23rd May 2018 11:20
LONDON (Alliance News) - HgCapital Trust PLC said Wednesday that Hg Saturn Fund and asset manager Intermediate Capital Group PLC have jointly invested in business software provider IRIS.
HgCapital Trust will invest GBP37.5 million in IRIS in parallel with other clients of Hg investing through the Saturn Fund.
The transaction values HgCapital's investment in IRIS at GBP93.2 million, reflecting a 22% uplift over the carrying of GBP76.5 million in the net asset value of the company at the end of April.
The closing of the investment is subject to regulatory approvals.
"Hg first invested in the tax and regulatory compliance software market in 2004 via IRIS. Since then we have invested in 11 platform companies and more than 200 acquisitions - we currently own businesses worth over USD10 billion in this sector including IRIS, Visma and Sovos, all growing faster than their peers. This clustered investment strategy gives us unique insights and experience which benefit the companies we back, their customers and their employees," said Senior Partner Nic Humphries.
Shares in HGCapital Trust were up 0.5% at 1,896.050 pence, while Intermediate Capital Group shares were down 0.3% at 1,200.00p on Wednesday.
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