HgCapital Buys StepStone Talent Management Software Unit

HgCapital has acquired the talent management software unit of StepStone ASA (LSE: STPS), for €110 million.


StepStone ASA (OSE:STP)(LSE:STPS) is pleased to announce that it has successfully completed the sale of its StepStone Solutions talent management software division to European sector focused private equity investor HgCapital for a purchase price of EUR110 million. The sale follows the acquisition of StepStone ASA by Axel Springer AG in December 2009. Axel Springer retains ownership of StepStone’s Online job-boards business which has been successfully integrated into Axel Springer’s Digital Media Division. As a consequence of the successful completion of these transactions both Colin Tenwick, CEO of StepStone ASA, and Ian Cole, CFO, will leave the organisation at the end of May.

“Running StepStone since 2000 has been a great adventure for Ian and I and we are delighted to leave the two elements of the business in such safe hands,” said Colin Tenwick. “We are confident that both StepStone Solutions, under the management team led by Matthew Parker, and StepStone Online, under the team led by Ralf Baumann, will prosper greatly under the ownership of HgCapital and Axel Springer respectively. They are now both strong, well-positioned businesses, with solid financials, market-leading products and loyal customers and we wish them well as we personally move on to the next stage in our careers.”

In a recent press release StepStone Solutions noted that it had enjoyed its best ever quarter in revenue terms in the period January-March 2010, adding 52 new customers in 19 countries, including the US, China, Singapore, and across Europe. Overall Q1 revenues were up over 6% on Q1 2009, driven by an almost 20% increase in subscription revenues for StepStone Solutions’ Software-as-a-Service (SaaS) deployment model. In addition 120 existing customers increased their commitment to the company, buying additional products or modules from StepStone’s Total Talent Management Solution range. StepStone Solutions now provides talent acquisition and talent management technology to almost 1,500 organisations in the US, Europe and Asia-Pacific.

About StepStone

Founded in 1996, StepStone is one of the most successful online job board businesses in Europe today. With over seven million visits and more than 50.000 job listings per month, StepStone operates some of the strongest online job portals in the European market. Everything StepStone does pursues one main objective: to accurately match the best candidates with the best companies. StepStone employs around 400 people in eleven countries, aiming to deliver the highest quality of service to all of its clients, ranging from small local players to big global cooperates throughout all industry sectors. More than 16.000 renowned companies, for example Deutsche Telekom, Siemens, Deloitte and Daimler, use StepStone successfully in eleven European countries for the recruitment of qualified specialists and executive staff. Beyond the StepStone websites the international StepStone “Network” also allows customers to find new employees in more than one hundred countries. StepStone is a wholly-owned subsidiary of Berlin-based Axel Springer AG.

About StepStone Solutions

StepStone Solutions helps businesses get increased performance from their people, helps them build and develop global talent pools, and helps people find new jobs that match their talents. Across the world thousands of organisations rely on StepStone Solutions every day to improve their business performance and talent development strategies while millions of people rely on StepStone Solutions to improve their careers. StepStone Solutions delivers world class technology and services for finding, recruiting, retaining, managing and developing talented people.

StepStone Solutions provides a complete set of Total Talent Management solutions. StepStone Solutions’ on-demand (SaaS) software and services enable organisations to implement efficient processes, including; attraction and hiring, post-hire talent management, performance management, compensation management, skills and competency management, career and succession planning, training and development management.

At the end of December 2009 more than 1,400 organisations, including many of the world’s leading businesses, use StepStone Solutions’ software and services. It operates in 17 countries and employs around 450 people. Its global customers include Aviva, BASF, Deloitte, Deutsche Telekom, Lufthansa, Kruger Products, PUMA, and Virgin Atlantic.

For more information see: www.stepstonesolutions.com