September 22, 2026, Hg announced a majority equity investment in Greek ERP and enterprise software company ENTERSOFTONE (ES1), with the transaction valuing the company at about EUR 1,000,000,000, and settlement expected later in 2026. Hg also clarified that its internal AI product incubation team, Hg Catalyst, will directly support ES1 in developing new AI products on the platform, extending post‑investment AI capabilities from the fund level to the investee’s core products and workflows.
Facts
- Hg’s official announcement confirms this is a majority equity investment, with the transaction valued at approximately EUR 1,000,000,000; Olympia Group, Imker Group and management will continue to hold significant stakes. Greek media Kathimerini, citing informed sources, reports that Hg intends to acquire about 70% of the equity, while existing shareholders will retain roughly 30%; this ownership split has not been separately confirmed in Hg’s announcement.
- ES1 was formed in 2025 through the merger of Entersoft and SoftOne, operating across Greece, Romania, Bulgaria and Cyprus, offering products such as ERP, CRM, warehousing, e‑commerce, HCM/Payroll and e‑invoicing, and currently serving more than 90,000 customers.
- Official data for ES1 shows the company has over 1,500 employees and more than 700 partners. Hg’s announcement states that post‑investment it will complete the company’s cloud migration, accelerate product innovation and expand into adjacent markets, with Hg Catalyst supporting the development of new AI products on the platform.
- Local business media, citing the company’s financial data, state that ES1 2025 revenue was about EUR 136,000,000, higher than EUR 119,000,000 in 2024; EBITDA was roughly EUR 44,000,000, up from EUR 32,000,000 the previous year. This growth occurred before Hg’s current investment and cannot be attributed to Hg or the new AI transformation plan.
- A regulatory filing by HgCapital Trust shows that it will invest approximately GBP 33,000,000 in ES1 through transactions related to the Hg Genesis Fund; this figure represents only HgCapital Trust’s own share and does not constitute the total equity investment amount by Hg in ES1.
Analysis
This transaction provides a relatively complete AI-native buyout observation sample: after Hg obtained control, it first took over a software platform that already has over 90,000 customers, enterprise-grade system records and high-frequency business workflows, and then embedded the fund's internal AI engineering team into product development. The value transmission path is fairly clear—systems such as ERP, payroll, warehousing, and electronic invoicing themselves hold key enterprise data and execution entry points; if Hg Catalyst can write Agent capabilities directly into these workflows, AI can simultaneously affect product ARPU, customer retention, cloud migration efficiency, and internal R&D efficiency. Currently these remain post‑investment plans, and public information has not provided the incremental revenue, labor productivity or EBITDA results brought by AI, so the most worthwhile follow‑up is the speed of AI product rollout, paid penetration rate, proportion of cloud customers, R&D spending and profit margin changes.
Counterevidence
- The transaction has not yet completed settlement; Hg officials only indicated that it is expected to be completed later in 2026 and is subject to customary settlement conditions. Therefore, at present it can only be confirmed that the majority of equity investment agreements have been signed, and it cannot be stated that control has already been transferred.
- Hg's announcement clarified that Hg Catalyst will participate in AI product development, but did not disclose specific Agents, launch timelines, R&D budgets, AI revenue, cost savings, or EBITDA contributions. At this stage, the AI portion is a clearly defined post‑investment execution plan, lacking realized operating results.
- ES1 had already achieved rapid revenue and EBITDA growth before Hg's investment and had listed Cloud and AI as strategic priorities, so future operating improvements need to distinguish the contributions of existing merger synergies, industry digitization, cloud migration, and Hg's post‑investment AI capabilities.
- Media reports that the stake is about 70% come from local media sources; Hg's official announcement only confirms a “majority investment.” If the final settlement documents disclose a different ownership structure, the formal documents should prevail.
Hg｜ENTERSOFTONE secures majority investment from Hg in transaction worth c. €1 billion｜2026-09-22
HgCapital Trust / RNS｜Hg announces an investment in EnterSoftone｜2026-09-22
Kathimerini｜Britain’s Hg takes majority stake in Entersoftone｜2026-09-22
ENTERSOFTONE｜Company overview：1,500+ employees, 700+ partners, 90,000+ clients
BusinessNews.gr｜ENTERSOFTONE 2025 revenue €136m / EBITDA €44m｜2026-09-22