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Hg becomes majority investor in TrustQuay

TrustQuay secures Hg investment to further accelerate its vision to digitalise the Trust, Corporate and Fund Service sector

TrustQuay, a leading technology provider to the global trust, corporate and fund services industry, has today announced that Hg, a leading software and services investor, has become majority investor in the business.

TrustQuay provides entity management, client accounting, practice management, compliance and workflow software for trust, fund and corporate service providers around the world.

Over the next phase of growth, TrustQuay aims to scale further as a global leader by accelerating the digitalisation of this segment, including with the roll-out of TrustQuay Online, a brand new, sector-leading and feature-rich SaaS offering that will revolutionise how customers operate in this industry.

TrustQuay serves more than 360 customers and 26,000 users in over 30 jurisdictions, through eleven offices worldwide in key jurisdictions including Australia, Guernsey, Jersey, Luxembourg, Singapore, and the United Kingdom.

Keith Hale, Executive Chairman of TrustQuay, comments: “Our mission is to automate and digitalise the trust, corporate and fund services software sector – offering our customers the combination of best functional capabilities with the most modern, up-to-date technology. This enables customers to digitally transform their businesses to become more efficient and differentiate themselves in the market.

“I’d like to thank Silverfleet Capital for their support over the last three years. We’re incredibly excited to reach this significant milestone and it is an excellent endorsement of our mission and progress over those three years. Hg has an amazing track record of supporting technology software providers to financial markets and we’re excited about what this new tech expertise and resource will deliver for our customers, our team and our industry.”

Richard Earnshaw, Director at Hg, said: “At Hg we focus on SaaS and technology businesses that are leading their sector towards change and a better way of working. TrustQuay is an exciting business which is applying this vision to the trust, corporate services and fund industry, having developed a quality, modern product and with ambitious future plans.  To date we’ve aggregated over a decade of experience in fintech, investing over $1 billion in more than 10 fintech leaders in the last five years alone. We’re excited to apply this experience as we partner with Keith and a great entrepreneurial team.”

Ian Oxley, Partner at Silverfleet Capital, comments: “TrustQuay is a high-quality business, and we are delighted to have helped the company achieve its objectives under our ownership. We have again demonstrated our skills at executing a high-growth plan through both organic expansion and acquisitions, and our ability to help our portfolio companies undergo significant digital transformation. Our thanks go to the TrustQuay management team who have continued to build on the global leading position of the business and to roll-out major new releases of the software including TrustQuay Online.”

As part of the transaction, the TrustQuay management team continues in the business whilst the former majority owner Silverfleet Capital has fully exited its position.

The Hg team was advised by Skadden, Arps, Slate, Meagher & Flom LLP. The Silverfleet Capital team was advised by Eversheds Sutherland and Baird. The TrustQuay management team was advised by K&L Gates, Jamieson and BDO.

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