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HgCapital announces joint venure with Intermediate Capital in IRIS

Reuters

(Reuters) - Private equity firm HgCapital Trust (HGT.L) on Wednesday announced a joint investment with Intermediate Capital Group (ICP.L) in Britain's IRIS, which valued the business software provider at 1.3 billion pounds ($1.74 billion).

HgCapital said its would invest 37.5 million pounds in IRIS as part of the deal, which the company said is the UK’s largest ever private equity led software buyout.

"The renewed Hg investment, alongside (Intermediate Capital Group), is recognition of continued success," Kevin Dady, CEO of IRIS, said in the statement.

The terms of the transaction were not disclosed.

HgCapital said the deal will be subject to regulatory approvals.

(Reporting by Rahul B in Bengaluru, editing by Maiya Keidan)