Carlyle Agrees to Exit HSO, Transfers Stake to Bain Capital
Deal News | Aug 13, 2025 | The Carlyle Group
Carlyle Group, a prominent global investment firm, announced its decision to divest its stake in HSO, a leading global Microsoft Dynamics services partner, to Bain Capital. Carlyle's ownership period saw HSO's significant growth, expanding internationally and aligning with Microsoft's cloud, data, and AI strategies. Bain Capital, investing alongside HSO's founder Peter J. ter Maaten, plans to further accelerate HSO's expansion, emphasizing cloud migration and AI automation. This transaction, subject to regulatory approvals, highlights Carlyle's commitment to cultivating global leaders in the tech industry.
Sectors
- Private Equity
- Technology Services
- Cloud Computing & AI
Geography
- United States – The involved companies, Carlisle Group and Bain Capital, are both headquartered in the United States.
- United Kingdom – HSO operates extensively in Europe, with significant representation in the United Kingdom.
- Netherlands – HSO, the target company, is originally based in the Netherlands.
Industry
- Private Equity – The article involves a transaction involving Carlyle Group and Bain Capital, both major players in the private equity sector.
- Technology Services – HSO, the target company in this transaction, is a leading provider of Microsoft Dynamics services, categorizing it within the technology services sector.
- Cloud Computing & AI – The transaction focuses on HSO's alignment with Microsoft's cloud, data, and AI strategies, placing emphasis on advancements in cloud computing and artificial intelligence.
Financials
- $465 billion – Assets under management by Carlyle as of June 30, 2025.
- $185 billion – Assets under management by Bain Capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| HSO | Target Company | Company | HSO is a leading global business transformation partner specializing in Microsoft Dynamics services. |
| Carlyle Group | Seller | Company | Carlyle Group is a global investment firm discussing its divestment from HSO. |
| Bain Capital | Buyer | Company | Bain Capital is acquiring a stake in HSO, a move indicative of its interest in tech services. |
| Peter J. ter Maaten | Significant Shareholder | Person | Peter J. ter Maaten is the founder and CEO of HSO, maintaining a significant shareholder position. |