Tech

Access Group finalizes £ 9bn deal with Singapore

Loughborough-based software firm The Access Group is close to finalizing an agreement with a £ 9bn state-owned investment fund in Singapore, according to Sky News description.

The Access Group, which provides business and financial management software to medium-sized enterprises, is said to be in talks with a transaction that would give the firm a much higher valuation than its current value of around $ 1.3bn (£ 1bn).

Sources close to the agreement, which would make the Government of Singapore Investment Corporation (GIC) a significant minority shareholder, have said it is expected to be finalized in the coming weeks.

Also because of the measure, the existing supporters of HG and TA Associates will reinvest in the company. HG became a majority shareholder after its 2018 investment gave Access $ 1bn.

Founded in 1991, Access has 16 years of uninterrupted profit growth, with 5,000 employees serving approximately 60,000 customers.

Going through the market, the value of the Access Group would be 55ú on-the-spot ranking on the FTSE-100, higher than the software provider listed in the SSE FTSE-100, which has a current market capitalization of £ 6.8bn.

RATN after contacting the Access Group and HG Capital for comments.

A market of this size for the software company is extremely significant given the broader macroeconomic climate of the industry.

Technology firms, large and small, are feeling the risk of rising inflation and supply chain issues, among other problems in the industry, putting pressure on companies’ funds.

Snapchat owner Snap is one of the latest big businesses to announce problems in the form of a 40% drop in its share price, joining the social media giant Meta, owner of Google Alphabet and Twitter, and stocks have plummeted. all.

In Europe, the grocery delivery company Gorillas, fintech Klarna, Army semiconductor designer and online events provider Hopin, announced major job losses.



Access Group finalizes £ 9bn deal with Singapore

Source link Access Group finalizes £ 9bn deal with Singapore

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