soft showcases our commitment to value appreciation through growth of sales, new product and services development and regional expansion. We assisted Total Soft’s strong management team to focus on Charisma and excel in selective vertical markets with high potential for success internationally. Despite the financial crisis, Total Soft grew over 50% in sales since 2010 and continued to develop innovative applications for its corporate clients.”

 Tugrul Tekbulut, Chairman and founder of Logo, “Our investment in Total Soft is expected to enable Logo’s growth internationally and gain a competitive position in sectors such as financial, leasing, medical and agriculture, where Total Soft has many successful solutions implemented to large and multinational companies both in Romania and abroad. Logo will also tap into the highly qualified R&D pool of Romanian IT human resources. With apparent synergies we expect this acquisition to contribute significantly to our strategy of continued growth.”

Liviu Dragan, CEO of Total Soft commented, “I am grateful that with the continued support of Global Finance we succeeded to become among the leading EAS companies in Romania, ahead of all international ERP players and with Charisma in particular enjoying a strong position among customers in the international leasing industry. We are excited to work with Logo with an ambitious plan for international growth and for penetrating the large Turkish market with Charisma for larger enterprises.”

About Logo Yazilim AS

Logo, established in 1984 and listed on Borsa Istanbul since 2000, is the market leader in Turkey for enterprise software solutions for the small and mid-sized companies. Logo, with the largest number of active users, is Turkey’s largest independent software vendor (ISV).  In 2015, Logo had sales of € 42.7 million and net profits after tax of € 13.2 million. Its market capitalization was in excess of € 335 million at closing of 1/9/16.

Advisors

RTPR Allen & Overy on the legal side and Clearwater International on the investment advisory side assisted this transaction.

 

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