London private equity firm invests millions in acquisition of Canadian software company
A London private equity firm has announced that it has acquired a majority stake in a Canadian software company in a multi-million pound deal.
Private equity business Hg has invested between $500m and $600m in the acquisition of Canadian software maker Prophix.
The investment was made from Genesis Fund 9, and marks Hg’s fourth Canadian acquisition in the past year.
Prophix is a financial management solution used for consolidation, budgeting, analysis, planning and management reporting.
Ben Meyer, partner and co-lead of Hg’s New York team, commented: “We see significant growth opportunity from the continued adoption of Corporate Performance Management (CPM) software by mid-market organisations, as the need for real-time financial information and the ability to budget & reforecast in a more agile way becomes increasingly important.
“Prophix is positioned incredibly well to benefit from this trend.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.