Main Capital exits Connexys

Main Capital Partners said Sept. 11 that it sold its majority stake in Connexys to Bullhorn Inc, a portfolio company of Vista Equity Partners. Financial terms weren’t announced. Connexys, of Boston, provides cloud-based recruitment software.


The Hague, September 11th 2017

Main Capital Partners is pleased to announce the 100% sale of its majority stake in Connexys to Boston-based Bullhorn Inc, a global leader in cloud-based recruitment software backed by Vista Equity Partners.

Connexys is the market leading provider in SaaS-based recruitment software in Western-Europe. Connexys’ flagship product offering is an applicant tracking system (ATS) built on Salesforce’s platform, and its solutions are currently used by 300 customers and over 20,000 recruitment professionals across the Netherlands, Germany, France and Belgium. Connexys will serve as Bullhorn’s growth engine for Europe and Connexys founders will join Bullhorn’s EMEA leadership team.

After its investment, Main Capital supported Connexys’ international growth strategy that was predominantly based on setting up an international partner/reseller channel and continuous product innovation based on With this strategy the company was able to accelerate its annual revenue growth to over 40% year-on-year, while maintaining very strong EBITDA-margins. Next to 100s of corporate customers, Connexys serves many of Europe’s biggest staffing companies such as Randstad, Able Group, Manpower and Trenkwalder.

Pieter van Bodegraven (Partner of Main Capital):

“During our investment Connexys has become the number one ISV (Independent Software Vendor) in the Salesforce ecosystem in Northern Europe. We are very proud that Bullhorn will continue to market and sell the Connexys existing solutions in the European market. Together with the very ambitious management the strategy was successfully executed, resulting in a fast-growing and profitable international SaaS company’’.

Gijs van Heijst (Founder and CEO Connexys):

“In the past 4 years, Main Capital helped the company to realize its targets faster. With their knowledge, experience and network, we were able to execute rapidly. We are very satisfied with the collaboration with Main Capital and are now excited to be joining the Bullhorn team.”

About Bullhorn

Bullhorn is the global leader in CRM and operations software for the staffing industry. More than 7,000 staffing companies rely on Bullhorn’s cloud-based platform to drive sales, build relationships, and power their recruitment processes from end to end. Headquartered in Boston, with offices around the world, Bullhorn employs more than 600 people globally. The company is founder-led and backed by Vista Equity Partners.

About Main Capital

Main Capital is a private equity investor with an exclusive focus on the software sector in the Benelux and DACH area. Within this sector, we are the most specialized company in management buyouts and later-stage growth capital. Main Capital has approximately € 300 million under management for investments in mature but growing software companies in the Benelux and DACH area.

In the current portfolio of Main Capital are rapidly growing (SaaS) software companies like Verklizan, Inergy, MUIS Software, Artegic (Germany), OBI4wan, Axxerion, b+m Informatik (Germany), Ymor, Roxit, OnGuard, Sharewire, SecondFloor, Sofon, Connexys, Regas, ChainPoint, RVC and TPSC. Main Capital has realised many successful international exits. The Mezzanine Capital group granted loans to a.o. TravelBird, Talkwalker and Worldmeetings.