[February 2014]
CloudOrigin is delighted to have provided IT and Operational Due Diligence to HgCapital Mercury fund for their investment in partnership with founding management in Relay Software Limited a leading provider of software to insurance brokers, underwriters and insurers in the Republic of Ireland.
Richard Hall, Chief Executive and founder of CloudOrigin, who led this engagement, commented:
“We are very pleased to see HgCapital Mercury complete yet another exciting deal in the European software and services sector and to extend the hat-trick with the privilege to have advised them on all their first four investments”.
This transaction represents the third investment from HgCapital’s Mercury fund which specialises in investments in software and other technology companies across Europe.
Relay was founded in 1985 and has since grown to become one of the leading software providers to the insurance industry in the Republic of Ireland. Relay’s highly capable and successful management team will continue to lead the business and guide the development of its technology solutions. With a skilled staff of 70 based in its offices in Belfast and Dublin, Relay provides the leading technology solution to insurance brokers: a seamless front and back office solution which, supported by Relay’s excellent customer service, provides its broker customers with the tools that they need to manage a successful insurance business. Additionally, the company also provides software solutions to many of the largest insurance and underwriting firms operating in the Republic of Ireland.
Relay displays a number of the attractive investment characteristics targeted by HgCapital, and leverages HgCapital’s deep-sector focus and experience in investing in the European SME software market. The investment follows on from HgCapital’s recent investments in Intelliflo (UK – cloud technology for financial advisors), e-conomic (Denmark – financial software for SMEs) and P&I (Germany – HR software), all in late 2013.
HgCapital’s investment will assist Relay’s management team in developing new products and services for all of its customers and will ensure that Relay continues to provide the most advanced and efficient technology solutions available. Management remain a substantial shareholder in the business alongside HgCapital and the company will continue to be headquartered in Belfast.
For press coverage see PEHub.com story [ click here ] and HgCapital Trust news [ click here ].