A business software group which has been on an epic acquisition trail in recent years is now reporting a valuation of £9.2 billion.
The Access Group, which is based in a new headquarters in Loughborough, Leicestershire, has grown markedly since its 1991 incorporation.
Following various investment rounds and buy-outs it has become a leading provider of business management software to mid-market organisations in the UK, Ireland and Asia Pacific.
Today it announced further backing from shareholders Hg and TA Associates of more than £1 billion, putting its value at £9.2 billion and making it one of the largest UK headquartered software providers.
Chief executive Chris Bayne 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.”
Chief sales officer Jon Jorgensen said: "Having joined Access in 1998, where it had turnover under £10m, I have seen the journey we have been on. This has clearly become the proudest moment of my career, and very humbling.
"Clearly this is down to the support of our amazing customers and the fantastic people who work at Access. The journey continues."
Since 2020, Access has more than doubled in size driven by double-digit organic growth, combined with strategic mergers and acquisitions in the UK, Ireland and Asia Pacific.
It has grown its customer base to more than 60,000 and now employs 5,000 people in nine countries.
In addition to the strategic investment from software and services investor Hg and global growth private equity firm TA Associates, GIC, a global institutional investor, has also become a minority shareholder.
The transaction, which is subject to customary regulatory approvals, is expected to close in the second half of 2022.
Hg partner Jonathan Boyes said: “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.”
TA Associates managing director J. Morgan Seigler said: “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.
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.
