TIDMHGT
RNS Number : 5167X
HgCapital Trust PLC
05 January 2022
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
an investment in ProcessMAP Corporation ("ProcessMAP"), a leading
Environmental, Health and Safety ("EHS") software platform
provider.
The terms of the transaction are not disclosed.
HgCapital Trust plc will invest approximately GBP5.2 million in
ProcessMAP, 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 ProcessMAP.
HGT's liquid resources available for future deployment
(including all announced transactions, and equity raised via tap
issuance) are estimated to be GBP313 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 GBP405 million (21% of
the pro-forma 30 September 2021 NAV).
ProcessMAP partners with Hg, a global software investor,
to accelerate its strategy towards becoming a global software
leader in worker health and safety management
Hg's strategic investment will accelerate ProcessMAP's position
towards a category leader in the rapidly growing EHS Risk and
Compliance software sector.
Ft. Lauderdale, Florida, USA and New York, New York, USA. 5
January 2022. ProcessMAP Corporation ("ProcessMAP"), a leading
Environmental, Health and Safety ("EHS") software platform
provider, announced today that Hg, a leading software and services
investor with nearly $40 billion funds under management, has agreed
to make a significant investment in the business to accelerate
ProcessMAP's growth and expansion, and help solidify the company's
position as a global leader in the EHS software sector.
Following the transaction, ProcessMAP's management team will
retain a significant stake in the business. The terms of the
transaction are not disclosed.
Founded in 2000, ProcessMAP's vision is to enable businesses to
proactively mitigate workplace health and safety risks for workers.
ProcessMAP's SaaS and mobile solutions serve mid-market and
enterprise customers across large industry verticals such as
automotive and manufacturing. ProcessMAP's solutions are used by
global customers in more than 140 countries, covering 2 million
workers across 80,000 sites. Headquartered in Florida, ProcessMAP
has nearly 300 employees based in the USA, Canada, the UK, Germany
and India. The company is regularly recognized as a "Leader" in the
biennial Green Quadrant report for EHS software published by
Verdantix, an independent industry analyst for the EHS sector.
Accelerating the Innovation Momentum for ProcessMAP
Customers
ProcessMAP will leverage the financial investment as well as
Hg's 20+ years of industry-leading experience in building and
rapidly growing innovative software businesses. The financial
partnership with Hg will also enable ProcessMAP to deliver
next-generation, smart and connected EHS solutions to its customers
globally. Additionally, the company will also make investments to
expand its team globally, strengthen its position further, and
broaden its global customer base, particularly in Europe and
Asia-Pacific.
Comments on the News
Dave Rath, CEO and Co-Founder of ProcessMAP, said: "We share our
customers' commitment to create and offer the safest and the
healthiest workplaces, while minimizing the environmental impact of
day-to-day operations. Bringing in Hg to invest in our business
comes at a very interesting time as we see an opportunity to help
customers protect millions more workers globally."
Jagan Garimella, CTO and Co-Founder of ProcessMAP, added: "This
partnership, built on software knowledge and experience, will
enable us to develop our analytics-driven software further, helping
more customers across the globe optimize their EHS processes while,
critically, mitigating operational and sustainability risk."
Ben Meyer, Partner at Hg, said: "Hg has been focused on risk and
compliance software for two decades and we see strong tailwinds
continuing to drive demand in this sector. The impressive work from
Dave Rath, Jagan Garimella, and the team means that ProcessMAP is
well-positioned to benefit from this dynamic. They've built a
high-quality platform which receives consistent, strong feedback
from a loyal customer base. We believe that together, Hg and
ProcessMAP, will form a strong partnership and we look forward to
supporting the team, investing in the business and continuing to
realize its growth potential."
KPMG Corporate Finance acted as the exclusive investment banking
advisor to ProcessMAP.
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 and ProcessMAP websites
are not incorporated into, and do not form part of, this
announcement.
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END
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