Singaporean deal could see software group’s value skyrocket to £9bn
The Government of Singapore Investment Corporation (GIC) is close to securing a stake in an East Midlands-based business software group in a deal which could see the Loughborough company’s value skyrocket to £9bn, according to Sky News.
Sky reports that GIC is set to become a minority shareholder in The Access Group, which has its head office in Loughborough and an office in Derby.
The deal, which could be completed “within weeks”, would make The Access Group worth more than high-flying FTSE-100 software giant The Sage Group.
The news comes hot on the heels of The Access Group’s £56m acquisition of Australian-owned Reckon Accountants Group, its tenth swoop in the Asia Pacific region in three years.
The Access Group’s private equity backers Hg and TA Associates will continue to support the firm, according to Sky.
A spokesperson for The Access Group told TheBusinessDesk.com: “The Access Group is one of the leading providers of business management software in the UK, Ireland and Asia Pacific. The Group cannot comment on media speculation or specific financial agreements. The Access Group full financial results will be released later in the year.”