Hg sells Lumesse

The deal brings to an end an eight-year holding period for Hg, which was invested in Lumesse via its £1.87bn vehicle HgCapital 6. Shortly after being acquired by Hg, Lumesse bolted on educational software business Edvantage Group.

Saba, which is dual-headquartered in Ireland and the US, was acquired by Vector in a $268m take-private in 2015. The transaction will create a consolidated business with 4,700 clients, according to a statement. It is scheduled to complete by the end of 2018.

A spokesperson for Hg declined to comment on the deal value or returns generated from the investment.

Previous funding
Hg acquired Lumesse (then known as StepStone Solutions) in a deal valued at €110m in 2010.

Company
Founded in 1999 and headquartered in Luton, Bedfordshire, Lumesse develops HR software for use in recruitment, career progression, performance monitoring, training and succession planning. The company rebranded from Stepstone in 2011.

People
Lumesse – Didier Bench (executive chairperson).
Saba Software – Phil Saunders (CEO).

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• Trade sale
• Vector Capital
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