Hg-backed software provider Dext in £500m sale to Iris

A vital British provider of accounting machine backed by Hg Capital is being supplied to 1 other of the private equity community’s portfolio corporations in a deal price more than £500m.

Sky Files has learnt that Dext, which has been backed by Hg since 2021, is to be got by Iris Software program.

The deal would be launched as rapidly as this week, per several machine enterprise sources.

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One talked about the deal changed into price about £525m.

Dext, which changed into beforehand is named Receipt Financial institution, has more than 700,000 customers spherical the sector.

It operates in a snappy-rising rental of the machine enterprise, with synthetic intelligence and advanced automation tactics driving snappy advances in the sector.

Final 365 days, Hg offloaded a colossal stake in Iris Software program to Leonard Green & Companions in a deal valuing the firm at £3.15bn.

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As portion of the transaction, Hg reinvested in the enterprise.

Hg is without doubt one of the crucial sector’s most winning investors in specialist machine corporations, reaping returns price billions of pounds from its prolonged-term backing of a string of corporations.

A spokeswoman for Hg declined to touch upon Monday.