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.”

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