The HR tech company announces a strategic partnership with the German private equity fund.
European law firm Fieldfisher had advised leading HR tech software company TimeTac, a provider of digital time recording based in Graz, southern Austria, on the entry of Maguar, a private equity fund specialising in B2B software investments in the DACH region.
With the new partnership, TimeTac intends to expand its market leadership in the German-speaking region and secure further expansion into new markets.
TimeTac's 70 employees currently serve over 3,800 corporate customers in 30 countries worldwide; more than 150,000 employees use its software every day, corresponding to a recurring annual turnover of €10 million in 2023.
Commenting on the deal, Thomas Ruhm said:
“We have been supporting the software company TimeTac for many years in corporate law matters and constantly in questions of digital compliance and are pleased about this strategically important step for our client”.
Other investment banks and advisors including Pictet, KPMG, Houlihan Lokey, Milbank LLP, Lupp + Partner and Herbst Kinsky were involved in the transaction.
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