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Year invested





Hg’s TMT team identified regulatory-driven, subscription-based software in 2003 as a promising sub-sector with scope for considerable growth. As part of this research, Addison Software was identified and subsequently acquired in June 2005 in an exclusive, non-competitive process. Hg worked closely with the management to grow the business both organically and through acquisition, enabling Addison to acquire its competitor PBSG, which had also been identified in parallel by Hg at the time of its German software sub-sector research. Over Hg’s ownership, revenue and profits more than doubled. Furthermore, the business appointed a new CFO and implemented a new and strategically vital Head of Sales role. In addition to PBSG, Addison also made a total of nine bolt-on acquisitions over this period.

In September 2008, Addison was sold to the international multimedia company Wolters Kluwer. This realisation represented a return of 3.7x and 55% IRR.

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