Ardian, a world-leading private investment house, and SD Worx, one of the main European HR and payroll solutions providers, have reached an agreement for the sale of F2A, the leading Italian HR and payroll solutions provider controlled by Ardian since February 2016. With this transaction, SD Worx will expand its offering and geographical footprint and accelerate its growth in the European HR and payroll solutions industry. The transaction is subject to customary regulatory approvals.

More than 1,200 experts of F2A support 6,000 customers across two business units: HR & payroll (c. 85% of revenues) and Finance & Accounting (c. 15% of revenues). During Ardian’s investment, F2A accelerated its development strategy by successfully closing more than 20 build-ups, expanding service offering and reaching an important position in Italy.

“We are thrilled to announce the sale of F2A to SD Worx. I congratulate Raul Mattaboni and his team for all the successful development over the last years. Ardian’s Expansion team targets resilient and high-quality businesses with experienced management teams where there is great growth potential. Through our close partnership with entrepreneurs and managers, we have successfully accompanied several mid-sized companies on their journey to becoming market leaders. Italy represents a key geography for us, where we intend to continue investing by selecting the best opportunities.” François Jerphagnon, Member of the Executive Committee, Managing Director of Ardian France & Head of Expansion

“Together with the F2A management team, we have pursued an important growth path, and we think there are still many opportunities to be seized in this space. The strong interest in F2A of an international player like SD Worx is a clear indication of the high strategic value of our asset. We wish F2A and SD Worx every success for the company’s next chapter.” Marco Molteni, Managing Director Expansion, Ardian

“Italy is the fourth largest economy in Europe, with many SMEs and midmarket employers showing strong appetite for payroll outsourcing. The complex Italian payroll landscape requires a combination of local software and expertise. I look forward to working together with Raul Mattaboni who will continue to lead the business.” Kobe Verdonck, CEO of SD Worx

“Becoming part of SD Worx is a significant milestone for F2A, recognizing the exceptional work accomplished by all our colleagues over the years. With the support of Ardian, we have become the leader in the Italian market for professional services to companies of all sizes and sectors. I am personally enthusiastic to embark on this new chapter in F2A’s history. This transition will not only enhance our professional growth but also provide our clients with even better and more diversified services, all while maintaining the human touch that has always defined us.” Raul Mattaboni, CEO of F2A

Following regulatory approvals, SD Worx will acquire 100% of the shares of F2A.

The price of the transaction will not be disclosed.