HgCapital boosts holding in The Access Group – HgCapital (HGT) has provided further investment to The Access Group, a leading provider of business management software to mid-market organisations in the UK, Ireland and Asia Pacific. Together with TA Associates, the company invested an associated enterprise value of £9.2bn, believed to make Access one of the largest UK headquartered software providers.
In addition, GIC, a global institutional investor, has confirmed a new investment in Access and that it will become a minority shareholder in the company. The transaction, which is subject to customary regulatory approvals, is expected to close in the second half of 2022.
Access has grown significantly since its incorporation in 1991, delivering uninterrupted profitable growth in the last 15 years. Since 2020, it has more than doubled in size driven by double-digit organic growth, combined with strategic M&A in the UK, Ireland and Asia Pacific. Access has grown its customer base to more than 60,000 and its employees to approximately 5,000, expanding internationally with offices in nine countries.
Jonathan Boyes, a Partner at Hg, said: “Access has proved to be one of the biggest UK successes in cloud software. Chris and his team should feel incredibly proud of their achievements, delivering an exceptionally robust performance whilst significantly growing the business during a tough environment over the last few years. It has been a pleasure to work with the team and we’re delighted to commit further as a significant investor in the business. Hg is now a proud investor in three of the largest private equity-owned software businesses in Europe and we’re more excited than we’ve ever been about the future prospects of the role of SaaS in the business world.”
HGT : HgCapital boosts holding in The Access Group