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(Alliance News) - HgCapital Trust PLC said it will invest around GBP6 million in Paris-based software-as-a-service mobility solutions provider Nomadia.
The London-based investment vehicle provides shareholders access to unquoted businesses via the investments of Hg.
HgCapital Trust will invest in Nomadia alongside other institutional clients of Hg investing via the Hg Mercury 3 Fund.
Nomadia provides mobile applications and SaaS solutions to "enable companies to plan and optimize their mobile workers' travel and activity in real-time". Nomadia said it serves over 2,200 clients and more than 188,000 users across 28 countries.
"This investment from Hg is both a testament of Nomadia's leading position and a recognition of the great work from our team. We were impressed by Hg's depth of expertise, agility in execution and partnership mindset," said Nomadia Chief Executive Officer Fabien Breget.
"Hg brings a network of talent, significant financial capital and decades of experience in scaling premium software businesses. This partnership represents a formidable springboard to accelerate our development, product innovation and international ambition."
Alexander Flavier, partner at Hg, added: " We were impressed by the quality of [Nomadia's] products, the strength of their clients' feedback, and the impact of their mission: to enable mobile workforces to gain productivity while increasing safety standards and reducing [carbon dioxide] emissions. We look forward to helping them build a European champion, accelerating their growth at scale and beyond borders."
HgCapital Trust said its liquid resources available for future deployment are estimated to be GBP659 million, which is around 30% of the pro-forma net asset value of GBP2.2 billion on March 31.
It will announce its half-year results on September 18.
Shares in HgCapital Trust were up 0.1% to 393.01 pence each in London on Thursday morning.
By Greg Rosenvinge, Alliance News reporter
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