TeamSystem, a leading technology company specializing in business management solutions for SMEs and professionals, has announced the acquisition of Golden Soft and Clémentine, marking its seventh acquisition in Spain since 2021 and its first in France.
With these acquisitions, TeamSystem aims to further strengthen its position as the top technology player in the digitalization of businesses and professionals across Europe. Building on its expertise in Italy, the company is now focused on accelerating its expansion into the Spanish and French markets, both of which are undergoing significant transformation.
Founded in 1985 in Madrid, Golden Soft offers a comprehensive suite of accounting, payroll, and business management solutions to accountants, independent contractors, and SMEs. The company, which is well-regarded in Spain, serves approximately 4,000 customers, including 600 professional firms, and recorded revenues of 2.7 million euros in 2024. TeamSystem’s acquisition of Golden Soft comes at a pivotal time as Spain embraces digital transformation, spurred by key regulatory changes like the phased introduction of the Anti-Fraud Law, which mandates the Verifiable Invoice Issuance System (Verifactu), and the Create and Grow Law (“Crea y Crece”), which requires e-invoicing for B2B transactions to reduce payment delays and promote digital tools adoption among businesses and professionals.
With the acquisition of Clémentine, TeamSystem enters the French market and expands its footprint in the B2B online accounting sector, a business segment that is progressively shifting towards advanced digital-based systems. Established in 2012, Clémentine provides customers with a cutting-edge, AI-powered, proprietary platform for the management of business, accounting and governance processes. With a team of nearly 200 professionals, the Company places state-of-the-art technology and human capital at the heart of its proven business model. With a customer base of approximately 10,000 users, Clémentine stands out for its ability to achieve a profitability three times higher than the industry average and boasts historical and expected year-on-year organic growth of around 30%.
“The European market is experiencing a period of significant transformation as the adoption of advanced digital tools and the streamlining of the entire value chain become non-negotiable factors in business. Just as we have done previously in Italy, we want to become the partner of choice for businesses and professionals across Europe as they look to navigate this important transition”, Federico Leproux, CEO of TeamSystem, commented. “M&A activities are a significant driver of growth, as they enable us to leverage pioneering solutions, such as those developed by Golden Soft and Clémentine, to further strengthen our position and become the leading technology player for the digital transformation of SMEs and professionals in Europe. In order to meet our objective, we have invested over 500 million euros in M&A operations over the past two years, both in Italy and in other European countries”, he added.
TeamSystem was advised by Garrigues on the legal and legal due diligence aspects of the Golden Soft acquisition. As for the Clémentine operation, TeamSystem was advised by Herbert Smith on the legal aspects, with OC&C handling commercial due diligence and Strata Technology Partners acting as a financial advisor. KPMG managed the financial and tax due diligence for both acquisitions.
Golden Soft was assisted by Norgestión for the legal aspects, while Clémentine was advised by McDermott Will & Emery on the legal aspects and by Maier & Martinez and Bullit on the financial aspects.
