The Access Group, a London-based provider of business management software to UK mid-market organisations, has landed a strategic investment.
The investment came from Hg and previous investor TA Associates, giving the business an enterprise value of approximately £1bn. Following the investment, current majority shareholder TA Associates will retain joint control of the company.
With its portfolio spanning finance, HR, payroll, hospitality, recruitment, health & social care, manufacturing & distribution, education and not for profit sectors, The Access Group is a vendor of mission-critical business software.
Chris Bayne, CEO of The Access Group, commented, “We have enjoyed our close partnership with the team at TA Associates, and we’re very proud of the considerable growth we’ve achieved together to date.
“We look forward to continuing our relationship with them and welcoming our new investors, Hg, to further assist us in our journey as one of the UK’s leading providers of cloud-enabled business application software. With these two marquee investors, we will have access to significant resources and expertise to continue to deliver innovation and value for our clients.â€
Access has provides financial institutions of all sizes, including pension and investment providers, insurance companies, pension trust funds and asset and wealth fund management, with finance software that integrates with commission, loan book and money collection systems. It claims to enable firms to get more from their accounting systems and brings financial management systems together.
Its accounting software is available as a standalone financial management software system or as part of an integrated suite including payroll, project management, HR, timesheets and expenses, document management and much more.
The company claims its solution gives finance teams greater accounting functionality, cash flow management and comprehensive business reporting. Its integrated finance and expense management software, users can focus their finance team on more important tasks by providing the tools to simplify submitting, approving and processing expenses for all employees and managers. Its financial apps also empower users to engage with key business process quickly and easily.
Hg’s previous investment includes Citation, a provider of compliance and ISO certification services, Intelliflo, which provides SaaS solutions to financial advisers, wealth managers, insurance companies and brokers, and Sovos Compliance, which manages all aspects of the tax compliance process.
Last month, TA Associates purchased Confluence, a provider of regulatory, investor communications and performance reporting. The global growth private equity firm said it has completed a majority investment in the Pittsburgh-headquartered business.
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