Private equity firm HgCapital has acquired Software as a Service (SaaS) company StepStone Solutions for €111 million (£99 million).

Private equity firm HgCapital has acquired Software as a Service (SaaS) company StepStone Solutions for €111 million (£99 million).

Stepstone Solutions has more than 400 staff located in 16 countries and was a subsidiary of online recruitment company Stepstone ASA, owned by German-based publishing company Axel Springer AG.

Kai Romberg, director at HgCapital, says the acquisition will take Stepstone Solutions to the next stage phase of development.

This is HgCapital’s third SaaS technology acquisition in the last two years.