HgCapital Trust PLC Hg agrees the sale of Allocate to RLDatix (2357D)
June 28 2021 - 2:00AM
UK Regulatory
TIDMHGT
RNS Number : 2357D
HgCapital Trust PLC
28 June 2021
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
that it has agreed the sale of Allocate, a leading workforce and
people management software-as-a-service (SaaS) provider to
healthcare and government organisations, to RLDatix, the leading
global provider of intelligent patient safety solutions.
The terms of the transaction have not been disclosed and
completion is subject to closing conditions.
HGT, whose shares are listed on the London Stock Exchange, gives
private and institutional investors the opportunity to participate
in all Hg's investments.
This transaction values HGT's investment in Allocate at
approximately GBP53.5 million. This would represent an uplift of
GBP9.4 million (21% or 2.2 pence per share) over the carrying value
of GBP44.1 million in the Net Asset Value ("NAV") of HGT at 31
March 2021.
Note that these figures only relate to HgCapital Trust's share
of Hg's overall investment in Allocate.
Based on the 31 March 2021 reported NAV, the pro-forma NAV of
the Trust is expected to be GBP1.5 billion (or 338.1 pence per
share). HGT's liquid resources available for future deployment
(including all announced transactions, and equity raised via tap
issuance) are estimated to be GBP220 million (15% of the pro-forma
31 March 2021 NAV).
Hg agrees the sale of Allocate to RLDatix
Together Hg and Allocate have created a leading global platform
in healthcare Human Capital Management software
London, United Kingdom. 28 June 2021. Hg, a leading global
software and services investor, today announces that it has agreed
the sale of Allocate, a leading workforce and people management
software-as-a-service (SaaS) provider to healthcare and government
organisations, to RLDatix, the leading global provider of
intelligent patient safety solutions.
The terms of the transaction have not been disclosed and
completion is subject to customary closing conditions.
Allocate Software is a leading international provider of Human
Capital Management solutions, supporting the operational and
administrative needs of health, care, government organisations and
commercial sectors. In the health and care sector, 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. With over 800 clients and over two million
staff rostered daily, Allocate serves the largest public and
private sector institutions around the world.
Hg's focus on healthcare technology led to an initial investment
in Allocate at the end of 2014, completing a public-to-private
transaction from the London Stock Exchange. Since then Hg has
worked with management and invested materially to enhance
Allocate's software suite, achieve greater customer engagement,
helped the business to enter new geographies and created a strong
growth platform, with four strategic acquisitions in the last four
years.
David Issott and Jean-Baptiste Brian, Partners at Hg, said: " We
wish the Allocate team well after what has been a tremendously
enjoyable and productive seven years. Allocate provides a critical
service and has earned a position as a valued champion in the
health sector through a history of continuous product innovation,
business model improvements, successful geographic expansion and,
today, employs three times more people than when we first invested.
We're really proud of the work we have achieved together."
For further details:
Hg
Laura Dixon +44 (0)20 8396 0930
Brunswick
Samantha Chiene +44 (0)207 404 5959
Hg@brunswickgroup.com
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
software and services 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.
The contents of the Hg, HgCapital Trust, Allocate and RL Datix
websites are not incorporated into, and do not form part of, this
announcement.
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END
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