HSO has joined forces with Bain Capital

August 2025 — Bain Capital, a leading global private investment firm, has signed an agreement to invest in HSO, a prominent Microsoft services partner with a strong international presence.

HSO is a global business and AI transformation partner with deep industry expertise and specialized knowledge in Microsoft technologies. As the largest independent Microsoft Dynamics partner globally, HSO delivers enterprise-grade services across ERP, CRM, Power Platform, Azure, Data and AI. Founded in 1987, HSO supports more than 1,400 customers in over 30 countries. The company is a member of Microsoft’s elite Inner Circle and operates across North America, Europe and APAC. Over the past six years, global investment firm Carlyle partnered with HSO’s leadership to support the company’s international expansion strategy, develop new service lines, align its go-to-market strategy with Microsoft’s cloud, data and AI priorities and further strengthen the management team with a range of key hires. Value creation was further accelerated by strategic acquisitions in the US, Canada, the Netherlands and New Zealand.

Bain Capital is a global private investment firm founded in 1984, dedicated to creating long-term value for its investors, portfolio companies, teams and communities. The firm invests across five core areas: private equity, growth and venture, capital solutions, credit and capital markets and real assets. With proven industry expertise and extensive global capabilities, it operates from 24 offices across four continents, employing more than 1,850 professionals and managing approximately US$185 billion in assets. Bain Capital will invest through its European Private Equity fund alongside Peter J. ter Maaten, who will remain a significant shareholder and board member.

Carlyle is a global investment firm with extensive industry knowledge that deploys private capital across three business segments: global private equity, global credit and Carlyle AlpInvest. With US$465 billion in assets under management as of 30 June 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the broader community. The firm employs more than 2,300 people in 27 offices across four continents.

Our role in the transaction

Oaklins’ team in the Netherlands acted as the sell-side advisor to the majority shareholders of HSO. This transaction highlights the team’s strong track record and expertise in the IT services market and underscores its experience in technology and private equity-related transactions.