Main Capital Partners exits Perbility, a leading German HR software provider, to Rivean Capital

The exit represents another successful investment for Main and highlights Perbility's impressive growth trajectory under its ownership since December 2020. This successful transition follows Perbility's strategic initiatives, including the growth of existing customers through the product migration of CHECK-IN to Helix, the acceleration of up- and cross-selling to address sizeable whitespace opportunities, and increased penetration in the public and B2B market. The exit to Rivean Capital is expected to close within 4-6 weeks, subject to customary regulatory approvals.

During the strategic partnership with Main, Perbility achieved significant financial growth, where its revenues four-folded to EUR 29 million from 2020 to 2024 and Perbility developed itself into a “rule of 50” software company. This growth was driven by both organic developments and successful add-on acquisitions. The company expanded its client base from approximately 900 to over 1,500, which underscored its strong market position. Additionally, Perbility enhanced its existing product offerings through substantial investments in innovation and development, establishing itself as a leading provider of HCM solutions in Germany. Notably, it executed two key acquisitions, Concludis in 2022 and Begis in 2023, which provided extended coverage of the HCM value chain and created significant cross-selling opportunities within its existing customer base.

The exit of Perbility marks Main’s 4th exit in 2024. Earlier this year Main Capital Partners announced the sale of HR Software group Textkernel (Benelux) to Bullhorn in the US in June, followed by the exit of Connected Care group Enovation (Benelux) to Legrand in France and the exit of Optimizers (Benelux), a European ecommerce enablement software provider, to TA Associates-backed Orisha in France.

Sven van Berge Henegouwen, Managing Partner and Head of DACH at Main Capital Partners, stated: “Our investment in Perbility over the past several years has been a testament to the potential of the HR software market in Germany. We are proud of the fruitful cooperation with the founder and CEO Andreas Meck and the joint milestones achieved with Perbility, including the remarkable growth in revenue and profitability, as well as the successful execution of strategic acquisitions. Perbility has solidified its position as a leader in providing comprehensive HCM solutions, and we believe that the company is well-positioned for continued success under Rivean Capital’s stewardship.”

The new partnership with Rivean Capital will enable Perbility to accelerate its up- and cross-selling efforts, expand its reach in the (semi-)public and B2B market, and pursue geographic expansion within the DACH-region. Under Rivean Capital’s ownership, Perbility plans to strengthen its organizational capabilities, further grow its existing customer base, and further strengthen its sales team. The company also aims to continue its product development efforts, including the integration of AI-enabled workflows to enhance its offerings.

Andreas Meck, CEO of Perbility, mentioned: “The partnership with Main Capital has been a transformative experience for Perbility. Their expertise in scaling software companies organically and through smart add-on acquisitions as well as their support in our strategic initiatives have been pivotal in our growth journey. We are excited about the next chapter of our business with Rivean Capital, where we will continue to innovate and enhance our client services.”