30 August 2018. Hg today announces an investment in Allocate Software (“Allocate”), a leading international provider of workforce solutions to the healthcare, defence and maritime sectors.
Allocate supports the operational and administrative needs of healthcare professionals in all healthcare settings as well as defence and maritime staff globally. In healthcare Allocate is enabling the delivery of safe and effective care at optimal cost, by helping organisations to have the right people in the right place at the right time. Allocate serves the largest public and private healthcare institutions around the world, with over 800 clients and over a million staff rostered daily – over 700,000 of which are now managed on the ‘Optima’ software-as-a- service (SaaS) platform. In the defence and maritime sectors, Allocate’s Dynama Oneview platform is supporting some of the most prestigious organisations globally helping them make decisions and control costs with time-based management of people, resources and operations.
Allocate has 500 employees, with over 190 working in the R&D and product management functions. It is headquartered in the UK.
Hg initially invested in Allocate at the end of 2014, completing a public-to-private transaction from the London Stock Exchange. In April 2018, Hg announced the sale of Allocate to Vista Equity Partners (“Vista”).
Recognising Hg’s considerable expertise in healthcare software and its pan-European footprint, Vista provided Hg with an option to reinvest in the next phase of Allocate’s growth.
Hg is pleased to announce that it has exercised that option to re-invest and partner with Vista by acquiring a co-controlling stake in Allocate. This will represent the third investment made by the Hg8 Fund, bringing the fund to c. 27% invested.
Jean-Baptiste Brian and David Issott, Partners at Hg, said: “Hg invests in businesses that demonstrate compelling long-term growth potential and we are looking forward to working with the Allocate team, continuing to deliver the company’s ambitious plans. This opportunity to invest is a testament to the further potential we see with Allocate and our positive relationship with the company. Healthcare technology is a core investment area for Hg: Allocate is the third investment in the cluster announced this year, after MediFox and Rhapsody.”
“We are excited to continue to work with the Allocate team to grow their business and provide their platform and technology to even more healthcare providers and professionals across the globe,” said Alan Cline, Principal and Co-Head of the Foundation Fund at Vista. “Hg’s re-investment in Allocate is an affirmation of Allocate’s strategy and growth potential moving forward, and we are thrilled to have Hg as an investment partner.”
The terms have not been disclosed. Spurrier Capital Partners served as financial advisor to Vista.