(Correcting that Hg bought a majority stake in Dext, with HgCapital Trust investing GBP12.6 million. Hg didn't buy the entire company.)
(Alliance News) - HgCapital Trust PLC has invested in accounting and bookkeeping software firm Dext, it said on Tuesday.
Private equity investor Hg bought a majority stake in Dext, with its London-listed entity HgCapital Trust investing GBP12.6 million. The trust provides investors with access to unquoted businesses managed by software and service businesses investor Hg.
Altrincham, Cheshire-based Dext, formerly known as Receipt Bank, retains a number of pre-existing investors, including the co-founders.
Separately, Augmentum Fintech PLC said it sold its stake in Dext to Hg for GBP10.5 million. The venture capital investor focused on financial technology start-ups had invested GBP7.5 million into Dext in January 2020. Augmentum said the exits crystallized in an internal rate of return of 30.5% on the investment.
Augmentum also said on Tuesday it made a EUR2 million follow-on investment in Grover, a German technology rentals platform, taking its total investment in Grover to EUR9 million. Its stake has a value of GBP12.9 million based on the price of Grover's recent funding round, up from the last reported valuation of GBP8.0 million.
HgCapital Trust shares were quoted at 337.50 pence in London on Monday morning, down 1.0%. Augmentum Fintech shares were trading 0.7% higher at 169.22p each.
By Will Paige; willpaige@alliancenews.com
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HgCapital Trust plc (HGT)
Augmentum Fint. (AUGM)