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RNS Number : 1999V
HgCapital Trust PLC
10 December 2021
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
an investment in Pirum Systems, a leading provider of post-trade
automation and collateral management technology for the global
securities finance industry.
The terms of the transaction are not disclosed and the
transaction is subject to regulatory approval.
HgCapital Trust plc will invest approximately GBP9.4 million in
Pirum Systems, with other institutional clients of Hg investing
alongside HGT through the Hg Mercury 3 Fund.
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 HGTs share of Hg's
overall investment in Pirum Systems.
HGT's liquid resources available for future deployment
(including all announced transactions, and equity raised via tap
issuance) are estimated to be GBP311 million (17% of the pro-forma
30 September 2021 NAV of GBP1.9 billion).
The investment will reduce HGT's outstanding commitments to
invest in Hg transactions to approximately GBP418 million (22% of
the pro-forma 30 September 2021 NAV).
Pirum Systems secures new investor to accelerate its global
growth strategy
London, United Kingdom, 10 December 2021. Pirum Systems
("Pirum"), a leading provider of post-trade automation and
collateral management technology for the global securities finance
industry, today announces that Hg, a leading software and services
investor, will become a significant shareholder in the company.
Hg will share joint control with Pirum's current backers Bowmark
Capital, the technology and services investor, which invested in
the company in 2019. The Pirum management team will also retain a
significant stake in the business.
Pirum was founded in 2000 to provide advanced, centralised and
secure reconciliation services for financial market participants.
Pirum's software provides a secure processing hub which seamlessly
links industry participants, allowing them to process and verify
key transaction details electronically. This delivers significant
trade and collateral efficiency, lowers costs and enhances
regulatory compliance for its network of clients. Pirum's products
assist 90 of the most prestigious global financial institutions to
process over $3 trillion of transactions daily.
Under the stewardship of Bowmark and Pirum's executive team, the
business has successfully rolled-out a leading regulatory reporting
offering, while building a suite of new products automating
collateral management, repo, and front office activities. Hg's
financial services technology credentials and international
footprint will enable Pirum to further drive workflow automation,
address regulatory requirements, and enhance innovation across the
sector.
Philip Morgan, Chief Executive Officer at Pirum, said: "This is
a significant milestone in our journey, and is welcome news for
everyone at Pirum. Together with Bowmark, Hg will actively support
Pirum's global expansion and investment in additional innovations,
helping us to deliver further efficiency and productivity gains for
our customers and the broader industry eco-system."
Sebastien Briens, Partner at Hg, said: "Hg invests in businesses
that are champions in their field, with compelling long-term growth
prospects underpinned by strong technological foundations and
talented leadership teams. Pirum has all of these qualities and is
a business we have tracked for many years through our capital
markets technology focus. We look forward to backing Phil and his
team, and to partnering with Bowmark to further scale what is
already a great platform, driving continued automation of
post-trade workflows."
Julian Masters, Managing Partner at Bowmark Capital, commented:
"We have known Pirum and its team for over a decade, and the
business has achieved uninterrupted revenue and profit growth
during this period. Pirum has a strong track record of product
innovation and best-in-class client services, which continuously
enhance its propositions for collateralised markets. We are
delighted to welcome a new partner in Hg, whilst continuing to work
closely with the management team."
The terms of the transaction are not disclosed and the
transaction is subject to regulatory approval. The Hg team was led
by Sebastien Briens and Steve Burn-Murdoch, and was advised by
Skadden, Arps, Slate, Meagher & Flom LLP (legal) and Linklaters
(debt legal). Julian Masters and Antonia Cheong led the Bowmark
Capital team. Jefferies International Limited served as financial
adviser, and Stephenson Harwood LLP served as legal counsel, to
Bowmark Capital and Pirum. The management team of Pirum were
advised by Jamieson Corporate Finance LLP and Ashurst LLP.
For further details:
Hg
Tom Eckersley +44 (0)208 148 5401
HgCapital Trust
Laura Dixon +44 (0)20 8396 0930
Brunswick
Samantha Chiene +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, Bowmark and Pirum
websites are not incorporated into, and do not form part of, this
announcement.
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