HgCapital, the European sector-focused private equity investor, has made a majority investment in Ullink, a leading global provider of electronic trading applications and connectivity to the financial community. The total consideration is not disclosed.
Founded in 2001 by the current CEO, Laurent Useldinger, Ullink has grown quickly to become a global provider of multi-asset trading technology and infrastructure for buy-side and sell-side market participants. Headquartered in France, Ullink’s clients include over 150 of the world’s top-tier banks serviced from offices in New York, London, Paris, Hong Kong, Tokyo, Singapore, São Paulo, Cluj and Sydney. This represents a large international market with around 90% of all revenues coming from outside France.
The investment in Ullink is in line with HgCapital’s proven sector-focused approach of investing in leading global providers of vertical market application software. Ullink shares the core characteristics that HgCapital looks for: it provides an excellent platform for growth with a subscription revenue model across a diversified client base. Ullink also boasts an outstanding management team and a proven commitment to innovation through its high investment in new product development.
HgCapital will work closely with the management team to help the business accelerate its high rate of organic growth through further investment across the business to ensure Ullink continues to innovate and provide the best products in the market. HgCapital is investing alongside Laurent Useldinger and the current management team who will continue to lead the business on to its next phase of development.
Ullink is the fifth investment by HgCapital funds in the European software sector in the past year alone, following the acquisitions of Relay Software, P&I, e-conomic and Intelliflo.
Jonathan Boyes, Director of HgCapital’s TMT Team commented:
“We are delighted to be working with Laurent and his talented team. We have been researching front office trading systems for several years and have tracked the excellent progress that Ullink has made in establishing themselves as a genuine global player. We see real potential to grow Ullink’s business internationally and further enhance its product offering.”
Nic Humphries, CEO of HgCapital commented:
“Since its founding in 2001, Ullink has consistently achieved strong organic growth rates with a subscription revenue model. The company has a deserved reputation as a highly innovative business, with very strong technology and client service. We look forward to working with Ullink’s exceptional management team to continue to capitalise on the firm’s position and grow it into an industry champion.”
Laurent Useldinger, CEO and Founder of Ullink commented:
“This is an exciting time for Ullink and our staff. In HgCapital we have found a partner who is thoroughly aligned with our goals and has the capital resources, knowledge and experience to help us to build our business even further. HgCapital has the leading franchise for software investment in Europe over the last 15 years and a strong track record of supporting businesses like Ullink grow into a much larger, more successful businesses. I believe our partnership will be of great benefit to our clients around the world as we continue to enhance the user experience and expand our offering.”