30th Aug 2018 11:28
LONDON (Alliance News) - HgCapital Trust PLC said Thursday its will invest in Allocate Software Ltd as part of a larger investment by manager Hg.
HgCapital will contribute GBP14.0 million to the investment effort, alongside other Hg clients, as part of the Hg8 Fund. HgCapital allows private and institutional investors to participate in all of its manager's investments.
Allocate develops staffing software, which is used by the healthcare, defence, and maritime sectors to create rosters and monitor time & attendance. The software company received a previous investment from Hg back in 2014 when it transitioned from a public to a private company.
Hg announced the sale of Allocate to Vista Equity Partners in April and has accepted and offer to re-invest and acquire a co-controlling stake in Allocate.
On the basis of its May 31 net asset value of GBP746.1 million, HgCapital puts its liquid resource estimate at GBP178 million. HgCapital also has access to an undrawn GBP80 million standby facility. Over the next four to five years, HgCapital's remaining commitment to Hg investments is GBP520 million.
Shares in HgCapital were down 0.6% at 1,943.00 pence on Thursday.
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HgCapital Trust plc