TIDMHGT
RNS Number : 9998H
HgCapital Trust PLC
11 April 2022
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
an investment in LucaNet AG ("LucaNet"), a leading
German-headquartered financial consolidation and planning software
business.
The terms of the transaction are not disclosed. The investment
is subject to regulatory approval and customary closing
conditions.
HgCapital Trust plc will invest approximately GBP15.3 million in
LucaNet, with other institutional clients of Hg investing alongside
HGT through the Hg Genesis Funds.
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 LucaNet.
HGT'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 GBP315 million (16% of the pro-forma 28
February 2022 NAV of GBP2.0 billion).
The investment will reduce HGT's outstanding commitments to
invest in Hg transactions to approximately GBP776 million (39% of
the pro-forma 28 February 2022 NAV).
HGT will be announcing its Q1 results to 31 March on 9 May
2022.
LucaNet AG partners with Hg to build a global leader in
Corporate Performance Management
Berlin, Germany. 11, April 2022. LucaNet AG ("LucaNet"), a
leading German headquartered financial consolidation and planning
software business, today announces that it has agreed a strategic
investment from Hg, a leading global software and services
investor. This marks a key milestone in the company's growth and
ambition to become a global leader in Corporate Performance
Management software.
Hg will invest a majority stake in the business alongside the
current majority shareholders - Rolf-Jürgen Moll, Oliver Schmitz,
and Dominik Duchon - who will maintain a substantial minority share
and are eager to support the company in its next phase of growth.
Mr. Duchon will go forward to serve as the CEO.
Founded in 1999, LucaNet began with a vision to create a
one-stop-shop software solution, bringing together financial
control, planning and consolidation. Since then, the company has
evolved into a leader in its core segment - the Office of the CFO
for mid-sized companies - globally. With a loyal customer base of
more than 3,500 organizations 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's 20-year experience in the tax, accounting and enterprise
resource planning (ERP) software industries 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.
Rolf-Jürgen Moll, founder of LucaNet and former CTO for more
than 20 years, said: "Since day one we wanted to provide the best
software in the world, making life easier for financial
professionals everywhere. Hg's investment is a breakthrough moment
for LucaNet and is a partnership that will supercharge this
mission. I am so proud of our talented colleagues who got us to
such a strong position as a financial consolidation leader. I am
certain that the journey has just begun."
Oliver Schmitz, co-founder of LucaNet, added: "Hg is a
well-regarded partner for many software leaders in Germany and has
over 20 years proven experience in scaling and transforming B2B
software providers. This partnership is a fantastic opportunity for
LucaNet and our customers across the world who can look forward to
seeing even more comprehensive and intelligent solutions to help
face the challenges in their CFO departments."
Dominik Duchon, future CEO of LucaNet, commented: "LucaNet
stands at the center of an ecosystem of thousands of businesses and
is relied upon daily by financial departments and the office of the
CFO. Our commitment to our customers and to providing the best
solutions is core to our success and this new investment will
steepen this trajectory significantly."
Benedikt Joeris from Hg said: "LucaNet is a very high-quality
business, with over 20 years of stellar growth behind it. We are
thrilled to have the opportunity to partner and work alongside
them. Our experience in the sector and with the product means we
can see multiple opportunities for further transformational
growth."
Terms of the transaction are not disclosed and closing is
subject to customary regulatory approval.
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 LucaNet AG
LucaNet offers easy-to-use software to master financial
consolidation, planning, reporting, and data management. By
providing 100 % reliable data, LucaNet makes the lives of CFOs,
controllers, and group accountants a lot easier - every single day.
This is why more than 3,500 customers in over 50 countries have put
their trust in LucaNet.
With over 500 professionals worldwide and an ecosystem of more
than 100 partners around the world: wherever financial teams need
reliable data, LucaNet excels in providing a quickly implemented,
out-of-the-box software solution that seamlessly integrates into
any existing system landscape. More info:
https://www.lucanet.com
About Hg
Hg is a platform for software and services champions, focused on
backing businesses that change how we all do business. Deep
technology expertise, complemented by vertical application
specialisation and dedicated operational support, provides a
compelling proposition to management teams looking to scale their
businesses. Hg has funds under management of over $40 billion, with
an investment team of over 160 professionals, plus a portfolio team
of almost 50 operators, providing practical support to help our
businesses to realise their growth ambitions. Based in London,
Munich and New York, Hg has a portfolio of over 40 software and
technology businesses, worth over $100 billion aggregate enterprise
value, with over 55,000 employees globally, growing at over 20 %
per year. More info: http://www.hgcapital.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 LucaNet's websites
are not incorporated into, and do not form part of, this
announcement.
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