Houlihan Lokey Advises BSI Software and Capvis

Houlihan Lokey is pleased to announce that BSI Software AG (BSI), a portfolio company of Capvis Equity V LP (Capvis), has been acquired by Bregal Unternehmerkapital (BU). The transaction marks a full exit of Capvis. BSI’s existing team of founders, management, and employees will continue to have a significant stake in the company. The transaction closed on 30 September 2024.

Since its foundation in Switzerland in 1996, Baden-based BSI has established itself as the market-leading provider of software solutions for customer relationship management (CRM) and customer experience (CX) in its focus industries in the DACH region. BSI offers a holistic, AI-supported platform for the digitalisation of customer relationships in the financial services, insurance, retail, and energy and utilities sectors. BSI employs more than 500 people and provides innovative software solutions for companies that strive to lead the way in digitalisation and customer centricity. Around 230 corporate customers use BSI’s software to reach more than 150 million end customers throughout Europe, including companies such as ADAC, the Raiffeisen Banking Group, Signal Iduna, PostFinance, and Merkur Software.

Capvis AG, Baar, Switzerland, is the exclusive advisor of the Capvis funds that primarily acquire majority stakes in leading medium-sized technological firms. Capvis AG has a track record of more than 30 years in private equity and has invested more than €4 billion in 63 companies. When Capvis AG partnered with BSI in 2020, the aim was to continue BSI’s success story and, at the same time, provide further impulses for growth. Over the past four years, new software products have been developed, state-of-the-art cloud architectures have been rolled out, and the industry modules have expanded. BSI has also acquired three companies and expanded the functionality of the Customer Suite with Snapview, inSign, and Riskine. André Perwas, Partner at Capvis AG, said: “We were delighted when the founders and management chose Capvis in 2020. We have achieved a lot in this partnership and are convinced of BSI’s success in the next chapter of its growth.”

BU is a leading investment firm with offices in Zug, Munich, and Milan. With €7.0 billion in capital raised to date, BU is the largest mid-cap investor headquartered in the DACH region. The funds advised by BU invest in midsized companies based in Germany, Switzerland, Italy, and Austria. With the mission to be the partner of choice for entrepreneurs and family-owned businesses, BU seeks to partner with market leaders and “hidden champions” with strong management teams and outbreak potential. Since its founding in 2015, the funds advised by BU have invested over €3.0 billion in more than 100 companies. With BU, BSI has gained a partner with a long track record of experience in the software sector. This new partnership is built to support the BSI team in the continuation of its customer-orientated growth strategy, expansion in Europe, and the continuous expansion of the software platform.

“Our customers and our products will remain the focus of our further growth strategy,” explains Markus Brunold, CEO of BSI, adding, “With BU, we can simultaneously drive forward internationalisation and expand in our focus industries within Europe.”

Chris Rusche, co-founder and board member of BSI, says: “The growing size allows us to continue to invest in our employees and products. All our customers benefit from BSI’s success with a strong, comprehensive, European software platform for CRM and CX.”

Philipp Struth, Partner at BU, commented: “BSI convinced us not only with its innovative product portfolio but, above all, with its unique corporate culture, which has turned a large part of its workforce into real co-entrepreneurs. At BU, we feel honoured to be able to help shape and support BSI's future growth.”

Houlihan Lokey served as the exclusive sellside financial advisor to BSI and Capvis.

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