HgCapital's Mercury said it is putting in a majority investment in IntelliFlo Limited, one of the premier Software as a Service (SaaS) providers for financial advisors and brokers. Almost 10,000 users have already installed IntelliFlo software as of date.
The agreement, which is expected to be finalized in August, represents the second investment of HgCapital using its Mercury Fund. It is also in line with HgCapital's approach to invest in the market leaders in the software industry.
Nick Eatock, CEO of IntelliFlo, said that they intend to "continue to invest and deliver even better products" with the backing from an experienced investor.
Eatock is expected to retain senior management position although there be could be an overhaul of the management team of IntelliFlo following the transaction.
Meanwhile, HGCapital's Mercury team leader Matthew Brockman cited the potential of IntelliFlo owing to its strong management team, outstanding product and highly recurring revenue.
"We look forward to supporting the company as it continues to innovate within a dynamic end market," Brockman said.
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