TIDMHGT
RNS Number : 5378N
HgCapital Trust PLC
25 September 2023
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
that it has agreed the sale of Silverfin, a leading cloud platform
for accountants to Visma, Europe's leading provider of
mission-critical cloud software.
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 Silverfin at
approximately GBP18.8 million. This would represent an uplift of
GBP3.1 million (20% or 0.7 pence per share) over the carrying value
of GBP15.7 million in the Net Asset Value ("NAV") of HGT at 31
August 2023.
Note that these figures only relate to HgCapital Trust's share
of Hg's overall investment in Silverfin.
Based on the 31 August 2023 reported NAV, the pro-forma NAV of
the Trust is expected to be GBP2.2 billion (or 473.9 pence per
share). HGT's available liquid resources, which includes the
undrawn bank facility of GBP350 million for future deployment
(including all announced transactions and the interim dividend
payable in October) are estimated to be GBP672.2 million (31% of
the pro-forma 31 August 2023 NAV).
Visma reinforces position as Europe's cloud accounting champion
with acquisition of Silverfin
Silverfin, Belgium's leading provider of cloud software for
accountants, will continue its growth trajectory as part of
Visma.
Silverfin is a cloud-native provider of post-accounting software
including accounts preparation and related workflows. Founded in
2013 and headquartered in Ghent, Belgium, the company has a
differentiated offering serving a strong base of international
customers, including the Big 4.
Silverfin's platform enables accountants to improve efficiency,
competitiveness and profitability in compliance and reporting
services, and powers the development and delivery of new advisory
services. Most of the company's close to 850 direct customers are
accounting offices, and the platform has nearly 320,000 end
clients.
The acquisition significantly increases Visma's presence in the
Belgian software market, and also reinforces the Group's position
as Europe's cloud accounting software champion.
"Silverfin gives accountants the technology and tools they need
to be more successful, both for themselves and for their clients,
making Silverfin a perfect match for Visma. We look forward to
supporting and further accelerating their growth", says Merete
Hverven, CEO of Visma.
Aligned on a common vision
Silverfin was founded in 2013 by an accountant frustrated by
inefficient work processes, and a software architect looking for a
tough problem that could be cracked utilising cloud computing.
Together, they started thinking about how data, and the cloud,
could make life easier for accountants, make their businesses
better and at the same time unlock new revenue opportunities from
value-added client advisory services.
Today, Silverfin is established as the leading cloud accounting
provider in Belgium, with 28 of the country's top 30 accounting
firms as customers.
"This is a huge milestone for Silverfin. Over the years we've
been fortunate to have drawn interest from many organisations
looking to partner with Silverfin. We've come to know Visma and
aligned on a common vision on entrepreneurialism, technological
innovation and customer focus. The Silverfin product will now be
distributed to many more accountants", say Tim Vandecasteele and
Joris Van Der Gucht, Co-Founders at Silverfin.
AI pioneer
In the last four years alone, Silverfin has expanded to 15
countries whilst continuing to build a strategic position in the
Benelux region. This accelerated growth has happened without
compromising its highly innovative culture, pioneering the use of
new technologies such as AI for post accountancy products, which
have proven to be highly valuable to customers.
"The transaction represents an incredible opportunity for the
whole team at Silverfin. Visma is one of the biggest and most
successful cloud software businesses in the world and we share a
strong cultural fit. I look forward to us working together to lead
the digitization of the accounting profession in Europe and
beyond", says Lisa Miles-Heal, CEO of Silverfin.
Joris Van Gool, Partner at Hg and Thomas Depuydt, Partner at
Smartfin said: "Hg and
Smartfin are proud to have partnered with Tim, Joris, Lisa and
the team, transforming the
accounting profession across Europe. Congratulations to the
whole Silverfin team."
Silverfin becomes Visma's seventh acquisition in the Belgium
business software market since first entering the country in 2020
with the purchase of Yuki. Since then, Belgian companies like
Syneton, UseItGroup, ionProjects, TeamLeader and Beeple have also
joined the Group.
For further details:
Hg
Tom Eckersley +44 (0)208 148 5401
HGT
Laura Dixon +44 (0)20 8396 0930
Brunswick
Azadeh Varzi +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, Silverfin and Visma
websites are not incorporated into, and do not form part of, this
announcement.
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END
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