HgCapital Trust invests GBP17 million in workforce management firm

(Alliance News) - HgCapital Trust PLC on Monday said manager Hg is investing in Winnipeg, Canada-based Payworks Inc, in a move it said represents an "exciting opportunity to accelerate innovation".

London-based HgCapital Trust provides access to the private equity investments of manager Hg.

HgCapital Trust said it will invest around GBP17 million in Payworks, with other institutional clients of Hg investing alongside HgT via the HG Genesis Fund.

Payworks is a workforce management company that provides payroll, HR, time and attendance, and workforce analytics solutions to over 40,000 businesses nationwide.

HgT said the investment reduces its outstanding commitments to invest in Hg transactions to around GBP1.7 billion.

The trust expects to report its half-year results on Monday next week.

Shares in HgT were down 0.4% at 496.00 pence on Monday morning in London.

"Payworks' track record of serving Canadian businesses, combined with our global HCM and software expertise, creates an exciting opportunity to accelerate innovation and reach more Canadians," said Robert Citrino, principal at Hg.

By Christopher Ward, Alliance News reporter

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