Deal Announcement 05/13: Service Industries
PwC M&A acted as exclusive financial adviser to TDS AG and Fujitsu on the sale of TDS AG’s HR BPO business to Aurelius AG
The Deal
In May, TDS Informationstechnologie AG closed the sale of 100% of its shares in TDS HR Services & Solutions GmbH incl. the company’s Austrian and Swiss subsidiaries to Aurelius AG. TDS HR is a leading provider of human resources (HR) software and related business process outsourcing (BPO) services in the D-A-CH region.
TDS HR has experienced continuous growth since 2007 as a part of Fujitsu Group, one of the world's leading IT players. The sale to Aurelius AG will enable TDS HR to further develop in a growing market and allow TDS AG to focus on its core businesses IT outsourcing and SAP solutions.
PwC’s M&A team in Germany acted as exclusive financial adviser to TDS AG and Fujitsu. We managed a competitive sales process involving strategic and financial investors and supported with the preparation of the carve-out process.
TDS AG
TDS AG, a Fujitsu company, provides a comprehensive range of IT services, including SAP-related offerings, to mid-sized enterprises and major corporations. In addition, TDS offered software, outsourcing and related services for human resource management through its subsidiary TDS HR Services & Solutions GmbH.
Prior to the transaction, TDS employed around 1,400 staff at some 20 sites in Germany, Austria and Switzerland. In fiscal 2011/2012, the company posted revenues of approximately 146 million euros.
TDS HR Services & Solutions GmbH
TDS HR is a leading provider of software and business process outsourcing for HR departments in the German-speaking countries, having experienced continuous growth in recent years. In fiscal year 2012/13 (ending March 31, 2013), the company generated sales of approximately EUR 60 million with more than 600 employees at around 20 locations. TDS HR’s portfolio covers the outsourcing of all processes associated with managing staff for non-profit organizations as well as medium and large organizations across all industries. In addition to wage and salary calculation, the service provider manages job applications, the calculation of travel expenses, and further personnel administration tasks. The company currently undertakes approximately 800,000 personnel transactions every month, making it one of the leading providers in Germany.
Aurelius AG
Exchange listed, Munich-based AURELIUS Group specializes in acquiring companies with development potential and providing them with operational support. With offices in Munich and London as well as 19 subsidiaries in Germany, England, France, Ireland, Poland, Hungary, the Netherlands and Switzerland, AURELIUS operates throughout Europe. The Group's companies have generated combined revenues of approx. €1.4bn in 2012.
PwC
The PwC M&A team in Germany acted as exclusive financial adviser to TDS AG and Fujitsu.
PwC employs nearly M&A 1.000 professionals all over the world, realizing approximately 300 successful transactions per year. We specialize in a wide range of independent M&A services including advice on acquisitions and disposals, mergers and public takeovers as well as structured financing.
The PwC deal team consisted of Alexander von Friesen (Partner), Wolfgang Frey (Senior Manager), Philipp Crocoll (Manager) and Artjom Jalosa (Consultant). In addition, support from PwC Transaction Services was provided by Eckhard Späth (Partner), Gerald Schustereder (Partner), Nicole Moser (Senior Manager) and Philipp Krispin (Consultant).
