HSO welcomes Bain Capital for next growth chapter at €1 billion valuation

HSO, a global Microsoft partner, has been acquired by Bain Capital, in a deal that values the Dutch company at around €1 billion.

Founded in 1987, HSO supports clients across Europe, North America, and Asia Pacific with end-to-end services across the Microsoft product suite including Dynamics 365, Power Platform, Azure, Data, and AI. The firm is one of Microsoft’s top partners worldwide – known as ‘Inner Circle’ partners.

After seven years of growth under the wings of Carlyle, during which HSO’s revenues nearly tripled to €430 million (2024), the firm’s ownership is now being transferred to another private equity giant: Bain Capital. Financial terms of the team were not disclosed, although insiders close to the matter highlight a valuation of around €1.1 billion.

Peter ter Maaten, the founder of HSO, has invested alongside Bain Capital and will remain a significant shareholder and board member.

“Carlyle has been an outstanding partner and I would like to thank the team for their role in HSO’s growth and global expansion since 2019, creating the leading international Microsoft partner that HSO is today,” said Ter Maaten. “We are excited to continue our momentum with Bain Capital, a long-term partner that also supports our vision and shares our ambition to build the world’s leading Microsoft services partner.”

With the backing and funds of Bain Capital, HSO aims to enter a next growth chapter. Key objectives include international expansion, building out new service lines (mainly in AI), and value creation. The consulting firm will also seek to accelerate growth through acquisitions.

Commenting on the next chapter, Christophe Jacobs van Merlen, partner at Bain Capital, said: “HSO sits at the forefront of two secular trends reshaping enterprise technology: cloud migration and AI-led automation. Its exceptional relationship with Microsoft, deep vertical expertise, and global delivery capabilities differentiate it as the preeminent independent Microsoft Dynamics services partner today. We look forward to partnering with and the leadership team.”