Hg announces an investment in Payworks
Summary by AI BETAClose X
Hg, the Manager of HgCapital Trust plc ("HgT"), today announces an investment in Payworks.
The terms of the transaction are not disclosed.
HgT will invest approximately £17 million in Payworks with other institutional clients of Hg investing alongside HgT through the Hg Genesis 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 HgT's share of Hg's overall investment in Payworks.
HgT's liquid resources available for future deployment (including all announced transactions and the £375 million credit facility of which £28 million was drawn at the time of this announcement) are estimated to be £366 million (15% of the estimated 30th June 2025 NAV of £2.5 billion).
The investment will reduce HgT's outstanding commitments to invest in Hg transactions to approximately £1.7 billion (70% of the estimated 30th June 2025 NAV).
HgT will announce its interim results to 30 June 2025 on 15th September.
Payworks announces strategic investment from Hg
Partnership further strengthens position as a leading Canadian provider of human capital management solutions
Winnipeg, MB - September 8h - Payworks, a Canadian leader in total workforce management, has entered a strategic partnership with Hg, a leading software and services investor with deep expertise in human capital management (HCM).
The partnership marks a defining milestone in Payworks' 25-year trajectory, fast-tracking the company's growth, diversification and leadership strategy across the sector. By combining Payworks' local expertise with Hg's specialization in scaling software businesses, the investment will help to drive enhanced product development, expansion across the Canadian HCM landscape, and an elevated client experience.
"For 25 years, Payworks has been building proprietary workforce management solutions tailored to Canadian employers," said Barbara Gamey, Co-founder of Payworks. "The Payworks ownership group is excited to welcome Hg to our partnership. Their investment enables us to accelerate our innovation and value creation agenda, positioning Payworks for sustained leadership and diversification in the Canadian market."
Payworks' operations in Canada remain unchanged. Its team of more than 600 employees and network of offices across the country continue to support the company's strategy, anchoring growth in service to Canadian businesses and their employees.
"We're thrilled to partner with Payworks. In our research we surveyed more than six hundred payroll and HR customers in Canada and found that Payworks has a best-in-class product with the highest customer satisfaction. We look forward to supporting the business in its next era of growth." said Alexander Johnson and Hector Guinness at Hg.
"Payworks' track record of serving Canadian businesses, combined with our global HCM and software expertise, creates an exciting opportunity to accelerate innovation and reach more Canadians" added Robert Citrino, Principal at Hg.
Terms of the transaction were not disclosed.
-Ends-
For further information, please contact:
HgCapital Trust
Laura Dixon
+44 78 2459 2894
George Crowe
+44 7774 617 150
Cadarn
Lucy Clark
lucy@cadarncapital.com
+44 (0)7984 184 461
David Harris
david@cadarncapital.com
+44 (0)7368 883 211
Hg
Tom Eckersley
Sam Ferris
About HgCapital Trust plc
HgCapital Trust plc is an investment company whose shares are listed on the London Stock Exchange (HGT.L). HGT gives investors exposure, through a liquid vehicle, to a portfolio of high-growth unquoted companies, 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, see www.hgcapitaltrust.com and www.hgcapital.com
About Payworks
Payworks, headquartered in Winnipeg, Manitoba, is a Canadian leader in total workforce management. We provide payroll, HR, time and attendance, and workforce analytics solutions to over 40,000 businesses nationwide, all backed by expert, dedicated support. Recognized as one of Canada's Best Managed Companies every year since 2012 and a three-time recipient of Canada's Top Small & Medium Employers designation, Payworks is proud to combine innovation with a strong commitment to clients, employees, and communities across the country.
About Hg
Hg is a leading investor in transatlantic software and services businesses. We help to build sector-leading enterprises that supply critical software applications or workflow services to deliver intelligent automation for their customers.
We take an active approach to value creation, combining deep end-market knowledge with world class operational resources to provide compelling support to entrepreneurial leaders looking to scale enduring businesses.
Headquartered in the UK, with a vast European network and strong presence across North America, Hg has approximately $100 billion in assets under management and more than 400 employees. Our portfolio spans more than 50 companies worth over $160 billion in aggregate enterprise value, employing more than 126,000 people and consistently growing revenues at more than 20% annually.
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