Hg doubles down on software

The firm has acquired financial software company Ullnick, Hg’s second software investment since December.

HgCapital has acquired a majority stake in Ullink, a global provider of electronic trading applications for the financial sector, according to a statement.

France-based Ullink provides multi-asset trading technology and infrastructure for buy-side and sell-side market participants. The investment marks Hg’s second deal from its Fund VII, which closed on its £2 billion (€2.4 billion; $3.3 billion) hard-cap last April, and the represents firm’s second recent software acquisition. Hg acquired HR services software provider P&I Personal Informatik from The Carlyle Group last December.

Financial details of the transaction were undisclosed. Hg declined to comment beyond the statement.

Ullink’s clients are more than 150 of the world’s top-tier banks serviced from offices in New York, London, Paris, Hong Kong, Tokyo, Singapore, São Paulo, Cluj and Sydney. Approximately 90 percent of all revenues come from outside France.
Ullink marks the fifth investment by Hg in the European software sector in the past year, following the acquisitions of Relay Software, P&I, e-conomic and Intelliflo.

“We see real potential to grow Ullink’s business internationally and further enhance its product offering,” Jonathan Boyes, director of HgCapital’s TMT team said in the statement.

Hg targets investments in the healthcare, industrials, services, TMT and renewable energy sectors.