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Under the terms of the transaction, General Atlantic will acquire the shares from AOB Invest GmbH, which is owned by Atoss Software AG’s largest individual shareholder, Andreas Obereder. As part of the agreement, AOB Invest GmbH will grant General Atlantic a 12.8% discount to the 6-month VWAP since September 30, 2022. The transaction is scheduled for completion on June 30, 2023.
In addition, the agreement includes call options for General Atlantic. This means that General Atlantic has the option to acquire nearly 5% of additional shares of AOB Invest if these options are exercised. These options will allow General Atlantic to further expand its stake in Atoss and strengthen its commitment to the company.
To underline the close cooperation, Jörn Nikolay, Managing Director and Head of DACH at General Atlantic in Munich, will be given a seat on the supervisory board of the Specialists for Workforce Management Solutions. The supervisory board is to be expanded from three to four people to make room for Nikolay.
General Atlantic intends to support Atoss in key value-creation initiatives. These include, in particular, further growth in international markets and the expansion of the cloud business. With its global network and extensive expertise in digitalization and cloud strategies, General Atlantic is well-positioned to support Atoss in these strategic undertakings.
Andreas Obereder, founder and CEO of Atoss, shared his enthusiasm about the cooperation: “This investment by one of the world’s most successful growth equity investors offers ATOSS an opportunity to capture the enormous growth potential in our market even more fully. With General Atlantic as investor, we plan to continue our success story and take ATOSS even further internationally.”
Shares in Atoss Software (TG:AOFG) slipped 10% to €192 (€1 = $.0814) in early trading on the Tradegate trading platform.
