Hg acquires majority stake in ENTERSOFTONE: valuation at €1 billion

• The deal marks Hg’s first investment in a company headquartered in Greece
• Hg will accelerate the transition to the cloud and investment in artificial intelligence, supported by a dedicated AI engineering team
• Olympia Group, Imker Group, and the management team retain significant stakes

Athens, 22 September 2026: ENTERSOFTONE (ES1), a leading provider of ERP software and business applications in Greece, with operations across Southeast Europe, announces that Hg has agreed to acquire a majority stake in the company. Hg is one of the leading investors in European and transatlantic software and services companies. This is Hg’s first investment in Greece, with ES1’s valuation standing at just over €1 billion. Olympia Group and Imker Group remain shareholders of ES1, retaining significant stakes, along with the management team led by Chief Executive Officer Antonis Kotzamanidis.

ES1 was created in 2025 from the merger of Entersoft and SOFTONE, is headquartered in Athens, and also operates in Romania, Bulgaria and Cyprus. Its product portfolio includes ERP, CRM, Accounting, Payroll, HCM, WMS, eCommerce and electronic invoicing solutions, covering the full range of a business’s needs. ES1 has established itself as the leading provider of business software and e-invoicing in Greece, serving more than 90,000 customers. It combines deep expertise with innovative technologies, offering reliable, comprehensive and fully regulatory-compliant solutions to businesses and professionals of every size and sector.

The investment takes place during a period of rapid digitalization of small and medium-sized enterprises across Greece, with the primary driver being the country’s transition to mandatory B2B electronic invoicing through the myDATA framework. This development is part of a broader European trend, as the EU’s “VAT in the Digital Age” reforms push member states toward digital invoicing.

Hg will collaborate with ES1’s management team to complete the transition of all the company’s products to the cloud, further accelerate product innovation, and expand into neighboring markets. Hg Catalyst, Hg’s internal AI product incubator, will also support ES1 in developing new products with AI capabilities across its entire platform. This builds on the AI investments ES1 announced last year and further strengthens its leadership in the field.

Antonis Kotzamanidis, CEO of ES1, stated: “ES1 was created to lead the business software market in Greece, and this partnership gives us the resources to go further and faster. Hg understands business software more deeply than almost any other investor and this will give us a substantial competitive advantage as we develop new products and deepen our focus on artificial intelligence.”

Alexandre Flavier, Partner at Hg, stated: “Antonis Kotzamanidis and his team have created an exceptional technology platform, with a substantial lead in electronic invoicing and innovative products that customers truly love. This investment reflects our confidence in the Greek market and our commitment to building a lasting, AI-driven leader in software across the region.”