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HgCapital Trust PLC on Tuesday said investment manager Hg sold cloud-based transportation management software company Transporeon GmbH to US software and services technology company Trimble Inc for €1.88 billion.
HgCapital Trust is a London-based investment vehicle that provides shareholders access to the unquoted businesses managed by New York-based Hg.
Ulm, Germany-based Transporeon solves ‘360-degree freight problems by enabling automation, real-time insights and collaboration on €48 billion of annual freight,’ handled on a modern software-as-a-service platform with real time tracking, HgCapital explained.
Trimble said: ‘Transporeon’s software platform provides modular applications that power a global network for 145,000 carriers and 1,400 shippers and load recipients with an integrated suite of best-in-class sourcing, planning, execution, monitoring and settlement tools.’
Justin von Simson, managing partner at Hg, said: ‘Transporeon is at the forefront of freight industry digitalisation and its cloud-based solutions continue to reduce complexity and increase efficiency for a large fragmented global logistics sector.’
The sale price values HgCapital Trust’s investment in Transporeon at £107.8 million, which is 17% above the stake’s carrying value in the trust’s net asset value on September 30 of £92.5 million. The uplift is worth 3.3 pence per share to HgCapital Trust’s NAV, raising pro-forma NAV based on the September 30 level to 454p after the deal.
HgCapital Trust shares rose 2.9% to 349.73 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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