Hg announces strategic investment in CINC Systems
Hg announces an investment CINC Systems a leading cloud-based software company serving the community association management sector. The terms of the transaction are not disclosed.
HGT will invest approximately £13.6 million in CINC, with other institutional clients of Hg investing alongside HGT through the Hg Mercury 4 Fund.
HGT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg’s investments.
Note that these figures only relate to HGT’s share of Hg’s overall investment in CINC.
HGT’s liquid resources available for future deployment (including all announced transactions, the undrawn bank facility and the interim dividend paid in October 2023) are estimated to be £746 million (33% of the pro-forma 30 September 2023 NAV of £2.3 billion).
The investment will reduce HGT’s outstanding commitments to invest in Hg transactions to approximately £1.0 billion (44% of the pro-forma 30 September 2023 NAV).
CINC Systems secures meaningful strategic investment from Hg to accelerate its growth as a premier software provider to the community association management industry
- Hg will become a strategic growth investor in the business alongside CINC’s founder, Bill Blanton, its management team and current investors, Spectrum Equity.
- The new investment follows a significant year of growth for the business, with record new bookings and 50% revenue growth in 2023.
- Tom Kiernan, former CEO of ClickPay, will join the Board as part of the transaction, bringing additional industry expertise and relationships, as well as experience in constructing easy-to-use payment platforms for homeowners.