Italian cloud software maker TeamSystem said on Friday that private equity firm Silver Lake has agreed to acquire a minority stake in the company from Hellman & Friedman (H&F).

The investment is worth €600 million ($660.48 million), TeamSystem said in a statement, adding that H&F will remain the majority shareholder after the transaction closes. TeamSystem, founded in 1979, provides accounting, payroll and business management software for small and medium-sized enterprises.

Reuters reported in January that H&F was weighing options for TeamSystem including a sale of a minority stake in the business which could be valued at several billion euros.

Evercore acted as the financial advisor to H&F and TeamSystem in the transaction, which is expected to close around end of this year.

H&F acquired TeamSystem in 2016 and in 2021 moved the company from one of its funds to another. TeamSystem’s management reinvested in the company as part of the 2021 transaction, and private-equity firm Hg held a minority stake.

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