HSO Welcomes Bain Capital for Next Growth Chapter
Deal News | Aug 19, 2025 | Consultance.eu
Bain Capital has acquired HSO, a global partner of Microsoft, for an approximate valuation of €1 billion. HSO, founded in 1987, offers a comprehensive range of services across Microsoft's product suite, including Dynamics 365, Power Platform, Azure, Data, and AI. Previously under Carlyle's ownership for seven years, HSO has seen significant growth with revenues tripling to approximately €430 million. With this new acquisition, HSO's founder, Peter ter Maaten, will continue to hold a significant share and a board position alongside Bain Capital. The company aims at international expansion, developing new service lines, particularly in AI, and pursuing growth through acquisitions. Bain Capital sees HSO's relationship with Microsoft and its capabilities in cloud migration and AI automation as considerable assets supporting its future growth strategy.
Sectors
- Information Technology
- Private Equity
- Consulting
Geography
- Netherlands – HSO is a Dutch company, and the acquisition deal centralizes around its operational and growth strategies in the country.
- Global – HSO has a wide-ranging presence across Europe, North America, and Asia Pacific, reflecting its global reach.
Industry
- Information Technology – HSO operates as a global Microsoft partner providing services across various Microsoft products, making it part of the IT industry.
- Private Equity – The acquisition of HSO by Bain Capital indicates significant private equity activity in the enterprise technology and consulting space.
- Consulting – HSO's business model revolves around providing consulting services related to Microsoft's suite of products.
Financials
- €1 billion – Estimated valuation of HSO at the time of acquisition by Bain Capital.
- €430 million – HSO's revenue in 2024 before the Bain Capital acquisition.
- €1.1 billion – Insider-reported valuation figure for HSO.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| HSO | Target | Company | A Dutch company offering end-to-end Microsoft services globally. |
| Bain Capital | Bidding Company | Company | A private equity firm that acquired HSO with the aim to drive further growth and international expansion. |
| Carlyle Group | Selling Company | Company | A private equity firm that previously owned HSO. |
| Peter ter Maaten | Founder and Significant Shareholder | Person | Founder of HSO and remains a significant stakeholder and board member after the acquisition. |
| Christophe Jacobs van Merlen | Partner | Person | A partner at Bain Capital involved in the strategic expansion plans for HSO. |