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HgCapital to invest in payroll software BrightPay

Private equity firm HgCapital Trust PLC will invest £15.4 million in Dublin-based accounting and human resources software provider BrightPay through manager Hg's structured minority investment strategy.

The transaction marks the first investment by Transition Capital, which offers private businesses an alternative to a minority equity sale through structured equity, giving entrepreneurs access to Hg and its network while maintaining control of their business.

BrightPay serves small and medium-sized businesses in Ireland and the U.K., and its software is used by more than 120,000 employers in the two countries.

Hg is the trade name of HgCapital LLP.