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HgCapital Trust PLC on Tuesday said its investment manager has become the majority investor in TrustQuay Ltd.
The £9.1 million investment in TrustQuay makes HgCapital's manager the majority investor in the technology provider to the global trust, corporate and fund services industry.
HgCapital is a London-based investment vehicle which provides shareholders access to the unquoted businesses managed by Hg.
HgCapital explained that TrustQuay has around 360 customers and 26,000 users in 30 jurisdictions.
‘As part of the transaction, the TrustQuay management team continues in the business whilst the former majority owner Silverfleet Capital Partners has fully exited its position,’ HgCapital added.
Hg Director Richard Earnshaw said: ‘At Hg we focus on software as a service and technology businesses that are leading their sector towards change and a better way of working. TrustQuay is an exciting business which is applying this vision to the trust, corporate services and fund industry, having developed a quality, modern product and with ambitious future plans.’
HgCapital shares were 4.0% higher at 360.49 pence each in London on Tuesday morning.
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