The Access Group (Access) has announced further investment from its shareholders that is believed to make it one of the largest UK headquartered software providers, with a total enterprise value of £9.2bn.
The company, which provides business management software to mid-market organizations in the UK, Ireland and Asia Pacific, has secured further backing from its largest shareholders and experienced software investors, Hg and TA Associates, which have invested an additional £1bn to support further strategic acquisitions.
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.
It now has more than 60,000 customers and approximately 5,000 employees, expanding internationally with offices in nine countries.
In addition to the significant investment from Hg and TA Associates, GIC, a global institutional investor, has confirmed a new investment in Access that will see it become a minority shareholder in the company. The transaction is expected to close in the second half of 2022.
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.
“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.”
Jonathan Boyes, partner at Hg, 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. It has been a pleasure to work with the team and we’re delighted to commit further as a significant investor in the business.”
J Morgan Seigler, managing director at TA Associates, 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. 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.”
