13th Dec 2022 10:50
(Alliance News) - HgCapital Trust PLC on Tuesday said investment manager Hg sold cloud-based transportation management software company Transporeon GmbH to US software and services technology company Trimble Inc for EUR1.88 billion.
HgCapital Trust is a London-based investment vehicle that provides shareholders access to the unquoted businesses managed by New York-based Hg.
Ulm, Germany-based Transporeon solves "360-degree freight problems by enabling automation, real-time insights and collaboration on EUR48 billion of annual freight," handled on a modern software-as-a-service platform with real time tracking, HgCapital explained.
Trimble said: "Transporeon's software platform provides modular applications that power a global network for 145,000 carriers and 1,400 shippers and load recipients with an integrated suite of best-in-class sourcing, planning, execution, monitoring and settlement tools."
Justin von Simson, managing partner at Hg, said: "Transporeon is at the forefront of freight industry digitalisation and its cloud-based solutions continue to reduce complexity and increase efficiency for a large fragmented global logistics sector."
The sale price values HgCapital Trust's investment in Transporeon at GBP107.8 million, which is 17% above the stake's carrying value in the trust's net asset value on September 30 of GBP92.5 million. The uplift is worth 3.3 pence per share to HgCapital Trust's NAV, raising pro-forma NAV based on the September 30 level to 454p after the deal.
HgCapital Trust shares rose 2.9% to 349.73 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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