HgCapital, the Manager of HgCapital Trust plc (“The Trust”), today announces an investment in Mobyt, a provider of Application-to-Person SMS services to enterprises, headquartered in Italy, subject to regulatory approval. The terms of this transaction have not been disclosed. HgCapital Trust plc will invest in Mobyt, alongside other institutional clients of HgCapital, who will participate through the Mercury Fund. The Trust, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all HgCapital’s investments. The Trust will contribute a total of approximately GBP2.7 million.
This acquisition represents the tenth investment by the Mercury Fund and, following completion, the Fund will be approximately 66% invested.
Mobyt delivers highly reliable solutions for the sending and receipt of SMS messaging services and emailing to support new marketing and advertising opportunities. Its services are currently used by over 28,000 companies, 70% of which are Italian. Mobyt s.r.l. was established in 2002 as an SMS messaging service provider to companies, based on the experience of Giorgio Nani and Sandro Edelvais, formerly founders of Widestore, one of Italy’s top Web Hosting companies.
Based on the 31 May 2016 reported NAV (including all announced transactions), the Trust’s liquid resources available for future deployment, are estimated to be GBP36.1 million (7% of the pro-forma 31 May 2016 NAV). In addition, the Trust has access to a GBP40 million standby facility, which is currently undrawn. The transaction will reduce the Trust’s outstanding commitments to invest in HgCapital deals to approximately GBP93 million (18% of the pro-forma 31 May 2016 NAV).
HGT : Hg invests in Mobyt