Why Bain Paid a Premium for a Company That Owns No Software
HSO does not own the software it sells. Microsoft does. HSO installs it, connects it and keeps it running for more than 1,400 customers in over 30 countries. In August 2025, Bain Capital agreed to buy it from Carlyle at a reported valuation of about $1 billion.
Under Carlyle, HSO grew from about 800 people to 2,800 and from €121 million to €430 million of revenue, helped by six add-ons that each brought a new market or skill. Reported bids ran at 14 to 15 times EBITDA, nearly twice the typical Microsoft Dynamics partner deal. Bain added debt too: S&P expects leverage to rise from 1.7x to…
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