Barings has served as lead arranger of a senior secured credit facility to support Hg in its majority investment in BrightPay and Relate Software.
Financial terms have not been disclosed.
“BrightPay and Relate’s combination brings together complementary businesses in terms of product offering and geographic presence, creating a true sector leader in Ireland. Both have leading reputations for ease-of-use and functionality of their products, providing clear efficiencies and value to their customers,” says Rana Misirlizade, Director in Barings’ European Private Finance group. “We are delighted to support Hg’s investment in the combined group, further strengthening our two firms’ long-term relationship. With Hg’s significant expertise in the European market for businesses focused on tax & accounting technology, we are excited to see them and Management execute on their strategic growth plans, including the clear synergies between BrightPay and Relate.”
BrightPay is a provider of payroll and HR software solutions, and Relate Software is a specialist in post-accounting, practice management and bookkeeping software. Combined, the businesses will bring together operational strengths and leading mission-critical products for its accounting bureau and SME client base, while investing in new cloud innovations. The combined group will have more than 190 employees, serving clients across the Republic of Ireland and the United Kingdom.