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UK - HgCapital sells IRIS and CSG in £500m deal

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HgCapital has sold IRIS Software, a provider of software to accountacy practices, and Computer Software Group (CSG), a provider of software to legal practices, to Hellman & Friedman for ТЃ500m. Hellman & Friedman plans to merge the two entities. HgCapital acquired IRIS in July 2004 and CSG earlier this year. CSG was one of four acquisitions made by IRIS during its ownership by HgCapital. UBS Investment Bank acted as financial adviser to HgCapital.

Since July 2004 IRIS has more than doubled employment, growing the workforce from 171 to 368 and revenue from £20m to £45m. Profits increased from £7.6m to £18.6m during this time.

European mid-market firm HgCapital has completed 5 buyouts and 6 bolt-on acquisitions in the SME software sector since 2003, with a total deal value of £800m.

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