• Secures continued backing from its largest shareholders and experienced software investors, Hg and TA Associates
• Enterprise value of £9.2 billion
• Secures new refinancing including incremental facility for over £1 billion to support further strategic acquisitions

LONDON, UK – 8 June 2022 – The Access Group, a leading provider of business management software to mid-market organisations in the UK, Ireland and Asia Pacific, today announced further investment from its shareholders, Hg and TA Associates, with an associated enterprise value of £9.2 billion, believed to make it one of the largest UK headquartered software providers.

Access has grown significantly since its incorporation in 1991, delivering uninterrupted profitable growth in the last 15 years. Since 2020, Access has more than doubled in size driven by double-digit organic growth, combined with strategic M&A in the UK, Ireland and Asia Pacific. Access has grown its customer base to more than 60,000 and its employees to approximately 5,000, expanding internationally with offices in nine countries.

The announcement of the further strategic investment from Hg, a leading software and services investor, and TA Associates, a leading global growth private equity firm, is significant. In addition, GIC, a global institutional investor, has confirmed a new investment in Access and that it will become a minority shareholder in the company. The transaction, which is subject to customary regulatory approvals, is expected to close in the second half of 2022.

Commenting on today’s announcements, Chris Bayne, CEO of The Access Group, said:

“I’m incredibly proud of our continued success and delighted that our leading investors, Hg and TA, continue to support us as the company expands in the UK, Ireland and Asia Pacific. With GIC’s additional investment, Access continues to receive strong support from the investment community, helping to drive our performance and growth plans.”

“We have made massive progress in our growth strategy since we announced the last investment from Hg and TA in 2020. Hg and TA’s further investment in Access signifies our business and team’s strength. We look forward to expanding and continuing our relationship with all three of our investors as we carry on with organic and acquisitive growth projects and further geographic expansion.”

“Over the next few years, the management team and I will continue to focus on our growth strategy and our products and solutions, especially Access Workspace, our SaaS platform, which allows our customers’ products and data to be consumed in one place with a consistent user experience.”

“The acquisition facility gives Access the power for even more significant expansion as we continue to add exciting new technology and people to the Group. It’s our mission to transform our customers’ productivity and give them the freedom to do more of what’s important to them.”

“Access has proved to be one of the biggest UK successes in cloud software. Chris and his team should feel incredibly proud of their achievements, delivering an exceptionally robust performance whilst significantly growing the business during a tough environment over the last few years. It has been a pleasure to work with the team and we’re delighted to commit further as a significant investor in the business. Hg is now a proud investor in three of the largest private equity-owned software businesses in Europe and we’re more excited than we’ve ever been about the future prospects of the role of SaaS in the business world.”

Jonathan Boyes, a Partner at Hg

“Over the course of TA’s more than seven-year partnership with Access, the business has continually shown its strength, resilience and capacity for innovation, driven by the leadership of Chris and the management team. We have been proud to support the journey and are thrilled to further our partnership. Looking ahead, we believe the business is well-positioned to continue delivering on its vision, focusing on strengthening product offerings, both organically and through strategic acquisitions, for its growing customer base.”

J. Morgan Seigler, a Managing Director at TA Associates

Rothschild & Co advised The Access Group and Arma Partners advised Hg on the transaction. Legal advisors were Latham & Watkins, Linklaters, and Travers Smith. Deloitte and Kirkland & Ellis advised The Access Group on the refinancing activities.

About The Access Group  
The Access Group is one of the largest UK headquartered providers of business management software to mid-sized organisations in the UK, Ireland, and Asia Pacific. It helps more than 60,000 customers across commercial and not-for-profit sectors become more productive and efficient. Its innovative Access Workspace cloud solutions transform how business software is used, giving every employee the freedom to do more. Founded in 1991, The Access Group employs approximately 5,000 people. For more information on Access visit www.theaccessgroup.com

About Hg
Hg is a platform for software and services champions, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $40 billion, with an investment team of over 160 professionals, including a portfolio team of almost 50 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 45 software and technology businesses, worth over $100 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information and sign up for the Hg Newsletter to stay updated with Hg and portfolio news.

About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies worldwide. Investing as either a majority or minority investor, TA employs a long-term approach, utilising its strategic resources to help management teams build lasting value in high-quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com

About GIC
GIC is a leading global investment firm established in 1981. As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing, and is uniquely positioned across a wide range of asset classes and active strategies globally. These include listed equities, fixed income, real estate, private equity, venture capital, and infrastructure. GIC’s long-term approach, multi-asset capabilities, and global connectivity enables it to be an investor of choice. Headquartered in Singapore, GIC has a global talent force of over 1,800 people in 10 key financial cities and has investments in over 40 countries. For more information, please visit www.gic.com.sg

Media Contacts

For The Access Group:
Kate Hassler, The Access Group
+44 7722 023 278
kate.hassler@theaccessgroup.com

Martin Stone, Tank PR
+44 (0)115 958 9840
+44 (0)7872 909 711
martin@tankpr.co.uk

For TA:
Maggie Benoit, TA Associates
+1 617-598-6685
mbenoit@ta.com

For Hg:
Tom Eckersley, Hg
+44 (0)20 8396 0930
tom.eckersley@hgcapital.com

Azadeh Varzi, Brunswick Group
+44 (0)207 404 5959
hg@brunswickgroup.com