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(Alliance News) - HgCapital Trust PLC on Tuesday said it has made a strategic investment in auditing software provider CaseWare International Inc.
Specific terms of the investment in Toronto-based CaseWare was not disclosed. HgCapital did explain however, that alongside other institutional clients of its investment manager Hg, it will provide an investment totalling GBP38 million.
"Hg will invest by acquiring a significant stake in the business, which will be made from the Genesis 8 Fund, and represents CaseWare's first ever institutional investment. Hg's investment and knowledge in global financial software businesses will help to support the company, particularly in accelerating the growth of CaseWare Cloud, which is already supported by more than a million audit engagements," HgCapital said.
The FTSE 250-listed firm added that it has GBP121 million of liquid resources ready for future deployment.
HgCapital shares closed 1.2% higher at 290.00 pence each in London on Tuesday.
By Eric Cunha; ericcunha@alliancenews.com
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