REG - HgCapital Trust PLC - Hg announces investment in GTreasury

HgCapital TrustAnnouncement

18/05/2023 09:15

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RNS Number : 7517Z  HgCapital Trust PLC  18 May 2023

 

Hg, the Manager of HgCapital Trust plc ("HGT"), today announces an investment
in GTreasury, a treasury, payments, and risk management software provider

 

The terms of the transaction are not disclosed.

 

HGT will invest approximately £9.8 million in GTreasury, with other
institutional clients of Hg investing alongside HGT through the Hg Mercury
Funds.

 

HGT, whose shares are listed on the London Stock Exchange, gives private and
institutional investors the opportunity to participate in all Hg's
investments.

 

Note that these figures only relate to HGT's share of Hg's overall investment
in GTreasury.

 

HGT's liquid resources available for future deployment (including all
announced transactions, the undrawn bank facility) are estimated to be £637
million (30% of the 31 March 2023 NAV of £2.2 billion).

 

The investment will reduce HGT's outstanding commitments to invest in Hg
transactions to approximately £1.0 billion (47% of the 31 March 2023 NAV).

GTreasury secures investment from Hg

to accelerate growth as a global Treasury Management Software platform

 

Chicago, Ill. - May 18, 2023: GTreasury, a treasury, payments, and risk
management software provider, today announces that it has secured a majority
investment from Hg, a leading investor in global software and services
companies. As part of the transaction, the GTreasury management team and
former majority owner, Mainsail Partners, will continue as investors in the
business.

 

Based in Chicago, Illinois, GTreasury is a global leader in treasury
management systems (TMS) for organizations worldwide. GTreasury's SaaS
solutions assist treasury departments to effectively manage liquidity needs,
payment execution, bank relationships, FX hedging, and auditing and compliance
requirements. GTreasury provides these practitioners with real-time insight
and access into their global liquidity needs, serving over 700 customers
across 30 industries in over 160 countries.

 

Renaat Ver Eecke, CEO of GTreasury, said: "This is a great moment for the team
at GTreasury as it will support further product development and geographic
expansion, helping us to continue innovating and bringing new products and
features to an ever-growing customer base. Hg's global software specialization
and deep knowledge in this area will help accelerate this strategy
significantly."

 

Hg's investment and support will enable GTreasury to continue its rapid growth
as a highly strategic platform in the TMS segment, with scope to drive further
operational improvements, invest in more product development, and continue its
global expansion plans-including Asia Pacific regions and in Europe, where Hg
has a deep network and 30-year heritage. Hg has invested around $9 billion in
the wider tax and accounting software segment across Europe and North America
over the last 19 years, with an increasing focus on software serving the
'Office of the CFO'.

 

Ben Meyer, Partner at Hg, said: "Renaat leads an impressive team in a
high-quality business, providing a leading solution in what is a fast-growing
segment. We are excited to partner with Renaat and his team, and to work
together with Mainsail, to support them in further scaling GTreasury as a TMS
industry champion."

 

Louis Kinsella, Director at Hg, said: "TMS software is becoming an
increasingly critical segment within the office of the CFO, with companies
continuing to focus on their cash and liquidity visibility and needs. This is
a really long-term trend, and we're delighted to be backing a great businesses
and team which is at the forefront of this sector."

 

"Partnering with Renaat and the rest of the GTreasury team over the past five
years to build a leading treasury management platform has been very
rewarding," said Vinay Kashyap, Partner at Mainsail Partners.  "We believe
the company is well positioned and are excited to continue our partnership
along with management and the team at Hg."

 

Terms of the transaction are not disclosed. Hg was advised by William Blair
& Company, Skadden & Arps, Slate Meagher & Flom LLP, EY and
McKinsey. GTreasury and Mainsail were advised by Guggenheim Securities and
Wilson Sonsini.

 

For further details:

 

Hg

Tom Eckersley
 
+44 (0)208 148 5401

 

HgCapital Trust

Laura
Dixon
+44 (0)20 8396 0930

 

Brunswick

Azadeh
Varzi
+44 (0)207 404 5959

Hg@brunswickgroup.com

 

About HgCapital Trust plc

 

HgCapital Trust plc, whose shares are listed on the London Stock Exchange
(ticker: HGT.L), gives investors exposure through a liquid vehicle to a
portfolio of high-growth private companies in the software and services
sector. The selection of new investments and creation of value in these
businesses are managed by Hg, an experienced and well-resourced private equity
firm with a long-term track record of delivering superior risk-adjusted
returns for its investors. For further details, please see
www.hgcapitaltrust.com.

 

The contents of the Hg, HgCapital Trust, GTreasury and Mainsail Partners
websites are not incorporated into, and do not form part of, this
announcement.

 

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