An enterprise software group that has been on an epic acquisition trail for the past few years now reports a valuation of £9.2bn.
The Access Group, which is based in a new head office in Loughborough, Leicestershire, has grown significantly since its incorporation in 1991.
Through various rounds of investment and buyouts, it has become one of the leading providers of business management software for midsize companies in the UK, Ireland and Asia-Pacific.
Today it announced additional shareholder backing from Hg and TA Associates of over £1bn, bringing its value to £9.2bn and making it one of the largest providers of software headquartered in the UK.
Managing Director Chris Bayne 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 expands across the UK, Ireland and Asia Pacific. .
“With the additional investment from GIC, Access continues to receive strong support from the investment community, helping us drive our performance and growth plans.
“We have made massive progress in our growth strategy since announcing the last investment from Hg and TA in 2020.
“Hg and TA’s additional investment in Access signifies the strength of our company and our team.
“We look forward to expanding and continuing our relationship with our three investors as we pursue our organic growth and acquisition plans and our geographic expansion.”
Sales Director Jon Jorgensen said: “Having joined Access in 1998, where it had a turnover of less than £10 million, I have seen how far we have come. It has clearly become the most proudest of my career, and very humbling.
“It’s clearly dependent on the support of our amazing customers and the fantastic people who work at Access. The journey continues.”
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.
It has grown its customer base to over 60,000 and now employs 5,000 people in nine countries.
In addition to the strategic investment from software and services investor Hg and global growth private equity firm TA Associates, GIC, a global institutional investor, also became a minority shareholder.
The transaction, which is subject to customary regulatory approvals, is expected to close in the second half of 2022.
Hg Partner Jonathan Boyes 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 an exceptionally robust performance while significantly growing the business in a challenging environment over the past few years.”
TA Associates Managing Director, J. Morgan Seigler, said, “During TA’s more than seven-year partnership with Access, the company has continuously demonstrated its strength, resilience and capacity for innovation, through the leadership from Chris and the management team.
“We are proud to support the journey and we are delighted to continue our partnership.
Rothschild & Co advised Access Group and Arma Partners advised Hg on the transaction.
Legal advisors were Latham & Watkins, Linklaters and Travers Smith. Deloitte and Kirkland & Ellis advised Access Group on refinancing activities.