Telescope Advisory Partners has advised Investcorp Technology Partners (ITP) with commercial due diligence services on the acquisition of a majority stake in Veda GmbH

Headquartered in Alsdorf, Germany, with approximately 170 employees, VEDA provides a platform solution for digital HR management, including payroll, time and security, recruiting, personnel development and learning management with the aim of digitizing tasks and minimizing administrative effort. The company has approximately 1,200 customers, including MAN, Lufthansa, and many mid-market enterprises between 150-5,000 employees of size. In 2023 VEDA generated revenues of €20m.

ITP, as VEDA’s first institutional investor, will help to strengthen the company’s go-to-market strategy and further build out its portfolio of products and services, with a focus on the company’s fast-growing cloud business. As the company operates across the large and fragmented DACH HR and payroll markets, the investment will also allow VEDA to grow through add-on acquisitions of companies with complementary products and services.

ITP has established a market-leading position in investing in lower mid-market technology companies with a particular focus on software, data/analytics, cybersecurity and fintech. The investment in VEDA is the fourth investment by ITP’s global fund Investcorp Technology Partners V, following investments in HWG Sababa (cybersecurity, Italy), Zift Solutions (PRM software, USA) and NetRom (software development, Netherlands). This continues the company’s successful investment strategy in the DACH region after exiting HR software company softgarden in 2022 with a MOIC (Multiple On Invested Capital) of 3.2x, marking ITP’s fourth software investment in Germany in the last five years.