TeamSystem snaps up Growens' email service platform in €70 million deal

Italy-based TeamSystem, an enterprise software and training provider, has agreed a €70 million cash free, debt free deal to acquire the MailUp email and marketing suite from Milan-HQed Growens.

In Italy, MailUp also includes the ContactLab customer data and marketing cloud, as well as Acumbamail, a Spanish email marketing and text messaging send out platform. MailUp also has a Nordics subsidiary, which includes the Danish email marketing platform Globase.

The deal is expected to close by June 2023, subject to customary closing conditions and approval from shareholders. In light of Growens' pivot away from email marketing, its shareholders have the right to liquidate equity, at a price of €4.39 per share.

TeamSystem believes its value proposition serving SMEs, particularly in automated marketing and data economy analytics, will increase thanks to MailUp's core product and the rest of its software.

The Pesaro-HQed company's headcount will grow by around 260, following the admission of Growen employees in Italy, Spain and Denmark.

TeamSystem's existing offering is pitched as enabling best-in-class Italian enterprise activity, for instance through specialised training to build professional capacity in Italian workforces.

In addition, its business management software covers resource planning, CRM, invoice generation and digital business process oversight.

Federico Leproux, TeamSystem CEO, commented: "Thanks to the acquisition of MailUp, Contactlab and Acumbamail, we can strengthen our positioning in high-potential markets such as automated marketing and data economy, which we believe will grow at considerable rates in the coming years, in view of the continued spread of ecommerce.

"“Furthermore, this operation follows integration of e-commerce solutions, B2B digital payments and CRM, thus positioning us as the ideal partner alongside around 1.7 million business customers who will have the opportunity to significantly increase their competitiveness by digitizing their business and customer relations."