Alicante company GTTSpain’s largest provider software and services for tax management, change the shareholders again. lower MainCoverBought the company in July 2020, Agreement with British Stirling Square sell you one majority share, following the process that started at the end of last year.
an operation involving valuing the company in the range of 250 to 300 million eurosAccording to sources consulted, that’s well over the nearly 120 million Anacap paid when it bought it from the government three years ago. Spanish GE fundD.
From the Alicante group – although they refuse to comment on economic details – they approve the sale and the new shareholders they will retain the existing management teamPresident Carlos Rico and also Both national and international expansion plans are underway.
In this sense, GTT has added it to its product range in recent years. organic growth -obtained by different administrations by judging public tenders- acquisition of several competing companies, basque GesmunpalBought in 2019, added Asturian electronic management line last year Average Group.
Internationally, the company acquired Dominican group Consorcio GSM in 2018 and subsequently Honduran Government competition to launch the new computer system of this country’s tax administration. Along the same lines, the firm won the supply and commissioning contract this year. Tax System of the Ministry of Finance of the Republic of Costa Rica, A project funded by the World Bank.
In this way, until 4,500 administrations Both municipalities of Spain and Latin America, as well as regional and provincial governments, are already using GTT programs or different services to cooperate in the management of taxes or collection of fines, among other things.
According to figures provided by the company itself, the firm already manages more than 1,000 taxes in total. 25 million participants And collects receipts worth more than 22,000 million Euros each year.
The firm billed more than 40m euros in 2021, the amount could rise. over 50 million past exercise. The workforce is already exceeding 950 people in all centres.
European expansion
Stirling Square, which describes itself as a pan-European venture capital firm, expressed their satisfaction with the operation this Wednesday and emphasized their intentions. supporting him in diversifying his portfolio products and services”and international expansion in Europeorganically and through M&A (mergers or acquisitions)”.
“We are attractive GTT’s strong market position, growth profile, long-term contracts with customers from all over the country, and the opportunity to support GTT’s entry into public administration new european markets“, in a statement, pointed to the partner of the buyer fund. Enrico Biale. While its executives have always shown an interest in growth in Europe, the firm has so far concentrated its operations in Spain and Latin America, and it appears they will now be able to do so thanks to the support of the new shareholder entry.
So the CEO of the Alicante technology company, charles ricoof Stirling Square a solid track record of supporting companies like ours in their international expansion, a solid background in the tech industry and impressive knowledge of the local market”.
25th anniversary
Regional Tax Administration (GTT) born in 1998 a team of professionals led by the -25th. organized a gala for its founding anniversary- Ferdinand Square He decided duplicate the management model in custom field created for his body Tax collection of Alicante State Assembly, Additional. To get started, he enlisted the support of several savings banks, who saw the potential of the business.
During the economic crisis, financial institutions chose to sell their packages below Increase CapitalTransferred to another fund, Spain, for around 50 million euros in 2017 GEDWith one more share left, Oquendo Capital and the management team itself. The next transfer took place in 2020, when the previous ones sold 100% of the company to British AnaCap for more than 100 million euros.
Now, the latter thought it had completed its cycle and decided to make its investment profitable. for him Houlihan hired Lokey exploring the market and organizing a sales process that results in Stirling Capital’s entry. However, according to referenced sources, AnaCap will retain the minority stake.
For Stirling Capital, this is not its first investment in Spain. Thus, among others, the name of the British fund was already in the national media when it acquired it in 2019. La Granj crystal factorywith. It also acquired Lleida-based fertilizer firm Sustainable Agro Solutions (SAS) in 2021, and just this Monday it announced the acquisition of one of its Lleida competitors, the Biovert group.