Alicante, Spain, 5th July, 2023: Stirling Square Capital Partners (“Stirling Square”), a pan-European mid-market private equity firm, today announces the acquisition of a majority stake in Gestión Tributaria Territorial (GTT), a tax software provider in Spain, from AnaCap, a specialist private equity firm. AnaCap will re-invest as a minority investor alongside Stirling Square and GTT’s management team. Financial terms of the transaction, which is subject to customary regulatory approvals, are not being disclosed.
Stirling Square will work closely with the management team to invest in expanding the business’ software platform, further diversifying the suite of products as well as embarking upon strategic acquisitions across Europe, supporting the long-term growth objectives of the company.
Headquartered in Alicante, Spain, GTT is a leading provider of software driving the management of tax collection and electronic administration for national, regional and local public administrations. Founded in 1998, GTT has a 25-year track-record building proprietary software that seeks to modernise public administration processes through technological innovation and digital transformation, providing them with leading technological, organisational and management support solutions tailored to their specific requirements. The market leader in Spain, GTT also serves international development organizations in Latin America and has c.4,500 customers globally.
Carlos Rico Alonso, Chief Executive Officer at GTT: “I am pleased to welcome Stirling Square, who share our values and possess a complementary skillset that I know will benefit GTT. They have a robust track record of supporting businesses like ours to expand across Europe, with strong sector expertise and impressive local market knowledge. I am confident that their expertise and capital will enable us to accelerate the delivery of our strategy, which will see GTT further strengthen our software offering with our highly valued customers in Spain and enter new international markets. I am convinced that, together with Stirling Square, our purpose of improving the social welfare system through smart tax-related technology remains at the heart of what we do.”
Enrico Biale, Partner at Stirling Square, commented: “We are thrilled to invest in GTT, a provider of mission-critical software services to the Spanish public sector, with an impressive track-record of developing software to support the digitalisation and increased transparency within the country’s tax system. As high-conviction investors, we are attracted to GTT’s strong market position, growth profile, long-term contracts with customers across the country’s public sector administration and the opportunity to support the business enter new European markets. GTT provides an essential service to customers as it enables them to improve their productivity and efficiency. We look forward to the exciting journey ahead, alongside AnaCap, and to bringing our sector expertise, local knowledge, pan-European presence and capital, to support GTT’s talented management team as they take the business to its next phase of growth through further investment in the growing platform.”
Nassim Cherchali, Co-Managing Partner at AnaCap, added: “GTT represents another significant and successful growth story for AnaCap. We have been able to implement a vast range of technology sector expertise and operational value-add support to rapidly grow the business through a combination of organic and inorganic strategies across Spain and into Latin America. We are now looking forward to this exciting new chapter, alongside Stirling Square, where we will collectively aim to further develop the business following an already successful partnership working with the very impressive GTT team.”