Jul 05 2023

AnaCap signs agreement for sale of majority stake in GTT to Stirling Square


• 70% growth in revenue since AnaCap’s initial investment in 2020
• Geographical expansion into Latin America with international revenue increasing 10x
• Product expansion into electronic administration through the acquisition of Meana Group in June 2022

AnaCap, a market-leading partner for founders and entrepreneurial management teams across services, technology and software companies operating within the European financial ecosystem, today announces the sale to Stirling Square of a majority stake in portfolio company Gestión Tributaria Territorial, SA (“GTT”), a leading Spanish software developer for the management of tax collection for municipalities and governments. Post deal completion, AnaCap will retain a ~20% ownership alongside Stirling Square and management.

GTT is the market leader in the design and development of software for tax administration in both local and regional public administrations across Spain. The company has a footprint in more than 4,500 municipalities and provinces throughout Spain and Latin America, following a recent internationalisation strategy. GTT also provides clients with leading technology, organisation and management support solutions, tailored to their specific requirements.

AnaCap acquired the business in July 2020 and immediately deployed both its expertise in tech-enabled businesses and granular operational engagement, in support of the management team’s ambition to grow GTT’s presence in Spain and Latin America.
Under the stewardship of AnaCap, international revenues increased tenfold with this expansion into Latin America. AnaCap’s input of technology sector expertise and operational support ensured the acceleration of domestic growth and international expansion with revenues subsequently increasing by ~70% since 2020.

The growth of GTT was achieved through a combination of organic expansion as well as the acquisition of Meana Group’s electronic administrations business in June 2022.
Closing of the transaction is subject to standard customary approvals.

Nassim Cherchali, Co-Managing Partner at AnaCap, commented:
“GTT represents another significant and successful growth story for AnaCap. We have been able to implement a vast range of technology sector expertise and operational value-add support to rapidly grow the business through a combination of organic and inorganic strategies across Spain and into Latin America. We are now looking forward to this exciting new chapter, alongside Stirling Square, where we will collectively aim to further develop the business following an already successful partnership working with the very impressive GTT team.”

Carlos Rico Alonso, Chief Executive Officer at GTT, added:
“I am pleased to welcome Stirling Square, who share our values and possess a complementary skillset that I know will benefit GTT. They have a robust track record of supporting businesses like ours to expand across Europe, with strong sector expertise and impressive local market knowledge. I am confident that their expertise and capital will enable us to accelerate the delivery of our strategy, which will see GTT further strengthen our software offering with our highly valued customers in Spain and enter new international markets. I am convinced that, together with Stirling Square, our purpose of improving the social welfare system through smart tax-related technology remains at the heart of what we do.”

Rico continued:
“It has been crucial for us to have a partnership with an investor of AnaCap’s calibre, whose exceptional operational support has been truly remarkable throughout our shared journey. Thanks to their unwavering entrepreneurial spirit, we have been able to face an extraordinary stage of growth for the company, thereby propelling GTT to new heights. The decision made by AnaCap to remain a part of GTT’s shareholder base fills us with immense satisfaction as we look forward to a truly promising future.”

Enrico Biale, Partner at Stirling Square, concluded:
“We are thrilled to invest in GTT, a provider of mission-critical software services to the Spanish public sector, with an impressive track-record of developing software to support the digitalisation and increased transparency within the country’s tax system. As high-conviction investors, we are attracted to GTT’s strong market position, growth profile, long-term contracts with customers across the country’s public sector administration and the opportunity to support the business enter new European markets. GTT provides an essential service to customers as it enables them to improve their productivity and efficiency. We look forward to bringing our sector expertise, local knowledge, pan-European presence, as well as capital, to support GTT’s talented management team as they take the business to its next phase of growth through further investment in the growing platform.”