Add-on Acquisition • Business Services

TeamSystem Acquires Morning

On December 22, 2024, TeamSystem acquired business services company Morning from Fortissimo Capital

Acquisition Context
  • This is TeamSystem’s 1st transaction in the Business Services sector.
  • This is TeamSystem’s 1st transaction in Israel.

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M&A Deal Summary

Date December 22, 2024
Target Morning
Sector Business Services
Buyer(s) TeamSystem
Sellers(s) Fortissimo Capital
Deal Type Add-on Acquisition

Target Company

Morning

Tel Aviv, Israel
Morning focuses developing an entire ecosystem, based on advanced technologies, aiming to provide a solution for most needs and challenges of freelancers and small businesses. Small and medium businesses make up the bulk of its clientele, but it also service local large companies such as Hamashbir Lazarchan, BuyMe, Max Brener, Gottex, and ShookIt. Morning was formed in 2011 and is based in Tel Aviv, Israel.
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Buyer Overview 1

Buyer

TeamSystem

Pesaro, Italy

Category Company
Founded 1979
Sector Software
DESCRIPTION

TeamSystem is a provider of accounting, payroll, and business management software for accountants and small and medium-sized enterprises. TeamSystem offers a broad range of mission-critical, on-premise and cloud solutions to a diversified base of its customers. TeamSystem was founded in 1979 and is based in Pesaro, Italy.


Deal Context for Buyer #
Overall 3 of 4
Sector: Business Services 1 of 1
Type: Add-on Acquisition 3 of 4
Country: Israel 1 of 1
Year: 2024 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-15 Fatture in Cloud

Italy

Fatture in Cloud is a provider of cloud based invoice services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-24 Sellsy

La Rochelle, France

Sellsy offers a fully-fledged CRM solution, including lead management, quotation and pipeline, marketing automation and contact management, coupled with key FMS functionalities including invoicing, payment reconciliation and liquidity management. Sellsy was founded in 2009 and is based in La Rochelle, France.

Buy -

Seller Profile 1

SELLER

Fortissimo Capital

Tel Aviv, Israel

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2004
PE ASSETS 2.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Fortissimo Capital is a private equity firm that targets investments in private and public Israeli companies. The Firm looks to invest in technology-based and industrial companies that require capital to expand. Fortissimo focuses on companies operating in high growth markets with proven sales, consistent revenue streams, and strong customer bases. Fortissimo will consider a variety of transaction situations including spinouts, selling shareholders, growth capital financings, and special situations. Fortissimo Capital was formed in 2004 and is based in Tel Aviv.


Deal Context for Seller #
Overall 13 of 14
Sector: Business Services 2 of 2
Type: Add-on Acquisition 7 of 8
Country: Israel 9 of 9
Year: 2024 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-18 Enercon Technologies

Netanya, Israel

Enercon Technologies is a designer/manufacturer of custom power supplies for the aerospace and defense industries. It offers a variety of customized and MOTS (Modified off-the Shelf) power supplies and specializes in DC/DC power supplies, AC/DC converts. Enercon Technologies is based in Netanya, Israel.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-20 Prothya Biosolutions

Brussels, Belgium

Prothya Biosolutions produces and exports a broad range of pharmaceuticals for patients throughout the world. Prothya Biosolutions is based in Brussels, Belgium.

Sell -