Alicante-based GTTSpain, a leading provider of software and services for tax management, is changing shareholders once again. Lower MainCover acquired the company in July 2020, and now agreement with British investor Stirling Square will sell a majority share, continuing a process that began late last year.
Sources put the company’s valuation in the 250 to 300 million euro range. That figure dwarfs the roughly 120 million euros paid by Anacap to acquire the business from the government three years ago, with the Iberian fund named in the conversation.
From the Alicante group, which declined to discuss financial details, the sale has been approved and the new shareholders are expected to retain the existing management team led by President Carlos Rico. Both national and international expansion plans are already in motion.
In recent years, GTT has expanded its product lineup through organic growth—driven by public tenders won across administrations—plus the acquisition of several competitors. The Basque company Gesmunpal was acquired in 2019, and last year the Asturian electronic management line became part of the portfolio, reinforcing the group’s growth trajectory.
GTT opens new business with regional tax management
On the international front, the company bought the Dominican group Consorcio GSM in 2018 and later competed for, and won, a contract to launch a new computer system for the tax administration in Honduras. In a similar vein, the firm secured the supply and commissioning contract this year for the tax system of the Ministry of Finance of the Republic of Costa Rica, a project funded by the World Bank.
To date, GTT’s programs or services are used by more than 4,500 administrations across Spain and Latin America, including municipalities and regional or provincial governments, collaborating in tax management, fines collection, and related services.
According to figures published by the company, it now manages more than 1,000 tax types, serves 25 million participants, and processes annual collections exceeding 22 billion euros.
The firm reported revenues above 40 million euros in 2021, with projections suggesting a figure above 50 million in the prior year. The workforce has surpassed 950 employees across all sites.
European expansion
Stirling Square, describing itself as a pan-European venture capital firm, expressed satisfaction with the transaction and underscored its intent to diversify the portfolio and accelerate European growth—both organically and through mergers and acquisitions.
Commentary from the buyer’s partner emphasized GTT’s strong market position, a robust growth profile, long-term contracts with customers nationwide, and the potential to support GTT’s entry into new European public administration markets. The remark highlighted the buyer’s view that European expansion could be accelerated with the new capital and backing.
The Alicante-based CEO, Carlo Rico, welcomed Stirling Square, praising its track record of backing companies in international expansion and its deep expertise in technology and local markets. He noted the new shareholder’s experience would help push GTT into fresh European markets while maintaining its relationships with existing customers.
25th anniversary
GTT, established in 1998 as a specialized regional tax administration unit, celebrated its 25th anniversary with a gala that reaffirmed its growth model. The management framework, originally designed for the regional tax authority, was replicated across other bodies to improve efficiency in tax collection. In the midst of the financial crisis, banks sold stakes to new funds, including a 50 million euro transaction in 2017, followed by strategic transfers in 2020 when the company moved to British investment firm AnaCap for more than 100 million euros and the remaining shares were consolidated over time.
Tech GTT earns 2.5 million as it sheds leaves on a possible sale
The latest phase involved exploring value creation opportunities as AnaCap signaled it might exit, prompting Houlihan Lokey to organize a market process that brought Stirling Capital into the story. Sources indicate AnaCap will maintain a minority stake in the business.
Stirling Capital has prior Spain experience, including purchases such as the La Granja crystal factory in 2019 and the Sustainable Agro Solutions fertilizer company in Lleida in 2021. Earlier this week, Stirling announced the acquisition of a Lleida competitor, the Biovert group.