Talent acquisition and management solutions provider StepStone has agreed to sell its StepStone Solutions talent management software division to private equity investor HgCapital for €110m (£99.1m).

The transaction is expected to be completed by the end of April, subject to usual closing conditions.

The software division serves more than 1,400 customers in 17 countries, employing around 450 people, and will continue to be led by current group managing director Matthew Parker, and his management team under HgCapital’s ownership.
 
StepStone is a wholly-owned subsidiary of Germany-based media company Axel Springer, which will continue to own and operate StepStone’s online job board division.
 
StepStone chief executive Colin Tenwick says: “This development is clearly good news for the entire global customer base, who will have the reassurance of strong backing and continued investment in StepStone Solutions’ business strategy.

“Since Axel Springer has set a clear strategic focus on online job boards for StepStone, the acquisition of the software division by HgCapital will allow the Solutions unit to enter a new phase of expansion under HgCapital’s ownership.”