Private equity company Silver Lake has agreed to buy a minority stake in Italian cloud software development company TeamSystem in a deal valued at €600m ($649m).

Silver Lake will buy the stake from Hellman & Friedman (H&F). Following the transaction, H&F will continue to hold the majority shareholder in TeamSystem.

TeamSystem software platform is said to offer a wide range of solutions including core business applications, financial technology, and artificial intelligence (AI) tools.

TeamSystem CEO Federico Leproux said: “We are pleased to welcome Silver Lake as a strategic partner. We believe this partnership will unlock even greater potential for TeamSystem as the company continues to expand its product offering to help digitise the Italian and Spanish economies – and beyond.

“We are also delighted to continue our partnership with Hellman & Friedman, which has been our trusted partner for [more than] seven years”.

H&F first invested in the software company in 2016.

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Silver Lake co-head of EMEA Christian Lucas said: “We are excited to partner with TeamSystem as it continues to transform the Italian software industry.”

H&F partner Blake Kleinman said: “We are thrilled to welcome Silver Lake as an investor in TeamSystem as we set our sights on the next phase of growth for the business.

“Federico Leproux and his team have done an outstanding job to strengthen Team System’s offering and more than triple the company’s revenues.”

Subject to customary closing requirements and regulatory approvals, the transaction is anticipated to close by the end of the year.