Permira acquires German HR software firm P&I from HgCapital (which is buying Oslo's Visma)

HgCapital has sold Personal & Informatik ('P&I'), a Germany-based provider of payroll and strategic HR software, to a company backed by funds of private equity firm Permira (which also owns Germany's TeamViewer).

Terms of the acquisition were not disclosed, but Bloomberg reports that the deal is worth more than $900 million.

P&I was founded back in 1968, but HgCapital only invested in December 2013 and says it is now seeing a "36% IRR and 2.3x investment multiple" from the deal, while retaining a €70 million minority stake.

This morning, HgCapital also announced its acquisition of Visma BPO (Business Process Outsourcing), an Oslo, Norway-based provider of outsourced accounting services.

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