US private equity firm Providence Equity, through its Strategic Growth Europe fund, PSG, has acquired a majority stake in Signaturit, a Barcelona-based provider of electronic document signature, delivery and user identification services.
The financial terms of the transaction have not been made public, but according to market sources PSG invests around 30 and 40 million euros when it enters the capital of a company.
Both founders of the Spanish company will maintain a shareholding, and its co-founder and CEO, Juan Zamora, will continue to lead the daily operation and the team of more than 100 people that make up the company.
"Signaturit's team has built an exceptional project in an industry that is destined to grow exponentially over the next five years" said Dany Rammal, managing director of PSG.
The company was founded in 2013 and has more than 2,000 clients, including large groups and small and medium-sized companies such as Manpower, AXA, Admiral Insurance, EY, Decathlon or Vorwerk.
PSG was established in 2014 and focuses on growth capital investments in lower-middle market software and technology services companies.