European software investor Hg has entered into an agreement to acquire stakes from Keensight Capital and Pléiade Venture in SmartTrade Technologies – details of the trade were not announced, however the management team of SmartTrade will remain invested in the business.
Hg’s investment will be made from its Mercury 2 Fund and represents the firm’s 7th investment in technology businesses serving the capital markets and wealth and asset management sectors, including previous investments such as Ullink and FE fundinfo.
“The success of our business is based on continued innovation and technological advancement, putting R&D at the heart of our business,” says David Vincent, CEO and co-founder of SmartTrade Technologies. “Welcoming Hg, a real expert in software and technology in this sector, creates a truly compelling offering. I am personally very excited about the prospects of the business. Keensight Capital and Pléiade Venture have played a decisive role in our growth to date, and we are grateful of their involvement. Now, with Hg’s support, alongside the SmartTrade team, I am committed to further developing a great service for our customers, as they look to modernise their own systems.”