Gestión Tributaria Territorial , SA («GTT») and its shareholders GED Capital («GED»), an independent private equity group specialising in the Spanish lower mid-market, and Oquendo Capitala firm specialising in flexible capital and private debt for Spanish lower mid-market companies, have reached an agreement on the terms of a sale to AnaCap Financial Partners («AnaCap»), a leading private equity firm specialising in financial services which actively invests across Europe, of GTT.
The agreement between GED Capital and AnaCap was negotiated remotely during the Covid-19 pandemic and executed despite logistical hurdles in the process.
This is the first investment of private equity of AnaCap in Spain.
About GTT
GTT is the market leader in the design and development of software for the management of tax collection by public administrations, both local and regional, throughout Spain.
The company, based in Alicante, was founded in 1998 by Fernando Plaza, and seeks to modernise the processes of public administrations through technological innovation and digital transformation. The company collaborates with more than 3,300 institutions throughout Spain and LatAm, providing them with leading technological, organisational and management support solutions tailored to their specific needs.
GED acquired a majority stake in GTT in 2017 with the objective of supporting the company's organic and inorganic growth, both in Spain and internationally. Oquendo Capital, a firm specialising in flexible capital and private debt for Spanish lower mid-market companies, invested alongside GED as a co-investor with a minority stake. The remaining shares of the company remained in the hands of GTT's management team.
In recent years, the firm has consolidated its leading position as a benchmark provider of tax management software in Spain.
A promising future for GTT
Although the value of the transaction has not been disclosed, it is known that GTT's existing management team will remain as long-term shareholders in the company, partnering with AnaCap in the next phase of growth.
AnaCap will use its operational expertise in technology businesses to support GTT's management team in growing its market share in Europe and other geographic markets. The business will be grown through organic expansion, as well as by identifying acquisition opportunities such as bolt-on.
As Nassim Cherchali, Managing Director of AnaCap revealed, "GTT and its management team are widely recognised in Spain as the leading provider of tax collection software and we look forward to applying our data-driven investment approach to their already strong technology capabilities.