Francisco Partners and KKR have agreed terms to acquire minority stakes in Italian software company TeamSystem from its main investor Hellman & Friedman. Francisco Partners will buy about 10%, while roughly 5% will be sold to other investors including KKR, valuing TeamSystem at €8 billion to €10 billion ($9.27 billion to $11.59 billion). The deal comes after a sharp software-stock selloff linked partly to concerns about artificial intelligence, but TeamSystem’s integration with government e-invoicing systems may make its products more difficult for AI-driven competitors to replicate. H&F, which invested in 2016, held 69% of TeamSystem in July and is transferring its remaining stake to another fund it manages while returning capital through a private IPO process. TeamSystem generates more than €1.3 billion in revenue and about €600 million in core earnings, compared with €75 million of EBITDA when H&F invested.