What TeamSystem paid

4 disclosed prices, what it deploys, what it owes and what its capital costs — every figure from a filed account.

TeamSystem is one of the 13 European software serial acquirers the register tracks, reporting in EUR. It is privately held (stated on the debt page). 4 of its acquisitions disclose enough to price. Those were paid between 3.14x and 13.95x the acquired company’s annual revenue; the median is 6.82x, against a register median of 3.14x. In 2025 it deployed 624.5 EUR m across 22 acquisitions (floor, 56.77 EUR m average cheque). Net debt stood at 3.25x its revenue at 2025, and interest took 13.1% of revenue.

4acquisitions on file with a disclosed price — of 22 made in 2025

6.82xmedian price paid per unit of annual revenue (3.14x–13.95x)

624.5EUR m deployed in 2025 (floor)

13.1%of revenue goes out as interest (2025)

Acquisitions on file, with a price

One row per disclosed observation. Colour of the basis tag shows where the number comes from, as on the prices page. Click a company for its own page.

Acquired company	Revenue, EUR m	Year	Price paid	Basis
Multifatture S.r.l. (IT, property-management software)	7.7	2025	3.14x	measured
ClicData Sas (FR, data analytics)	3.8	2025	4.16x	measured
Rochelle Luxco (Sellsy + Quipu, FR/ES)	23.7	2025	9.47x	measured
Golden Soft S.L. (ES, practice software)	1.9	2025	13.95x	measured

Price paid per unit of the acquired company’s annual revenue. 4 of the 4 rows are measured — consideration and revenue both stated in the acquisition note; Amounts are converted to euro at the ECB annual reference rate; the multiples are ratios within one currency and are not converted.

What it deploys

A price is only half the picture; the other half is how much TeamSystem actually puts to work. In 2025 that was 624.5 EUR m across 22 acquisitions, on a floor basis. The average cheque was 56.77 EUR m, resting on the 11 priced deals rather than all of them.

Capital deployed EUR m	as filed		Acquisitions	Average cheque EUR m	Year	Basis
624.5	624.5	EUR	22	56.77 across 11	2025	floor

“Floor” is the sum of the individually named acquisitions and can only be too low, because unnamed ones are missing. Converted to euro at the ECB annual reference rate for the buyer’s own reporting year; the figure as filed stands beside it. Full table: how much they deploy.

What it owes, and what it costs

TeamSystem carried 3’444 EUR m of net debt against 1’058 EUR m of revenue at 2025 — 3.25x its revenue, interest-bearing borrowings less cash. Interest actually paid in 2025 was 138 EUR m, 13.1% of revenue; unadjusted EBITDA covered it 2.99x over, and net debt stood at 8.34x EBITDA.

Instrument	Lender or venue	Amount		Rate	Matures
2028 Fixed Rate Notes bond	Euro MTF Luxembourg	300	EUR m	3.50 per cent fixed	15 February 2028
2031 Floating Rate Notes bond	Euro MTF Luxembourg	700	EUR m	3-month Euribor (0% floor) + 3.50 per cent	31 July 2031
2031 Fixed Rate Notes bond	Euro MTF Luxembourg	500	EUR m	5.00 per cent fixed	1 July 2031
2032 Floating Rate Notes bond	Euro MTF Luxembourg	1’250	EUR m	3-month Euribor (0% floor) + 3.25 per cent	1 July 2032
Existing PIK Notes PIK bond	Vienna MTF	300	EUR m	6-month Euribor (0% floor) + margin set by leverage ratio; payable in cash OR in further notes, at the issuer's option	7 July 2033
New PIK Notes PIK bond	Vienna MTF	350	EUR m	6-month Euribor (0% floor) + margin set by leverage ratio; in cash or in notes, at its option	7 July 2033
Revolving Credit Facility revolving facility	—	350 committed	EUR m	Euribor (0% floor) + contractual margin	—

Every instrument on file for TeamSystem, in its own currency, not converted; a facility marked committed is a line that may be drawn, not money owed. Covenant: none stated in the accounts. The comparison across buyers is on the debt page.

What this does not support

4 priced deals is a disclosure sample, not TeamSystem’s pricing policy. The sample is the deals it disclosed enough about — and there is no reason to assume that is unrelated to what it paid.
These are revenue multiples, not earnings multiples. Most acquisition notes give no usable profit figure for the company bought.

Sources

Every figure on this page is read from a filed account or the buyer’s own published report: teamsystem.com. Retrieval dates and parser versions are kept with the register. Method and limits.

Other acquirers

Visma (median 6.04x) · The Access Group (median 5.46x) · Bending Spoons S.p.A. (deployed 1’733.7 EUR m) · all acquirers

The rest of the register

Guess what serial acquirers paid →What European software serial acquirers actually pay, from filed accounts. Guess the price, then see the source.

What was paid, per unit of revenue →Every disclosed acquisition price in the register, one row per observation, coloured by how well it is evidenced.

The acquirers, one by one →Every tracked buyer with its prices, capital deployed, debt and what its capital costs.

Every deal on file →One page per disclosed acquisition, with the filed source and where its price sits in the register.

How much they deploy →How much capital each European software serial acquirer actually puts to work, and across how many acquisitions.

What they owe, and what it costs →Net debt against revenue, the interest each buyer actually pays, and every credit facility on file with its terms.

What their own capital costs →An estimate of what each buyer pays for capital, set against the 20-30% return they demand of the companies they buy.

Method, limits and imprint →How every figure in this register is sourced, what the sample does not support, and the legal notices.

Figures as at 2026-09-08. Every number on this page comes from a filed account or a company’s own published report — how, and what it does not support.