Private equity firm Bain Capital has agreed to acquire a majority stake in HSO—a global Microsoft Dynamics, cloud, and AI services partner—with a deal understood to be worth around US $1 billion, though the official announcement did not disclose financial details.
The seller is Carlyle Group, which had owned HSO since 2019, helping scale the business through strategic acquisitions spanning North America, Europe, and New Zealand. HSO’s founder and CEO, Peter J. ter Maaten, remains a significant investor and board member post-transaction.
HSO, founded in 1987 and headquartered in Amsterdam, has been a member of Microsoft’s Inner Circle for 19 consecutive years, and operates across more than 30 countries with around 2,800 employees. Bain Capital describes HSO as well-positioned amid trends like cloud migration and AI-led automation, and the firm intends to build on this momentum to accelerate global expansion and AI transformation services in partnership with Microsoft.
HSO is listed as the 3rd largest reseller firm on the ERP Global Insights Top 100 VARs (f/k/a Bob Scott’s Top 100 VARs) for 2025.
Source: Bain Capital Invests in HSO
