(Bloomberg) -- Private equity firm Altor has agreed to acquire a majority stake in crisis management and business resilience software provider F24, providing yet another glimmer of hope that Europe’s buyout market is on the road for recovery.

It’s taking over F24 from fellow investment firm Hg, which will retain a minority holding, according to a statement on Monday. F24’s management will reinvest in the company.

“Together with Hg, we look forward to accelerating F24’s growth and expansion into new markets,” Hajo Krösche, a partner at Altor, said in the statement.

Altor plans to grow F24 both organically and through acquisitions of local champions across Europe and potentially beyond, said people with knowledge of the matter, who asked not to be identified as the information is private. A representative for Altor declined to comment.

The transaction comes after one of the strongest weeks for buyouts this year globally. Private equity firms clinched more than $30 billion of deals last week, raising hopes for a recovery in mergers and acquisitions following a slow first half of the year. Germany has so far been lagging the trend, with M&A volume down about 45% year-to-date, according to data compiled by Bloomberg.

Founded in 2000 in Munich, F24 partners with more than 5,200 customers around the world. Its products provide solution covering emergency and mass notification, incident and crisis management, business messaging and service notification, as well as governance, risk and compliance. 

--With assistance from Swetha Gopinath.

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