TORONTO — Caseware International Inc. today announced that private equity firm Hg Capital has made a strategic investment in the company, the first of its kind for the global leader in audit and assurance software.
Hg will be acquiring a significant stake in Caseware to help support the company and accelerate the growth of its industry-leading Caseware Cloud solution, which currently supports more than a million audit engagements worldwide.
“We selected Hg as our partner in order to help us, our employees and our distributors to accelerate a shared vision of being the leading cloud audit and assurance software provider across the world,” said Caseware co-founder Dwight Wainman in response to the news. “Hg’s experience in business software and its partnership approach to its investments will allow us to realize the potential in our suite of cloud products, which we have been developing for the past eight years, through further investment in our distributors and deepening our employee base.”
“Hg’s investment and significant experience in our sector come at a very exciting time for Caseware,” added Caseware CEO Matt Dodds. “Together with Hg, we are ready to accelerate the growth of our next-generation audit and assurance cloud products, which will significantly benefit and enrich the experience of our customers. The investment will also help us to continue our sector expansion and implement other areas of value creation and product development across the business. We welcome the team from Hg and are really excited about what the future holds.”
Jonathan Boyes, a partner at Hg who focuses on software investments in financial, regulatory, tax and accounting, and ERP sectors, heralded the investment as a smart move that positions Caseware for significant growth on the global stage.
“Very early on [Dwight] saw the potential for cloud technology and, since starting the business over 30 years ago, has created a leading global enterprise in audit workflow and analytics software, with further runway to significantly grow the business,” Boyes said. “We are truly delighted that they have selected Hg as a partner to continue this work with them, Matt and the team, over the long-term.”
Caseware is based in Toronto, Canada, and develops cutting-edge audit software solutions for accounting firms, corporations and governments. Caseware’s platforms – Working Papers and IDEA – aim to change the future of audit and audit analytics by adopting cloud technology as well as artificial intelligence and machine learning, enabling measurable returns on efficiency, quality and value, for customers and their clients.
Caseware International Inc.
Caseware International operates in 130 countries, through a network of dedicated regional distributors servicing over 500,000 users. Caseware has been a leading supplier of award-winning audit and assurance software to governments and professional and corporate clients for more than 30 years. The company’s mission is to create breakthrough opportunities that push the technological boundaries in the industry, being dedicated to continuous innovation for accountants and auditors in practices, in corporations and governments worldwide.
Hg is a leading global investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialization and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $30 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 30 operators, providing practical support to help our businesses to realize their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 30 software and technology businesses, comprising over 35,000 employees across the UK, US and Europe.