HgCapital Trust (HGT) has announced that its manager, Hg, has made an investment in CTAIMA and e-coordina. HGT will invest approximately £11.5m in the deal, alongside other institutional clients of Hg, through the Hg Mercury 4 Fund. HGT said that the combination of CTAIMA and e-coordina will create a leading Iberian contractor management, risk and compliance software platform. It added that the new investment follows significant growth for the businesses and will help further enhance the product offering for valued customers and expand reach across Europe and LatAm. The investment is Hg’s first platform investment in Iberia and reflects a continued focus on “mission critical B2B compliance software”.

HGT said that this investment reduces HGT’s outstanding commitments to invest in Hg transactions to approximately £713m (30% of HGT’s estimated 30 June 2024 NAV). HGT also said that its liquid resources available for future deployment (including all announced transactions, and the undrawn balance on the bank facility) are estimated to be £496m (21% of the estimated 30 June 2024 NAV of £2.4bn).

Who are CTAIMA?

Headquartered in Tarragona, Spain, CTAIMA was founded in 2003 as a consulting firm providing legal and health & safety advice. Since then, the business has evolved into an international SaaS platform and provider of contractor management software, with one of the largest global networks of contractors and suppliers, connecting over 100,000 contractors and subcontractors, with over 1,000 clients across 17 countries worldwide.

Who are e-coordina?

Founded in 2007 and based in San Sebastian, e-coordina is a leading provider of contractor management software and services in Spain, providing customers with supplier and external worker compliance management & access control, as well as management of occupational risk prevention.

Comments from Lorenzo Zavala, co-CEO of CTAIMA

“Our mission is to empower professionals to create safer and more responsible organisations, with a commitment to every individual managing these risks. Bringing CTAIMA and e-coordina together will create a contractor compliance champion in Spain and Portugal, with a highly complementary product suite and one of the largest combined networks in the region, connecting 2,000 buyers with over 160,000 suppliers across Iberia.”

Comments from Iñigo Martinez, founder of e-coordina

“We’re really excited about joining forces with CTAIMA to create the best platform in Iberia, bringing more innovation to benefit our many thousands of buyers and suppliers, who are fulfilling highly critical services every day.”