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CTAIMA is a leading provider of cloud-based software for supply chain risk and compliance management (SCRCM) and governance, risk, and compliance (GRC) in Iberia, Europe, and Latin America. The company offers a comprehensive SaaS platform and tech-enabled services to help clients manage critical risks related to contractor management and external worker compliance, ensuring legal compliance at their sites. Founded in 2003 and headquartered in Tarragona, Spain, CTAIMA serves over 1,300 hiring clients and manages over 120,000 contractors across 17 countries and various sectors.
Baluarte Capital, SF launched in 2018 by Lorenzo Zavala and Luis de los Santos, acquired CTAIMA at the end of 2020 when its turnover was around €8M. This deal was backed by investors such as Alza Capital Partners, Istria Capital, JB46, Kinderhook Partners, Relay Investments, Saltoun Capital Partners, WSC&Company, and others. Since then, under the management of Zavala and de los Santos, the company has experienced double-digit yearly organic growth and best-in-class software metrics. A few months ago, CTAIMA’s shareholders sought a new strategic financial partner to support the company’s development and expansion into new countries. Recently, CTAIMA joined forces with e-coordina and secured an investment from Hg, a leading investor in European and transatlantic software and services businesses, which manages around $70 billion in funds.
Hg’s investment in CTAIMA marks a significant milestone for the company and its management team as it aims to further consolidate the Iberian market and become a European leader in SCRCM and GRC software and related solutions. The deal also represents a landmark for the Spanish software ecosystem, being Hg’s first primary investment in the country. Although the transaction terms have not been fully disclosed, it is known that HgCapital Trust plc (HgT, managed by Hg) will invest approximately £11.5M in the deal, with other institutional clients of Hg investing alongside HgT through the Hg Mercury 4 Fund. Several investors in Baluarte Capital SF have described this exit as the most successful SF investment in Europe to date. Some media reports suggest that the merger of CTAIMA and e-coordina will result in a group with nearly €8M in EBITDA, with the deal valued at around €150M, representing a 20x EBITDA multiple.
Founded in 2007 and based in San Sebastian, e-coordina is a leading provider of contractor management software and services in Spain, offering solutions for supplier and external worker compliance management, access control, and occupational risk prevention management.
Regarding the transaction, Lorenzo Zavala, co-CEO of CTAIMA, said: “Our mission is to empower professionals to create safer and more responsible organisations, with a commitment to every individual managing these risks. Bringing CTAIMA and e-coordina together will create a contractor compliance champion in Spain and Portugal, with a highly complementary product suite and one of the largest combined networks in the region, connecting 2,000 buyers with over 160,000 suppliers across Iberia.”
Luis de los Santos, co-CEO of CTAIMA, added: “This is a very exciting day for us and an important milestone for both CTAIMA and e-coordina. Hg is a world-class software investor and their support and experience will help us to reinforce this mission, enhancing our service offerings and expanding into new regions.”
Christopher Fielding, Partner and Louis Kinsella, Director at Hg, said: “Hg has been investing in legal and compliance software for over two decades. This experience enabled us to identify CTAIMA and e-coordina as high-quality businesses with enormous potential to expand in this sector. We are also delighted to invest in our first Spanish software platform and look forward to working with Lorenzo, Luis and their stellar management team.”
Financial Advisor: Lincoln International / Legal (Hg): Linklaters
