HgCapital announces investment in Ullink
4 March 2014
HgCapital, the Manager of HgCapital Trust plc, has agreed the acquisition of Ullink SAS ("Ullink"), a leading global provider of electronic trading applications and connectivity to the financial community.
HgCapital Trust plc will participate in the acquisition of Ullink alongside other institutional clients of HgCapital, who will participate through the HgCapital 7 fund. The Trust, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all HgCapital's investments. The Trust will contribute a total of approximately £7.7million.
Based on the 30 November 2013 reported NAV (and after adjusting for the impact of all reported transactions since 30th November) the Trust's liquid resources available for future deployment are estimated to be £78 million (18% of the 30 November 2013 adjusted NAV). The transaction will reduce the Trust's outstanding commitments to invest in HgCapital deals to approximately £247 million.
HgCapital announces investment in Ullink
HgCapital, the European sector-focused private equity investor, has made a majority investment in Ullink, a leading global provider of electronic trading applications and connectivity to the financial community. The total consideration is not disclosed.
Founded in 2001 by the current CEO, Laurent Useldinger, Ullink has grown quickly to become a global provider of multi-asset trading technology and infrastructure for buy-side and sell-side market participants. Headquartered in France, Ullink's clients include over 150 of the world's top-tier banks serviced from offices in New York, London, Paris, Hong Kong, Tokyo, Singapore, São Paulo, Cluj and Sydney. This represents a large international market with around 90% of all revenues coming from outside France.
The investment in Ullink is in line with HgCapital's proven sector-focused approach of investing in leading global providers of vertical market application software. Ullink shares the core characteristics that HgCapital looks for: it provides an excellent platform for growth with a subscription revenue model across a diversified client base. Ullink also boasts an outstanding management team and a proven commitment to innovation through its high investment in new product development.
HgCapital will work closely with the management team to help the business accelerate its high rate of organic growth through further investment across the business to ensure Ullink continues to innovate and provide the best products in the market. HgCapital is investing alongside Laurent Useldinger and the current management team who will continue to lead the business on to its next phase of development.
Ullink is the fifth investment by HgCapital funds in the European software sector in the past year alone, following the acquisitions of Relay Software, P&I, e-conomic and Intelliflo.
Jonathan Boyes, Director of HgCapital's TMT Team commented:
"We are delighted to be working with Laurent and his talented team. We have been researching front office trading systems for several years and have tracked the excellent progress that Ullink has made in establishing themselves as a genuine global player. We see real potential to grow Ullink's business internationally and further enhance its product offering."
Nic Humphries, CEO of HgCapital commented:
"Since its founding in 2001, Ullink has consistently achieved strong organic growth rates with a subscription revenue model. The company has a deserved reputation as a highly innovative business, with very strong technology and client service. We look forward to working with Ullink's exceptional management team to continue to capitalise on the firm's position and grow it into an industry champion."
Laurent Useldinger, CEO and Founder of Ullink commented:
"This is an exciting time for Ullink and our staff. In HgCapital we have found a partner who is thoroughly aligned with our goals and has the capital resources, knowledge and experience to help us to build our business even further. HgCapital has the leading franchise for software investment in Europe over the last 15 years and a strong track record of supporting businesses like Ullink grow into a much larger, more successful businesses. I believe our partnership will be of great benefit to our clients around the world as we continue to enhance the user experience and expand our offering."
Ullink was advised on the transaction by Arma Partners.
- Ends -
For further details:
HgCapital
Stephen Bough +44 (0)20 7089 7888
Maitland
Peter Ogden +44 (0)20 7379 5151
Tom Eckersley +44 (0)20 7379 5151
About HgCapital Trust plc
HgCapital Trust plc is an investment trust whose shares are listed on the London Stock Exchange (ticker: HGT.L). The Trust is a client of HgCapital, giving investors exposure to a portfolio of high-growth private companies, through a liquid vehicle. New investments and existing portfolio companies are managed by HgCapital, 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.
Neither the contents of HgCapital's, HgCapital Trust's nor Ullink's websites nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.
This information is provided by RNS
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