Hg is investing around $1 billion in private-equity-backed financial-reporting software company insightsoftware, according to a filing made Tuesday with U.K. regulators.
The equity investment values insightsoftware at about $4 billion, and gives Hg joint control of the company alongside private-equity firm TA Associates, the document said.
Boston-based TA and ST6, a consultancy formed by software executives that advises private-equity funds, formed insightsoftware in 2018, and private-equity firm Genstar Capital joined as an investor the following year. Genstar and ST6 will stay on as minority shareholders in the company.
Based in Raleigh, N.C., insightsoftware makes financial-reporting and performance-management software used by over 28,000 customers. As it has grown, insightsoftware has also expanded its product offerings to budgeting, planning, tax, disclosure and other types of software.
The idea behind the company “was to build the leading enterprise software vendor to the office of the [chief financial officer], one that could handle all of their needs,” said Hythem El-Nazer, managing director at TA. Since its 2018 founding, insightsoftware has made 17 acquisitions and its revenue has grown from about $35 million to about $350 million, with a goal to hit $1 billion in the next few years, said Mr. El-Nazer.
