The Access Group announces substantial investment to drive continued expansion to £9.2bn valuation

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  • Secures the continued support of its major shareholders and experienced software investors, Hg and TA Associates

  • Enterprise value of £9.2 billion

  • Secures new refinancing, including an additional £1bn+ facility to support new strategic acquisitions

LONDON, June 08, 2022–(BUSINESS WIRE)–The Access Group, a leading provider of business management software for midsize businesses in the UK, Ireland and Asia-Pacific, today announced a new investment from its shareholders, Hg and TA Associates, with an associated business value of £9.2 billion, which would make it one of the largest UK-headquartered software providers.

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Access Group announces substantial investment to drive continued expansion to £9.2bn valuation (Photo: Business Wire)

Access has grown significantly since its incorporation in 1991, delivering uninterrupted profitable growth over the past 15 years. Since 2020, Access has more than doubled in size through double-digit organic growth, combined with strategic mergers and acquisitions in the UK, Ireland and Asia-Pacific. Access grew its customer base to over 60,000 and its employees to around 5,000, expanding internationally with offices in nine countries.

Significant is the announcement of the new strategic investment from Hg, a leading software and services investor, and TA Associates, a leading global growth private equity firm. Additionally, GIC, a global institutional investor, has confirmed a new investment in Access and that it will become a minority shareholder in the company. The transaction, which is subject to customary regulatory approvals, is expected to close in the second half of 2022.

Commenting on today’s announcements, Chris Bayne, CEO of The Access Group, said: “I am incredibly proud of our continued success and delighted that our lead investors, Hg and TA, continue to support us as the company grows. develops in the UK, Ireland. With GIC’s additional investment, Access continues to receive strong support from the investment community, helping us drive our performance and growth plans.

“We have made significant progress in our growth strategy since announcing Hg and TA’s last investment in 2020. Hg and TA’s additional investment in Access signifies the strength of our business and our team. We are look forward to expanding and continuing our relationship with all three of our investors as we pursue our organic growth and acquisition plans and our geographic expansion.

“Over the next few years, the management team and I will continue to focus on our growth strategy and on our products and solutions, in particular Access Workspace, our SaaS platform, which enables the consumption of the products and data of our customers in one place with a consistent user experience.

“The ease of acquisition gives Access the power for even greater expansion as we continue to add exciting new technologies and new people to the group. Our mission is to transform our customers’ productivity and empower them. freedom to do more of what is important to them.”

Jonathan Boyes, Partner at Hg, said: “Access has proven to be one of the UK’s biggest cloud software success stories. Chris and his team should be incredibly proud of their accomplishments, delivering exceptionally robust performance while growing the business significantly during a challenging environment over the past few years. It was a pleasure to work with the team and we are excited to further engage as a significant investor in the company. Hg is now a proud investor in three of the largest private equity software companies in Europe and we are more excited than ever about the future prospects of the role of SaaS in the business world.”

J. Morgan Seigler, Managing Director of TA Associates, said, “During TA’s more than seven-year partnership with Access, the company has continuously demonstrated its strength, resilience and ability to innovate, through leadership of Chris and the management team. We were proud to support the trip and are excited to continue our partnership. Looking ahead, we believe the company is well positioned to continue to deliver on its vision, focusing on strengthening product offerings, both organically and through strategic acquisitions, for its customer base. growing.”

Rothschild & Co advised The Access Group and Arma Partners advised Hg on the transaction. Legal advisors were Latham & Watkins, Linklaters and Travers Smith. Deloitte and Kirkland & Ellis advised The Access Group on refinancing activities.

Ends

About Access Group
The Access Group is a leading UK-headquartered business management software provider for mid-sized businesses in the UK, Ireland and Asia-Pacific. It helps more than 60,000 clients in the commercial and nonprofit sectors become more productive and efficient. Its innovative Access Workspace cloud solutions are transforming the way enterprise software is used, giving every employee the freedom to do more. Founded in 1991, The Access Group employs around 5,000 people. For more information about Access, visit www.theaccessgroup.com

About Mercury
Hg is a platform for software and services champions, focused on supporting companies that are changing the way we do business. Deep technology expertise, complemented by vertical application specialization and dedicated operational support, offers a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $40 billion, with an investment team of over 160 professionals, including a portfolio team of nearly 50 traders, providing hands-on support to help our businesses realize their ambitions of growth. Based in London, Munich and New York, Hg has a portfolio of over 45 software and technology companies, with an aggregate enterprise value of over $100 billion, with over 55,000 employees worldwide, growing by more than 20% per year. Visit www.hgcapital.com for more information and sign up for the Hg newsletter to stay up to date with Hg and portfolio news.

About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the company invests in profitable and growing businesses that offer sustainable growth opportunities, and has invested in more than 550 companies worldwide. Investing as a majority or minority investor, TA takes a long-term approach, using its strategic resources to help management teams create lasting value in high-quality growth companies. TA has raised $47.5 billion in capital since its inception in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com

About the GIC
GIC is a leading global investment firm established in 1981. As the manager of Singapore’s foreign exchange reserves, GIC takes a disciplined, long-term approach to investing and is uniquely positioned across a wide range of classes of active assets and strategies on a global scale. These include listed equities, fixed income securities, real estate, private equity, venture capital and infrastructure. GIC’s long-term approach, multi-asset capabilities and global connectivity make it an investor of choice. Headquartered in Singapore, GIC has a global talent force of over 1,800 people in 10 key financial cities and has investments in over 40 countries. For more information, visit www.gic.com.sg

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220607006093/en/

contacts

Media Contacts

For The access group:
Kate Hasler
The access group
+44 7722 023 278
[email protected]

Peter Martin
PR tank
+44 (0)115 958 9840
+44 (0)7872 909 711
[email protected]

For TA:
Maggie Benoit
AT Associates
+1 617-598-6685
[email protected]

For Hg:
Tom Eckerley
Hg
+44 (0)20 8396 0930
[email protected]

Azadeh Varzi
Brunswick Group
+44 (0)207 404 5959
[email protected]

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