TIDMHGT
RNS Number : 9914E
HgCapital Trust PLC
13 July 2021
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
an investment in insightsoftware, a global provider of enterprise
software solutions for the 'Office of the CFO'.
The terms of the transaction have not been disclosed and
completion is subject to closing conditions.
HgCapital Trust plc will invest approximately GBP40 million in
insightsoftware, with other institutional clients of Hg investing
alongside HGT through the Hg Saturn 2 Fund.
HGT, 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 HGTs share of Hg's
overall investment in insightsoftware.
HGT's liquid resources available for future deployment
(including all announced transactions, and equity raised via tap
issuance) are estimated to be GBP179 million (12% of the 31 March
2021 NAV of GBP1.5 billion).
The investment will reduce HGT's outstanding commitments to
invest in Hg transactions to approximately GBP442 million (30% of
the 31 March 2021 NAV).
insightsoftware attracts c.$1bn strategic investment from Hg
to continue to scale as a platform and leader in financial
reporting and EPM software
insightsoftware will continue to be supported by existing
shareholders TA Associates, Genstar and ST6 in a transaction
valuing the business at an Enterprise Value of around $4
billion
Raleigh, NC, USA and London, United Kingdom. 13 July 2021 -
insightsoftware, a global provider of enterprise software solutions
for the 'Office of the CFO', today announced that it has secured an
investment from Hg, a leading global software and services
investor.
The Hg Saturn 2 Fund will make a c.$1 billion equity investment
in insightsoftware to become a significant minority shareholder
alongside TA Associates ("TA") in a transaction valuing the
business at an Enterprise Value of around $4 billion. TA and Hg
will share joint control. As part of the transaction,
insightsoftware will also continue to be supported by minority
shareholders Genstar and ST6.
insightsoftware is a leading provider of financial reporting and
enterprise performance management (EPM) software, enabling the
'Office of the CFO' to connect to and make sense of enterprise data
in real time so they can proactively drive greater financial
intelligence.
insightsoftware was formed in 2018 by TA and ST6. Since then,
the business has grown rapidly, building a suite of software
products across reporting, budgeting & planning, close &
consolidation, tax, disclosure and equity management. Today, more
than 28,000 customers worldwide rely on these products to provide
them with increased productivity, visibility, accuracy and
compliance across their organizations. Headquartered in Raleigh,
NC, with offices around the world, insightsoftware has more than
1,000 employees serving over 600,000 global users.
Mark Friedman, Executive Chairman of insightsoftware and
Managing Director of ST6, said: "In insightsoftware we have brought
together some of the best investors and most experienced operators
in enterprise software. This alignment and focus, after multiple
years of working together to build businesses, has resulted in
value creation of significant velocity after just a few years,
starting with a business with $35 million in revenues to one with
revenues almost 10 times that today. There is still more to do to
reach the full potential of insightsoftware. We're just getting
started and we're thrilled to be partnering with Hg again on this
journey."
Nic Humphries, Senior Partner and Head of the Hg Saturn team,
and Thorsten Toepfer, Partner at Hg, said: "insightsoftware is a
great example of a best-in-class team of software experts coming
together to create a cloud platform that drives better business
outcomes for thousands of customers around the world. The business
sits right at the heart of a cluster - tax and accounting software
- that we have been investing in for almost two decades and we look
forward to bringing this experience to the rest of team."
Jim Triandiflou, CEO of insightsoftware, said: "insightsoftware
has been a rocket ship of growth since TA and ST6 created the
business just over three years ago. Hg's expertise with ERP
providers and presence in Europe will add additional fuel to our
growth. Together we will be able to give companies around the world
the financial confidence to pursue their missions."
Hythem El-Nazer, Managing Director at TA, said: "We are very
pleased to welcome Hg as an investor in insightsoftware . Since
TA's founding of the company in 2018, insightsoftware has realized
significant and sustained organic and acquisitive growth, expanding
its geographic and product footprint and becom ing a recognized
leader in financial reporting software. We are excited to continue
our partnership with insightsoftware and look forward to working
closely with management and our fellow investors to support the
company's continued growth."
Eli Weiss, Managing Director of Genstar, said, "We saw an
opportunity to partner with TA and ST6 to help accelerate the
company's global leadership both organically and via M&A. Since
our investment in 2019, insightsoftware has completed 12
acquisitions and we believe the company is still in the early
innings of change."
The terms of the transaction have not been disclosed and
completion is subject to customary closing conditions.
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, TA, Genstar, ST6 and
insightsoftware websites are not incorporated into, and do not form
part of, this announcement.
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