Stepstone ASA to Sell Stepstone Solutions to HGCapital

March 31, 2010 – StepStone ASA, a London-based provider of human capital management solutions, has signed an agreement to sell its StepStone Solutions talent management software division to European sector focused private equity investor HgCapital for a purchase price of EUR110 million. The transaction is expected to close by the end of April 2010, subject to usual closing conditions. In 2009 StepStone ASA recorded revenues of EUR100.1 million, of which EUR50.3 million related to StepStone Solutions. The software division, which serves more than 1,400 customers, operates in 17 countries and employs around 450 people, will continue to be led by its current group managing director, Matthew Parker, and his management team under HgCapital's ownership. “Since 2004 our StepStone Solutions software business has become the leader in the European market for talent acquisition and management solutions, demonstrating strong, profitable growth,” said StepStone ASA CEO, Colin Tenwick. “This development is clearly good news for the entire global customer base, who will have the reassurance of strong backing and continued investment in StepStone Solutions' business strategy.”