Barings Backs Hg’s combination of BrightPay and Relate Software
Nov 10, 2021
Barings, one of the world’s leading financial services firms, today announced that it has served as lead arranger of a senior secured credit facility to support Hg in its majority investment in BrightPay and Relate Software. The combination will create an accounting & payroll software champion in Ireland. Financial terms were not disclosed.
“BrightPay and Relate’s combination brings together complementary businesses in terms of product offering and geographic presence, creating a true sector leader in Ireland. Both have leading reputations for ease-of-use and functionality of their products, providing clear efficiencies and value to their customers,” said Rana Misirlizade, Director in Barings’ European Private Finance group.
“We are delighted to support Hg’s investment in the combined group, further strengthening our two firms’ long-term relationship. With Hg’s significant expertise in the European market for businesses focused on tax & accounting technology, we are excited to see them and Management execute on their strategic growth plans, including the clear synergies between BrightPay and Relate.”
BrightPay is a leading provider of payroll and HR software solutions, and Relate Software is a champion in post-accounting, practice management and bookkeeping software. Combined, the businesses will bring together operational strengths and leading mission-critical products for its accounting bureau and SME client base, while investing in new cloud innovations. The combined group will have more than 190 employees, serving clients across the Republic of Ireland and the United Kingdom.
Barings is a $387+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities, and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
Barings Global Private Finance is a 70+ investment team globally managing $29.8 billion* of AUM, with a 40-year track record of successfully financing middle-market buyouts, acquisitions, and recapitalizations. With product capabilities that range from traditional senior debt to bespoke junior capital securities, and hold sizes of €250 million+, Barings is focused on providing capital solutions that help our private equity clients complete their deal on time and as expected. Our long-term commitment to the asset class, local origination in each region, consistent team, and broad range of investment capabilities, are designed to provide investors an absolute spread premium to broadly syndicated loans as well as an attractive risk-adjusted return potential.
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of around $40 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 40 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $78 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.
*As of September 30, 2021
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