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HgCapital sells Orbiscom to MasterCard

HgCapital, the European sector-focused private equity investor, has completed its current round of exits with the sale of Orbiscom for approximately USD100m to MasterCard.

HgCapital, the European sector-focused private equity investor, has completed its current round of exits with the sale of Orbiscom for approximately USD100m to MasterCard.

Orbiscom is a provider of enhanced B2C, B2B and P2P payment solutions to the global payments industry, primarily providing solutions based on its patented Controlled Payment Numbe technology.

This is HgCapital’s 30th exit since June 2005. Realisations since June 2005 have delivered proceeds of approximately GDP2bn at an average multiple of 2.7 times the cost of the original investments.

HgCapital says it has continued to realise investments since the start of the credit crisis in June 2007, with 16 realisations achieved over that period. These sales have realised GDP1.2bn, again at an average multiple of 2.7 times original cost.

HgCapital invested in Orbiscom in 2001 and has worked with the company’s management, led by Garry Lyons, to develop its capabilities in the electronic payment market.

Ian Armitage, chairman of HgCapital, says: "This transaction brings to an end a round of successful realisations for HgCapital in recent months despite the challenging market conditions. Orbiscom was one of a number of technology investments we made after the collapse of the technology boom in 2001 and 2002, which have proved extremely successful overall, thanks to our sector specialisation and the quality of management we have backed. Garry Lyons, the chief executive officer of Orbiscom, has done an outstanding job in turning potential into reality.’

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