Munich — Inter­na­tio­nal law firm Clif­ford Chance has The new private equity mana­ger Maguar Capi­tal has acqui­red HR soft­ware provi­der HRworks with its first funds (Maguar I Fund). A select group of insti­tu­tio­nal inves­tors, inclu­ding Aber­deen Stan­dard Invest­ments, EMZ Part­ners, Golding Capi­tal Part­ners and LFPE, are co-inves­t­ing with the Maguar I Fund.

The acqui­si­tion finan­cing is provi­ded by Joh. Beren­berg, Goss­ler & Co.KG provi­ded. The tran­sac­tion is subject to custo­mary regu­la­tory appr­ovals and is expec­ted to close in Septem­ber 2020.

HRworks is an inte­gra­ted Soft­ware-as-a-Service (SaaS) provi­der of HR soft­ware with a focus on the SME segment (small and medium-sized enter­pri­ses) in Germany. The company focu­ses on key HR func­tions such as time manage­ment, travel, people manage­ment, recruit­ment and employee bene­fits. HRworks was foun­ded in 1999 and curr­ently serves 210,000 users and over 1,700 custo­mers. The company opera­tes a scalable tech­no­logy plat­form and curr­ently employs 60 FTEs in its offices in Berlin, Frank­furt and Frei­burg im Breisgau.

Maguar Capi­tal is a German private equity mana­ger focu­sing exclu­si­vely on small cap soft­ware invest­ments in the DACH region. Foun­ded in 2019 by Arno Poschik, Gunther Thies and Matthias Ick, Maguar specia­li­zes in part­ner­ships with foun­der-led B2B soft­ware compa­nies that have an EBITDA of circa one million to six million euros. Maguar supports these compa­nies in reali­zing their growth potential.

Clif­ford Chance Finance Part­ner Barbara Mayer-Traut­mann said, “We are plea­sed to advise Maguar, the new private equity mana­ger, on this tran­sac­tion in turbu­lent times in the highly dyna­mic tech­no­logy-rela­ted private equity market.”

Arno Poschik, foun­der of Maguar, comm­ents: “It was important, espe­ci­ally for this tran­sac­tion, to have Clif­ford Chance, an expe­ri­en­ced legal advi­sor in the private equity sector, on our side. The Clif­ford Chance team impres­sed us with its effi­ci­ency and commer­cial approach. We hope that more invest­ments will follow shortly.”

Advi­sor Maguar Capi­tal GmbH: Clif­ford Chance
Manage­ment Part­ner Barbara Mayer-Traut­mann (Finance, Munich)

About Clif­ford Chance
Clif­ford Chance, one of the world’s leading law firms, is present for its clients with around 3,400 legal advi­sors in all major busi­ness centers around the world. In Germany, Clif­ford Chance is repre­sen­ted by around 300 lawy­ers, audi­tors, tax advi­sors and soli­ci­tors in Düssel­dorf, Frank­furt am Main and Munich.