Pioneer With New Prospects
DriversCheck developed the first fully digitized driver’s license check for companies in Germany. The software-as-a-service solution functions as an app irrespective of place and time. In this way, companies with their own fleet satisfy the statutory requirements for driver’s license checks, driver education, and vehicle checks by using a unique video-ident safety standard. In the year of sale of 2022, the company’s approximately 600 customers also included groups with international operations such as SAP, VW Financial Services or SIXT Leasing.
Buyers with a Strong Software Background
With HRworks, Syntra (formerly sonntag) found a buyer for DriversCheck that fully integrates the innovative software-as-a-service solution into its business model to add value. HRworks was established in 1998 and offers digital HR solutions for human resources management, cloud-based travel expense accounting, time recording and preparatory payroll accounting. Since 2020, HRworks has owned the financial investor Maguar Capital Management, which specializes in software. Following the takeover of DriversCheck, HRworks expanded its product portfolio in the field of compliance and will therefore benefit from the market opportunities in this attractive niche.
“Several years after our foundation, we have now achieved the goals we set ourselves and have prepared DriversCheck to continue its development under a new roof. As part of HRworks we will be able to strengthen our market position, increase our visibility and further expand our growth in the SME market. We are delighted to have found the ideal partner for DriversCheck with the support of the Syntra Corporate Finance (formerly sonntag) team.”
Richard Gandlau and Claus-Dieter Wollnik
Founders and Shareholders of DriversCheck GmbH
“With its software offering, DriversCheck offers the solution for a problem that is faced by almost every company. With a project such as this one, a strategic approach to the search for buyers is essential. With HRworks as the portfolio company of a specialist software investor, we were quickly able to identify a suitable buyer. We are all the happier that the transaction – despite having a structured bidding process – was successfully completed following a process that took only around half a year.”
Sebastian Ringleb
Partner at Syntra Corporate Finance
(formerly sonntag corporate finance)