HgCapital Trust PLC Hg investment into Allocate Software from Hg8 Fund (1927Z)
August 30 2018 - 1:00AM
UK Regulatory
TIDMHGT
RNS Number : 1927Z
HgCapital Trust PLC
30 August 2018
Hg Capital Trust plc
Hg, the Manager of HgCapital Trust plc (the "Company"), has
announced today an investment in Allocate Software ("Allocate"), a
leading international provider of workforce solutions to the
healthcare, defence and maritime sectors.
The terms of the transaction were not disclosed.
HgCapital Trust plc will invest approximately GBP14.0 million in
Allocate, with other institutional clients of Hg investing
alongside the Company through the Hg8 Fund.
The Company, whose shares are listed on the London Stock
Exchange, gives private and institutional investors the opportunity
to participate in all Hg's investments.
Note that these figures only relate to HgCapital Trust's share
of Hg's overall investment in Allocate.
Based on the 31 May 2018 NAV, the Company's liquid resources
available for future deployment, including all announced
transactions, are estimated to be GBP178 million (24% of the 31 May
2018 NAV of GBP746.1 million). In addition, the Company has access
to an GBP80 million standby facility, which is currently undrawn.
The investment will reduce the Company's pro-forma outstanding
commitments to invest in Hg transactions over the next four to five
years to approximately GBP520 million.
The Company's 2018 interim results, including the re-valuation
of the portfolio as at 30 June 2018, will be announced on 10
September 2018.
Hg announces investment into Allocate Software from Hg8 Fund
30 August 2018. Hg today announces an investment in Allocate
Software ("Allocate"), a leading international provider of
workforce solutions to the healthcare, defence and maritime
sectors.
Allocate supports the operational and administrative needs of
healthcare professionals in all healthcare settings as well as
defence and maritime staff globally. In healthcare Allocate is
enabling the delivery of safe and effective care at optimal cost,
by helping organisations to have the right people in the right
place at the right time. Allocate serves the largest public and
private healthcare institutions around the world, with over 800
clients and over a million staff rostered daily - over 700,000 of
which are now managed on the 'Optima' software-as-a-service (SaaS)
platform. In the defence and maritime sectors, Allocate's Dynama
Oneview platform is supporting some of the most prestigious
organisations globally helping them make decisions and control
costs with time-based management of people, resources and
operations.
Allocate has 500 employees, with over 190 working in the R&D
and product management functions. It is headquartered in the
UK.
Hg initially invested in Allocate at the end of 2014, completing
a public-to-private transaction from the London Stock Exchange. In
April 2018, Hg announced the sale of Allocate to Vista Equity
Partners ("Vista").
Recognising Hg's considerable expertise in healthcare software
and its pan-European footprint, Vista provided Hg with an option to
reinvest in the next phase of Allocate's growth. Hg is pleased to
announce that it has exercised that option to re-invest and partner
with Vista by acquiring a co-controlling stake in Allocate. This
will represent the third investment made by the Hg8 Fund, bringing
the fund to c. 27% invested.
Jean-Baptiste Brian and David Issott, Partners at Hg, said: "Hg
invests in businesses that demonstrate compelling long-term growth
potential and we are looking forward to working with the Allocate
team, continuing to deliver the company's ambitious plans. This
opportunity to invest is a testament to the further potential we
see with Allocate and our positive relationship with the company.
Healthcare technology is a core investment area for Hg: Allocate is
the third investment in the cluster announced this year, after
MediFox and Rhapsody."
"We are excited to continue to work with the Allocate team to
grow their business and provide their platform and technology to
even more healthcare providers and professionals across the globe,"
said Alan Cline, Principal and Co-Head of the Foundation Fund at
Vista. "Hg's re-investment in Allocate is an affirmation of
Allocate's strategy and growth potential moving forward, and we are
thrilled to have Hg as an investment partner."
The terms have not been disclosed. Spurrier Capital Partners
served as financial advisor to Vista.
For further details:
Hg
Laura Dixon +44 (0)20 7089 7888
Maitland
Vikki Kosmalska and Seda Ambartsumian +44 (0)20 7379 5151
About HgCapital Trust plc
HgCapital Trust plc, whose shares are listed on the London Stock
Exchange (ticker: HGT.L), gives investors exposure through a liquid
vehicle to a portfolio of high-growth private companies in the
technology and tech-enabled sector. The selection of new
investments and creation of value in these businesses are managed
by Hg, an experienced and well-resourced private equity firm with a
long-term track record of delivering superior risk-adjusted returns
for its investors. For further details, please see
www.hgcapitaltrust.com.
Neither the contents of HgCapital Trust's, Hg's, Vista's or
Allocate's websites nor the contents of any website accessible from
hyperlinks on the websites (or any other website) is incorporated
into, or forms part of, this announcement.
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contact rns@lseg.com or visit www.rns.com.
END
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