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Founded in 1968 and headquartered in Wiesbaden, Germany, P&I (Personal & Informatik AG) supplies software for the management of payroll, workforce, time management, human capital management and HR analytics, to “Mittelstand” (mid-market companies) and the public sector primarily in Germany, Austria and Switzerland. In addition to growth and product development, we worked with management on strengthening P&I’s financial and operating reporting, as well as setting out a forward-looking business plan.

We first identified the regulatory driven software space as an attractive sub-sector in 2002. Having built a strong relationship with P&I’s management, over time, we invested in the business in 2012.

We saw an opportunity to develop P&I’s product offerings, including the addition of further Human Capital Management functionality, the strengthening of its recurring revenue base and the increasing adoption of its cloud service technology (P&I Big Data) into their customer base.

The roll-out of P&I Big Data was very successful with adoption rates of more than 90%, driving year-on-year growth in recurring revenue in excess of 6% in 2016 to 22% year-to-date FY2017. The move into Big Data has also had a positive effect on the operating efficiency of the business, driving increases in average sales licence revenue per employee and average consulting EBITDA revenue margin to 44% in 2017.

We also identified opportunities for small M&A opportunities in the relatively fragmented HR management systems, payroll, time management and expenses markets, both in the DACH region and internationally. With our support, P&I acquired a Swiss payroll vendor, Soreco HR, in 2015.

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