www.pi-ag.com Sector: TMT Geography: Germany Growth through product development, strengthening recurring revenue and small M&A opportunities “We thank the Hg team for its support which helped us become a leading HR software provider in the DACH region and we appreciate its continuous investment as a strong sign of confidence in our growth prospects.” Vasilios Triadis, CEO of P&I 80 140 120 100 40 20 60 – Sales *March year-end EBITDA 2014 2015 106 43 2016 115 49 2017F* 97 35 125 55 EBITDA CAGR 16% Revenue CAGR 9% € million About P&I P&I (Personal & Informatik AG) supplies software for the management of payroll, workforce, time management, human capital management and HR analytics, to mid-market ‘Mittelstand’ companies (with 200–5,000 employees), across a range of industries, as w

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