Last checked at 
(Alliance News) - HgCapital Trust PLC said Wednesday it will invest about GBP15.7 million in Canadian corporate performance management software firm Prophix, with other institutional clients of Hg investing alongside HGT through the Hg Genesis 9 Fund.
"This deal will result in Prophix employees and management participating to acquire the company alongside Hg, who will hold the majority investment," HgCapital said.
Hg's investment is expected to accelerate and scale Prophix's growth and fund further development of its product capabilities.
"This partnership with Prophix reinforces Hg's focus on mission critical B2B software sitting at the intersection of Hg's experience in enterprise resource planning and tax & accounting. This transaction represents Hg's seventeenth investment in this space in the last 16 years, with total invested capital of over USD3.5 billion. Prophix is also the fourth software business based in Canada that Hg has invested in over the last 12 months," HgCapital added.
Hg Partner Jonathan Boyes said: "Prophix sits right at the heart of a universe that we have been investing in for almost two decades. This means that we recognise high-quality when we see it and Prophix falls firmly into this category. Prophix is a great business run by an impressive team. They have created a best-in-class cloud product that serves a very satisfied customer base, with a huge runway for further growth. We're really excited about joining the team."
Shares in HgCapital Trust were 0.6% higher in London on Wednesday at 322.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
