Hg makes its first Greek bet with €1B investment in software firm EnterSoftone
What's the deal? Hg has taken a majority stake in EnterSoftoneDealroom has a profile for this one. Try Dealroom → (ES1), a Greek provider of enterprise resource planning (ERP) and business software, in a deal valuing the company at around €1 billion. The transaction marks Hg's first investment in a Greece-headquartered business. Existing shareholders Olympia GroupDealroom has a profile for this one. Try Dealroom → and Imker GroupDealroom has a profile for this one. Try Dealroom →, along with the management team led by chief executive officer Antonis Kotzamanidis, will retain significant shareholdings.
What does ES1 do? Formed in 2025 through the merger of EntersoftDealroom has a profile for this one. Try Dealroom → and SoftoneDealroom has a profile for this one. Try Dealroom →, the Athens-based company serves more than 90,000 clients with a product suite spanning ERP, CRM, retail, warehouse management, e-commerce, and electronic invoicing. It operates across Southeast Europe, including Romania, Bulgaria, and Cyprus.
Why now? Small and medium-sized businesses across Greece are adopting digital tools rapidly, driven by the country's shift to mandatory B2B e-invoicing under the myDATA framework. That mirrors a wider European trend, as the EU's VAT in the Digital Age reforms push member states toward digital invoicing.
What's the endgame? Hg will work with management to complete ES1's transition to the cloud, accelerate product innovation, and expand into neighbouring markets. Hg CatalystDealroom has a profile for this one. Try Dealroom →, the firm's in-house AI product incubator, will help ES1 build AI-powered products across its platform.
Who's putting in what? HgCapital Trust plcDealroom has a profile for this one. Try Dealroom →, listed on the London Stock Exchange, will invest roughly £33 million in ES1, with other Hg clients investing alongside through the Hg Genesis FundDealroom has a profile for this one. Try Dealroom →. The trust's liquid resources available for future deployment are estimated at £276 million, or 12% of its pro-forma August 31, 2026 net asset value of £2.4 billion.
In their words: "Antonis and the team have built an outstanding tech platform with a genuine head start in e-invoicing," said Alexandre Flavier, partner at Hg. Kotzamanidis added that Hg "understands ERP at a level few investors do."
The signal: The deal ranks among the largest growth equity investments in Greek enterprise software, sitting in the top 5% of comparable rounds on record. It signals rising investor conviction in a market being reshaped by mandatory digital invoicing — and Hg's bet that regulation-driven demand can build an enduring, AI-enabled software champion in the region.
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Image credit: Generated with Gemini
