14th Dec 2023 16:13
(Alliance News) - HgCapital Trust PLC on Thursday said it has invested in CINC Systems, cloud-based software company to the association management sector.
HgCapital Trust will invest roughly GBP13.6 million in CINC, with other institutional clients of manager Hg investing alongside through the Hg Mercury 4 Fund.
CINC's software serves the association management industry, which includes the homeowner association and condominium associations.
HgCapital Trust's manager Hg will become a "strategic shareholder" in CINC.
"Our extensive work confirms CINC's product leadership as a system of record in this sector. It has a highly differentiated, purpose-built integrated solution for banking and accounting in a growing segment that is only in the very early innings of software adoption. We look forward to backing Ryan and partnering with the existing shareholders and management team to continue driving the CINC success story," said Farouk Hussein, a partner at Hg.
HgCapital shares rose 2.8% to 411.00 pence each in London on Thursday.
By Eric Cunha, Alliance News news editor
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