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Hg backs LucaNet

LucaNet AG has agreed a strategic investment from Hg. It hopes that this marks a key milestone in its ambition to become a global leader in corporate performance management software.

Hg is taking a majority stake in the business. Existing shareholders Rolf-Jürgen Moll, Oliver Schmitz, and Dominik Duchon will maintain a substantial minority share. Mr. Duchon will be the CEO.

LucaNet was founded in 1999 to create a one-stop-shop software solution across financial control, planning and consolidation. Since then, it has become a global leader in its core segment – the office of the CFO for mid-sized companies. It has a loyal customer base of more than 3,500 organisations in over 50 countries, offices in China, Singapore and the Americas as well as a strong European base, LucaNet employs around 500 people worldwide.

Hg has 20 years’ experience in the tax, accounting and enterprise resource planning (ERP) software industries. It will support LucaNet in strengthening business practices and accelerating a shift to a best-in-class SaaS product and subscription-based revenue. The new partnership is also expected to see continued focus on customer success, product leadership, international sales acceleration, and M&A efforts to augment existing capabilities and expand to new product categories.

The terms of the transaction have not been disclosed and closing is subject to customary regulatory approval.

HgCapital Trust will invest approximately £15.3m in LucaNet, with other institutional clients of Hg investing alongside HGT through the Hg Genesis Funds.

After this deal, the trust’s liquid resources available for future deployment (including all announced transactions, equity raised via tap issuance, undrawn bank facility and the full year dividend payable in May) are estimated to be £315m (16% of the pro-forma 28 February 2022 NAV of £2.0bn).

The investment will reduce the trust’s outstanding commitments to invest in Hg transactions to approximately £776m (39% of the pro-forma 28 February 2022 NAV).

Hg Capital Trust will be announcing its Q1 results to 31 March on 9 May 2022.

HGT : Hg backs LucaNet

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