Milbank LLP has advised HR software specialist Personio GmbH ("Personio") on the acquisition of Berlin-based software start-up Back Technologies GmbH (“Back”).
Back’s software helps people teams to process employee requests and automate responses to recurring questions through conversational ticketing, knowledge management and workflow automation. It enables employees to submit requests and receive automated responses to frequently asked questions through daily communication channels such as Slack or Microsoft Teams. By managing requests and providing answers automatically in a single location, employees and employers can save time and focus on value-adding tasks. Back’s existing products for ticketing and knowledge management will be fully integrated into Personio’s offer. The founders of Back will join Personio alongside the current employees of Back.
Personio is the People Operating System for small and medium-sized companies with 10 to 2,000 employees. Based in Munich, Madrid, London, Dublin, Amsterdam, Berlin and Barcelona, Personio’s mission is to make HR processes as transparent and efficient as possible. In October 2021, Personio received Series E funding, valuing the company at $6.3 billion. This not only makes Personio Europe’s most valuable HR tech company but also catapulted it into the top 10 of Europe’s most valuable startups.
The Milbank team was led by partner Norbert Rieger and included partners Ulrike Friese-Dormann, Sebastian Heim (all Corporate/M&A) and Matthias Schell (Tax) as well as special counsel Sebastian Reiner-Pechtl and associates David Schwenneker, Mahmood Kawany, Manuel Bogenreuther, Svenja Tauchmann and transaction lawyer Antonia Fichtner (all Corporate/M&A, Munich).
