Growth equity specialist PSG has acquired a majority stake in European subscription management and recurring billing software company billwerk to foster international growth. The buyout deal marks the ninth investment from the firm’s debut Europe-focused fund.
The firm hit a €1.25bn final close for PSG Europe in February. It targets growth-stage and lower mid-market software and B2B services companies, mirroring the firm’s buy and build strategy in the US.
PSG is reportedly currently in talks with LPs over raising $4bn for its latest fund – double the total it collected for its predecessor vehicle.
Billwerk provides a scalable and open, multi-cloud platform to automize business recurring subscription processes. The company said its clients include several hundred businesses across Germany, Switzerland and France, with a growing presence in other European regions including the Nordics and Benelux.
Dany Rammal, managing director and head of PSG Europe, said, “We believe that billwerk’s position as a European leader in the subscription management space is driven by a superior product that seeks to ensure a company’s compliance with strict European regulatory standards.”
“The fragmented European subscription management market is still in its nascency, and we believe that billwerk is well-positioned to benefit from the growing uptake in the use of subscription management tools as companies shift their business models online,” added firm director Romain Railhac.
PSG has recently expanded its tech portfolio by buying into business texting and communications tech provider Kenect last month.
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