TASS Software Professionals from Philips to Total Specific Solutions
We supported Philips in the successful equity carve-out of TASS to IT software and services provider TSS.
TASS Software Professionals specializes in the secondment of technical and embedded software engineers. The company also develops technical software used in electronic products, in medical equipment, in communications equipment and for industrial automation. TASS employs 230 highly skilled professionals in the Netherlands and Belgium. When Philips came to the conclusion that TASS, as a professional services organization, had become a non-core activity, it invited us to find a new home for the company and secure continuity for its employees and services.
We prepared all relevant documentation, managed vendor due diligence, approached potential strategic and financial buyers in Europe, the US and Asia, and negotiated TSS’s purchase of 100 percent of TASS’s shares. Throughout the process, we worked very closely with Phillips Innovation Services’ management and the corporate M&A group at Philips.
What happened next?
TASS became future proof, diversified its customer base and significantly increased its profitability. TASS was sold to Altran in 2014, offering TSS an excellent return on its investment.