The Carlyle Group to Acquire 29.34% of Personal & Informatik AG

London – Global private equity firm The Carlyle Group today announced that it is acquiring 29.34% of Personal & Informatik AG (“P&I”), a leading human resources software and services vendor to small and medium sized enterprises based in Wiesbaden, Germany. Carlyle acquired 24.9% of P&I shares directly and has been granted options to buy the additional 4.44% of P&I shares. Carlyle intends to exercise these options after having obtained antitrust clearance in Germany and other jurisdictions. The purchase price was not disclosed.

P&I is a rapidly growing vendor of human resources software solutions and related consulting services for enterprises across Europe. Leading international HR service providers and more than 3000 direct customers process their HR business using P&I solutions. P&I is stock exchange listed in the Prime Standard segment of the Frankfurt Stock Exchange; in the business year 2008/2009 it achieved a turnover of €59 million with an EBIT of €13 million.

Carlyle has invested in P&I previously, owning 66.64% for three years from 2004-2007. During those three years P&I has achieved strong growth: 185% increase in EBIT, 36% increase in revenues, 50% increase in license revenues and an 18% increase in headcount. These efforts also resulted in a three-fold increase in share value to all public shareholders. Since Carlyle’s exit, the Company has enjoyed revenue growth of 6-8% per annum.

Michael Wand, Managing Director of The Carlyle Group and Co-Head of Carlyle's Technology funds in Europe, commented “We have been monitoring P&I closely since our exit and the Company has continued to perform well, which has not been recognised in its share price development. In order to reach its full potential of becoming a major European HR software vendor we believe the Company will benefit from a strong single shareholder and the renewed partnership with Carlyle. Carlyle’s European technology team is particularly excited about partnering with the Company again, and looking forward to supporting the Company in its next growth phase, organically and through acquisition.”

Vasilios Triadis, Chief Executive of Personal & Informatik AG, said “P&I has been on a rapid growth path driven by our outstanding team of nearly 400 highly skilled employees. We are delighted to be re-partnering with Carlyle an investor, whose demonstrated resources and expertise will help propel us forward as we continue to grow across the international marketplace. P&I is a market leader and has great potential for further expansion. We look forward to working with Carlyle again as we enter this exciting new chapter in our Company’s development.”

Since 2002, Carlyle’s European technology team has acquired and invested in 19 small and medium-sized companies, supporting their growth, expansion and business transformation initiatives in the technology space.

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P&I

P&I Personal & Informatik AG specializes in HR management software solutions - from payroll accounting, personnel management and time management to employee portals. The solutions are international and can be deployed in any industry sector. P&I is represented by nearly 400 employees at 11 locations in Europe. The Wiesbaden-based Company has over 35 years experience in the market. Around 3000 businesses and institutions of all sizes place their trust in P&I solutions. P&I is stock exchange listed in the Prime Standard segment of the Frankfurt Stock Exchange; in the business year 2008/2009 it achieved a turnover of €59 million.

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