Finance
Exclusive-Germany's PSI Software nears takeover as investors circle, sources say
Published by Global Banking and Finance Review
Posted on October 9, 2025
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By Alexander Hübner and Amy-Jo Crowley
MUNICH (Reuters) -Germany's PSI Software is close to being taken over, with several financial investors circling the maker of software for energy networks, three people familiar with the matter told Reuters on Thursday.
One of the sources said PSI, which is recovering from a cyberattack last year, is seeking funding for next-generation product development.
Among the competing suitors are technology investors Thoma Bravo, HgCapital and Warburg Pincus, and a decision on a sale could be made within the next few days, the sources said.
PSI shares surged 13.9% on the news at 1514 GMT.
PSI, whose software helps run power and gas transmission grids as well as factories, last year posted a loss before interest and tax of 15.2 million euros ($17.62 million), as it was hobbled for weeks by the cyberattack.
In a statement late on Thursday, PSI confirmed it was in advanced discussions with Thoma Bravo, HgCapital, and Warburg Pincus regarding the conclusion of an investment agreement and a potential takeover offer.
"Discussions are open-ended and ongoing. It is currently unclear whether and, if so, by which of the interested parties a takeover offer for the company will be made," PSI said.
Valued at close to 400 million euros on the stock exchange, the group posted 260.8 million euros in sales in 2024.
For this year, PSI's management has forecast a 10% increase in revenues and a return to profits before interest and tax.
The group, whose peers include Norway's Volue, is cutting costs, but that push is not expected to have a major impact before 2026.
German utility E.ON, which is a major customer as well as PSI's second-largest investor with almost 18% of its shares, intends to hold onto its stake.
German businessman and newsletter publisher Norman Rentrop is PSI's largest shareholder with a 23% stake.
PSI and Norman Rentrop's investment holding did not immediately respond to a request for comment.
Thoma Bravo, E.ON, HgCapital and Warburg Pincus declined to comment.
($1 = 0.8625 euros)
(Additional reporting by Tom Kaeckenhoff and Gursimran Kaur Writing by Ludwig BurgerEditing by Miranda Murray and Joe Bavier)