HgCapital Mercury Fund investment in IntelliFlo
CloudOrigin provided Commercial, IT and Operational Due Diligence to HgCapital Mercury fund for their majority investment in IntelliFlo the UK Software as a Service provider of front to back office, cloud solutions to the Financial Adviser, Wealth Management and Mortgage Broking sector.
Chief Executive Richard Hall who led the due diligence exercise stated “CloudOrigin is privileged to have worked closely with HgCapital on another successful transaction utilising our insight into Software as a Service best practice to full effect in the reinvigorated UK FinTech sector”.
For the press release see below or click here for full details (HgCapital link).
IntelliFlo selects HgCapital to power next era of growth
19 July 2013. IntelliFlo Ltd has today announced that HgCapital has become a majority shareholder. The investment has been made by HgCapital’s Mercury Fund which specifically targets software and other technology companies across Europe.
HgCapital is a sector expert private equity investor, supporting management teams to grow industry champions. A key benefit for IntelliFlo is that HgCapital’s dedicated portfolio management team provides practical support to management teams to help them realise their growth ambitions.
Nick Eatock, CEO of IntelliFlo, said: “I am delighted to be partnering with HgCapital for the next stage of development of IntelliFlo. With the support of an expert investor, we intend to continue to invest and deliver even better products for our customers in the post-RDR era. We have ambitious plans for the next 5 years and remain committed to making sure our customers have the benefit of market leading software during a period of substantial change in our industry.”
This transaction has also allowed for a transition in the ownership of IntelliFlo, with the senior management, led by Nick Eatock, retaining a significant interest in the business.
Eatock added, “I am also delighted that the wider management team is re-investing with me and wish to thank my departing co-founder Jamie Coats for his personal contribution to making IntelliFlo the successful business that it is today.”
This investment continues HgCapital Mercury’s investment strategy of partnering with great management teams in market-leading vertical application software companies.
Commenting on the investment, Matthew Brockman, who leads HgCapital’s Mercury team, said: “With a strong management team, an outstanding product and highly recurring revenue, the team at IntelliFlo have built a great business. We look forward to supporting the company as it continues to innovate and grow within a dynamic end market.”