In a significant move within the European tech sector, Bregal Milestone, a prominent private equity firm specializing in technology and software, has announced its acquisition of Novare Pay, a renowned Stockholm-based compensation services provider.
This strategic acquisition is set to bolster Allshares, a leading software and services provider owned by Bregal Milestone, by integrating Novare Pay’s high-growth, high-margin services into its operations.
The merger promises to deliver an enhanced digital turnkey solution for Allshares’ extensive client base, which includes over 630 multinational enterprises across more than 40 countries. Novare Pay will undergo a rebranding process to operate under the Allshares umbrella, reinforcing Allshares’ position as a top-tier provider of compensation software and services in Europe.
Erika Andersson, CEO of Novare Pay, welcomed the acquisition with optimism, highlighting the potential for a transformative impact on the European compensation landscape. Cyrus Shey, Co-Founder and Managing Partner at Bregal Milestone, expressed confidence that the integration of Novare Pay’s expertise in compensation will elevate Allshares’ service offerings and performance.
Additionally, Michael Ingelög has been appointed as the new Chair of the Allshares Board. Ingelög, a seasoned executive with extensive experience in the Nordic and European markets, is set to guide Allshares through this transformative phase, leveraging the combined strengths of both companies to reshape the compensation sector.
While the terms of the deal remain undisclosed, the acquisition is subject to standard closing conditions. This move marks a pivotal step for Bregal Milestone, which has been recognized as one of the Top Growth Equity Firms of 2023 and is part of the global investment platform Bregal Investments, managing assets over €18 billion.
The Allshares and Novare Pay partnership is poised to create a dynamic force in the European market, offering cutting-edge compensation solutions and setting a new standard for excellence in the industry.