The Access Group given investment to further continued growth ambition

Chris Bayne, Chief Executive Officer of The Access Group

The Access Group, a provider of business management software to mid-market organisations in the United Kingdom, Ireland and Asia Pacific, has 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.

What is the growth rate of The Access Group?

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 United Kingdom, 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.

What are the thoughts of The Access Group on the fund?

Chris Bayne, CEO of The Access Group, said: “I’m 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 APAC. With GIC’s additional investment, Access continues to receive strong support from the investment community, helping to drive our 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 team’s strength. We look forward to continuing our relationship with all three of our investors as we carry on with acquisitive growth projects and further geographic expansion.”

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

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

What are the thoughts of the investors on the company?

Jonathan Boyes, a Partner at Hg, said: “Access has proved to be one of the biggest United Kingdom 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 about the prospects of the role of SaaS in 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 team.”

“We have been proud 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.”

Rothschild & Co acted as the advisors to 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.