Houlihan Lokey Advises GTT, a Tax Software Provider to Public Administrations

Houlihan Lokey is pleased to announce that AnaCap has sold Stirling Square a majority stake in Gestion Tributaria Territorial (GTT), an international tax software solutions provider to public administrations. Houlihan Lokey served as the exclusive financial advisor to AnaCap and the GTT shareholders. The transaction closed on November 30, 2023.

GTT is the market leader in the design and development of software for tax administration in both local and regional public administrations across Spain. For more than 25 years, GTT has developed a market-leading, mission-critical proprietary tax software solution as well as subsector expertise and a reputation as trusted provider serving more than 4,500 municipalities and provinces in Spain. In recent years, GTT has leveraged its technology, knowledge and reputation to expand internationally, working with multinational organisations and local, regional, and national public administrations in Latin America.

GTT’s solutions modernise public administration processes through technological innovations and digital transformation, providing them with leading technology, organisation, and management support solutions tailored to their clients’ specific requirements. More recently, the company has expanded its product offering through the acquisition of an electronic administration solution. GTT is headquartered in Alicante and was founded in 1998.

AnaCap is a market-leading partner for founders and entrepreneurial management teams, investing in lower-middle-market services, software, and technology within the European financial ecosystem. Since 2016, the firm has raised more than €1.7 billion in capital and deployed successfully into a strong strategy with more than 50 deals across Western and Northern Europe. AnaCap’s focus is on lower-middle-market buyouts and management buy-ins or buyouts of businesses in need of capital, expertise, and sophistication to execute organic and inorganic strategies.

Founded in 2002, Stirling Square is a pan-European partner to middle-market businesses, with a 20-year track record of investing with conviction in market-leading platforms in the €50 million to €500 million enterprise value range. Since its inception, Stirling Square has invested in more than 30 platform companies and over 100 add-on acquisitions globally, helping to create regional and global champions. The firm manages more than €3 billion on behalf of a global and diverse investor base.

Houlihan Lokey served as the exclusive financial advisor to AnaCap and the GTT shareholders, successfully assisting in initiating, structuring, and negotiating the transaction on their behalf while undertaking a comprehensive lender education exercise. AnaCap will retain approximately 20% ownership alongside Stirling Square and management. 

This transaction highlights Houlihan Lokey’s expertise in the tax software, business management software, and public sector software subsectors, and the powerful combination of the firm’s subsector knowledge, global buyer relationships, and local execution capabilities.