[Italy] Agreement for SD Worx’s acquisition of F2A from Ardian signed

The private investment house Ardian and European HR and payroll solutions provider SD Worx announced that they have reached an agreement for the sale of F2A; an Italian HR and payroll solutions provider controlled by Ardian since February 2016, WebWire reports.

The acquisition will see SD Worx expand its offering and geographical footprint and accelerate its growth in the European HR and payroll solutions industry. The transaction is subject to customary regulatory approvals.

F2A reportedly supports 6,000 customers across two business units: HR & payroll (representing around 85 per cent of revenues) and Finance & Accounting (15 per cent of revenues). During Ardian’s investment, F2A accelerated its development strategy by successfully closing more than 20 build-ups, expanding its service offerings and establishing its Italian presence.

François Jerphagnon - Managing Director of Ardian France & Head of Expansion - said, “We are thrilled to announce the sale of F2A to SD Worx. I congratulate Raul Mattaboni and his team for all the successful development over the last years. Ardian’s Expansion team targets resilient and high-quality businesses with experienced management teams where there is great growth potential.”

“Through our close partnership with entrepreneurs and managers, we have successfully accompanied several mid-sized companies on their journey to becoming market leaders. Italy represents a key geography for us, where we intend to continue investing by selecting the best opportunities.” 

Marco Molteni - Managing Director Expansion, Ardian - said, "Together with the F2A management team, we have pursued an important growth path, and we think there are still many opportunities to be seized in this space. The strong interest in F2A of an international player like SD Worx is a clear indication of the high strategic value of our asset. We wish F2A and SD Worx every success for the company’s next chapter." 

Kobe Verdonck - CEO of SD Worx - said, "Italy is the fourth largest economy in Europe, with many SMEs and midmarket employers showing strong appetite for payroll outsourcing. The complex Italian payroll landscape requires a combination of local software and expertise. I look forward to working together with Raul Mattaboni who will continue to lead the business." 

Raul Mattaboni - CEO of F2A - said, “Becoming part of SD Worx is a significant milestone for F2A, recognizing the exceptional work accomplished by all our colleagues over the years. With the support of Ardian, we have become the leader in the Italian market for professional services to companies of all sizes and sectors."

"I am personally enthusiastic to embark on this new chapter in F2A’s history. This transition will not only enhance our professional growth but also provide our clients with even better and more diversified services, all while maintaining the human touch that has always defined us.”

Following regulatory approvals, SD Worx will acquire 100 per cent of the shares of F2A. The transaction’s price will reportedly not be disclosed.

Source: WebWire

(Quotes via original reporting)

The private investment house Ardian and European HR and payroll solutions provider SD Worx announced that they have reached an agreement for the sale of F2A; an Italian HR and payroll solutions provider controlled by Ardian since February 2016, WebWire reports.

The acquisition will see SD Worx expand its offering and geographical footprint and accelerate its growth in the European HR and payroll solutions industry. The transaction is subject to customary regulatory approvals.

F2A reportedly supports 6,000 customers across two business units: HR & payroll (representing around 85 per cent of revenues) and Finance & Accounting (15 per cent of revenues). During Ardian’s investment, F2A accelerated its development strategy by successfully closing more than 20 build-ups, expanding its service offerings and establishing its Italian presence.

François Jerphagnon - Managing Director of Ardian France & Head of Expansion - said, “We are thrilled to announce the sale of F2A to SD Worx. I congratulate Raul Mattaboni and his team for all the successful development over the last years. Ardian’s Expansion team targets resilient and high-quality businesses with experienced management teams where there is great growth potential.”

“Through our close partnership with entrepreneurs and managers, we have successfully accompanied several mid-sized companies on their journey to becoming market leaders. Italy represents a key geography for us, where we intend to continue investing by selecting the best opportunities.” 

Marco Molteni - Managing Director Expansion, Ardian - said, "Together with the F2A management team, we have pursued an important growth path, and we think there are still many opportunities to be seized in this space. The strong interest in F2A of an international player like SD Worx is a clear indication of the high strategic value of our asset. We wish F2A and SD Worx every success for the company’s next chapter." 

Kobe Verdonck - CEO of SD Worx - said, "Italy is the fourth largest economy in Europe, with many SMEs and midmarket employers showing strong appetite for payroll outsourcing. The complex Italian payroll landscape requires a combination of local software and expertise. I look forward to working together with Raul Mattaboni who will continue to lead the business." 

Raul Mattaboni - CEO of F2A - said, “Becoming part of SD Worx is a significant milestone for F2A, recognizing the exceptional work accomplished by all our colleagues over the years. With the support of Ardian, we have become the leader in the Italian market for professional services to companies of all sizes and sectors."

"I am personally enthusiastic to embark on this new chapter in F2A’s history. This transition will not only enhance our professional growth but also provide our clients with even better and more diversified services, all while maintaining the human touch that has always defined us.”

Following regulatory approvals, SD Worx will acquire 100 per cent of the shares of F2A. The transaction’s price will reportedly not be disclosed.

Source: WebWire

(Quotes via original reporting)