😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

General Atlantic invests in Atoss Software for global growth

Published 06/15/2023, 03:32 AM
© Reuters.
AOFG
-
AOFG
-

Investing.com - Global growth investor General Atlantic has announced that it will acquire around 20% of the shares in Atoss Software AG (ETR:AOFG). Atoss is a human resources software specialist and is considered a pioneer in this field. With General Atlantic's entry, the Munich-based company will not only receive financial support but also access to extensive expertise in the field of digitalization and international market growth.

Under the terms of the transaction, General Atlantic will acquire the shares from AOB Invest GmbH, which is owned by Atoss Software AG's largest individual shareholder, Andreas Obereder. As part of the agreement, AOB Invest GmbH will grant General Atlantic a 12.8% discount to the 6-month VWAP since September 30, 2022. The transaction is scheduled for completion on June 30, 2023.

In addition, the agreement includes call options for General Atlantic. This means that General Atlantic has the option to acquire nearly 5% of additional shares of AOB Invest if these options are exercised. These options will allow General Atlantic to further expand its stake in Atoss and strengthen its commitment to the company.

To underline the close cooperation, Jörn Nikolay, Managing Director and Head of DACH at General Atlantic in Munich, will be given a seat on the supervisory board of the Specialists for Workforce Management Solutions. The supervisory board is to be expanded from three to four people to make room for Nikolay.

General Atlantic intends to support Atoss in key value-creation initiatives. These include, in particular, further growth in international markets and the expansion of the cloud business. With its global network and extensive expertise in digitalization and cloud strategies, General Atlantic is well-positioned to support Atoss in these strategic undertakings.

Andreas Obereder, founder and CEO of Atoss, shared his enthusiasm about the cooperation: “This investment by one of the world's most successful growth equity investors offers ATOSS an opportunity to capture the enormous growth potential in our market even more fully. With General Atlantic as investor, we plan to continue our success story and take ATOSS even further internationally."

Shares in Atoss Software (TG:AOFG) slipped 10% to €192 (€1 = $.0814) in early trading on the Tradegate trading platform.

(Translated from German)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.