(Alliance News) - HgCapital Trust PLC on Monday said investment manager Hg has agreed to sell accounting software platform, Silverfin NV, to Norwegian cloud software firm Visma.
The London-based investment vehicle provides access to the private equity investments of New York-based manager Hg.
The deal values HgCapital Trust's investment in Silverfin at GBP18.8 million, compared to its carrying value as of August 31 of GBP15.7 million. This will provide a 0.7 pence per share uplift to HgCapital Trust's net asset value to a pro-forma 473.9p.
Silverfin is based in Gent, Belgium. Since 2020, Hg has held an undisclosed minority stake in the company. Visma is based in Oslo. It said Silverfin is its seventh acquisition in Belgium since first entering the country in 2020.
"The acquisition significantly increases Visma's presence in the Belgian software market, and also reinforces the group's position as Europe's cloud accounting software champion," HGT said.
Visma Chief Executive Officer Merete Hverven said: "Silverfin gives accountants the technology and tools they need to be more successful, both for themselves and for their clients, making Silverfin a perfect match for Visma. We look forward to supporting and further accelerating their growth."
Shares in HgCapital were up 0.2% at 397.75 pence each in London on Monday afternoon.
By Sabrina Penty, Alliance News reporter
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HgCapital Trust plc (HGT)