10th Feb 2014 12:33
LONDON (Alliance News) - HgCapital Trust PLC Monday said it will invest about GBP2.2 million in Relay Software Ltd, a software provider to the insurance industry in the Republic of Ireland, after its investment manager said it has partnered with the company.
In a statement, HgCapital Trust said it now has about GBP86 million in liquid resources to deploy elsewhere.
The transaction will reduce the trust's outstanding commitments to invest in HgCapital deals to approximately GBP255 million.
HgCapital's investment will assist Relay's management team in developing new products and services, according to the statement.
According to HgCapital, Relay's management will retain a "substantial" shareholding in the business alongside HgCapital and the company will continue to be headquartered in Belfast.
HgCapital was advised on the transaction by Ernst & Young, with legal advice provided by Shearman & Sterling. Relay Software was advised on the transaction by Beltrae Partners, with legal advice provided by Tughans.
HgCapital Trust shares were Monday quoted at 1,074.40 pence, up 1.40 pence, or 0.13%.
By Samuel Agini; [email protected]; @samuelagini
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