Alicante-based GTTSpain, a leading provider of software and services for tax management, is once again reshaping its ownership structure. MainCover completed its acquisition in July 2020, and the British firm Stirling Square has agreed to acquire a majority stake, continuing a process that began late last year.
The deal places a valuation for the company in the 250 to 300 million euro range. Sources familiar with the matter indicate this is well above the nearly 120 million euros paid by AnaCap when it bought the business from the government three years ago. Spanish fund GE was also involved in the market chatter surrounding the transaction.
From the Alicante group, which declined to comment on specific financial details, there is confirmation of the sale and the retention of the existing management team. The leadership will remain with the current president and the team, who are steering both national and international expansion plans.
Over recent years GTT has broadened its product line. The company has grown organically through public sector tenders and has expanded by acquiring several rivals, including the 2019 purchase of Basque company Gesmunpal and the addition of an Asturian electronic management line last year from Average Group.
Internationally, GTT previously acquired the Dominican firm Consorcio GSM in 2018 and later secured a contract from the Honduran government to launch a new tax administration computer system in that country. More recently, the firm won the contract to design, supply, and implement the Costa Rica Tax System for the Ministry of Finance, a project supported by World Bank funding.
Today, around 4,500 administrations across Spain and Latin America—ranging from municipalities to regional and provincial governments—use GTT programs and services to manage taxes and collect fines, among other functions. The company reports managing more than 1,000 taxes, with roughly 25 million participants and annual receipts exceeding 22 billion euros.
In 2021 the firm reported revenue above 40 million euros, with a potential rise noted in the following year. The workforce has grown to more than 950 employees across all centers.
European growth strategy
Stirling Square, described as a pan-European venture capital firm, welcomed the move this week and signaled plans to support GTT in diversifying its product portfolio and expanding internationally in Europe, through organic growth and mergers or acquisitions.
GTT chief executive officer, speaking about the new partnership, highlighted the company’s strong market position, long-term customer contracts from across the country, and the potential for entry into newer European markets with the backing of the new shareholder. Executives have previously shown interest in expanding across Europe, and the new investment is viewed as a catalyst for such expansion.
25th anniversary and growth origins
GTT, founded in 1998, celebrated its 25th anniversary with a gala that reflected a culture of growth and collaboration. The group supported the development of a customized tax collection framework created for the regional assembly and worked with several savings banks that recognized the business potential early on.
During past financial challenges, financial institutions considered strategic options that included selling stakes and transferring ownership to new funds. In 2017, a major shift occurred with a transfer that left one stake with the management team. The following year, the company changed hands again, with AnaCap acquiring full ownership for a value exceeding 100 million euros.
Now, AnaCap is pursuing a path to realize gains on its investment with the new sale and a minority stake retained by the prior owner. The market is watching closely as new players enter, signaling a continued wave of consolidation in the sector.
Strategic positioning and ongoing deals
The ongoing strategic review and potential sale are part of a broader approach to maximize value for investors while preserving steady growth for customers. Stirling Capital has a history of Spain-focused investments, including other manufacturing and technology-related acquisitions that underscore a commitment to European expansion and industry diversification.
The leadership team of GTT believes the alliance with Stirling Square will strengthen the company’s ability to pursue ambitious international opportunities. The partnership is expected to facilitate entry into new European markets while leveraging GTT’s established strengths in public sector digital solutions.
25th anniversary reflections
GTT’s early days were marked by a governance model designed for growth in the tax administration niche. That model attracted financial backers who saw potential in a technology-driven approach to tax management. A sequence of ownership changes over the years has reinforced the company’s determination to scale while maintaining a strong service focus for public sector clients.
The company continues to explore additional acquisitions and partnerships to broaden its service spectrum, aiming to support a growing roster of regional and international customers. The leadership remains focused on sustaining growth, improving efficiency, and delivering reliable, scalable solutions for tax authorities worldwide.
Tech market observers note that the latest move could yield a notable uplift in revenue and regional footprint, with investors watching closely how the integration will unfold across Europe and beyond.