HgCapital sells Computer Software for £110m

The deal, which sees CSH carved out from parent company Iris Software Group, gives the firm an enterprise value of £110m. HgCapital bought Iris Software from Hellman & Friedman in 2011, investing around £26.5m.

The exit is the third completed by HgCapital in the technology, media and telecommunications (TMT) sector in the last three years, following the sale of Nordic SME software firm Visma in 2010 and the exit of Dutch semiconductors firm SiTel in 2011.

Company
CSH provides software to the legal and not-for-profit markets, focusing on accounting software for SMEs and compliance. CSH has 17 offices in the UK and 12,000 customers.

Under HgCapital's ownership, the firm has focused on driving subscription revenues for its hosted product offering. The firm has seen an increase in orders and retention rates, which have increased revenues and improved margins.

People
Jonathan Boyes is a director in HgCapital's TMT team and led the sale.

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