Carlyle exits after six years as Microsoft cloud & AI partner plans next phase of global growth; closing expected following regulatory approvals

Bain Capital has agreed to acquire a majority stake in HSO, a Netherlands‑based Microsoft services partner, in a transaction valuing the business at roughly $1.0 billion, according to people familiar with the matter and media reports. The parties did not disclose financial terms, but the deal marks a full exit for The Carlyle Group after a six‑year investment and ushers in a new phase of growth for HSO as enterprises accelerate cloud migration and adopt AI‑driven business applications.

The agreement, announced on August 13, 2025, is expected to close in the coming months following customary regulatory approvals. Bain will invest via its European Private Equity fund and alongside founder and chief executive Peter J. ter Maaten, who will remain a significant shareholder and board member. The structure underscores Bain’s preference for partnering with incumbent management teams to scale specialist technology and services franchises.

Founded in 1987 and headquartered in Veenendaal, the Netherlands, HSO helps organizations implement and run Microsoft’s cloud‑based business applications, including Dynamics 365, Power Platform, Azure, Fabric and advanced data & AI workloads. The company is a long‑standing member of Microsoft’s elite Business Applications ‘Inner Circle,’ a recognition typically reserved for the top 1% of partners globally by sales performance and customer impact. HSO has expanded across North America, Europe and Asia‑Pacific through a mix of organic growth and acquisitions, employing roughly 2,800 people worldwide.

For Bain, the investment taps two secular currents remaking enterprise IT: persistent cloud adoption and the rapid infusion of generative AI into core business processes. Demand for partners that can stitch together complex Microsoft stacks—ERP, CRM, analytics and AI copilots—has accelerated as companies race to modernize operations, harden security and extract value from data. HSO’s sector playbooks in manufacturing, retail, professional services, public sector and healthcare, combined with global delivery centers, position it to capture larger transformation programs and multi‑year managed services contracts.

Carlyle first invested in HSO in 2019 and backed an aggressive buy‑and‑build strategy, adding capabilities in North America and the Asia‑Pacific region, broadening data and AI offerings and deepening relationships with Microsoft field teams. As credit markets normalized in 2025 and private‑equity deal flow began to thaw, Carlyle moved to monetize the asset, with the transaction valuing HSO around the $1 billion mark, according to Bloomberg reporting. The exit reflects renewed sponsor appetite for profitable, cash‑generative tech services platforms with clear hyperscaler alignment.

The deal lands amid an uptick in European technology and IT‑services M&A after a quiet 2023–2024 stretch. Higher interest rates had slowed leveraged buyouts and dampened valuation multiples; by mid‑2025, improving financing conditions and pent‑up capital commitments spurred sponsors to re‑engage, especially in defensible niches such as mission‑critical software integration, cybersecurity and AI services. Within the Microsoft ecosystem, consolidation has intensified as partners seek the scale, industry IP and talent to deliver end‑to‑end programs from strategy and build to run.

HSO competes with large global integrators and a cadre of specialist Microsoft partners. Its differentiation stems from deep industry templates, standardized delivery, and the ability to combine Dynamics 365 with data platforms and AI copilots for measurable outcomes—for example, shortening order‑to‑cash cycles, reducing inventory and downtime in asset‑heavy industries, or improving citizen services in the public sector. Bain’s operational playbook—pricing discipline, go‑to‑market rigor and selective M&A—could help HSO pursue larger, multinational accounts while keeping utilization and margins in check.

The Microsoft relationship is central. As Microsoft pushes Copilot and Fabric deeper into frontline workflows, customers increasingly favor partners that can both modernize legacy ERP/CRM and wire data estates for AI. HSO’s long‑standing Inner Circle status and co‑selling cadence with Microsoft give it privileged early access to product roadmaps, which, in turn, can shorten delivery cycles and de‑risk transformation for clients.

Even so, execution risks remain. AI talent is scarce and expensive; competition for senior architects and data engineers is fierce; and clients are insisting on concrete productivity gains rather than proofs‑of‑concept. Integration of previously acquired boutiques across regions, tools and cultures will continue to test management. Any macro slowdown could elongate sales cycles for large programs, and regulatory scrutiny of cross‑border data flows may add cost and complexity to delivery.

What to watch next: Bain and HSO are likely to target acquisitions that deepen industry IP and near‑shore delivery capacity, particularly in data engineering, cyber and AI safety, and regulated‑industry solutions. Expect heavier investment in reusable accelerators, automation of delivery, and managed services offerings that blend application support with data and AI operations. If HSO can continue to convert its Microsoft co‑sell pipeline while sustaining utilization and win rates, the business could emerge as one of the few independent, at‑scale global Microsoft partners in a market otherwise dominated by giants and joint ventures.

Bottom line: with Carlyle handing the baton to Bain Capital and founder Peter J. ter Maaten staying closely aligned, HSO enters its next chapter with fresh capital and an ambitious brief—helping enterprises translate the promise of cloud and AI into measurable business results. The reported ~$1 billion valuation signals investor confidence that specialized, hyperscaler‑aligned services firms can compound growth even as the broader deal cycle works through a late‑cycle reset.