2024: A Year in Review
Looking ahead at the future of work
"We have to be the best in the world at translating what is happening in the world of technology to what is going to happen in the workplace."
The message of our recent AGM, encapsulates what we've been striving for, not just for the past year but for the past 25. Bringing the best that human endeavour can produce and applying it to the everyday.
In a year when AI hype started to boil down to AI reality, our mission continues to find new obstacles and opportunities to tackle.
Take a look below to see how our network of software leaders and experts have been faring - and what they have been thinking about - this year.
Hg at the end of 2024*
>$27bn
software & services proceeds returned >3.0x gross MOIC / 30%+ gross IRR
>$160bn
aggregate EV of the Hg portfolio
$75bn+
funds under management by end of 2024
120+
+ total software and services investments (200+ total)
400+
employees across London, Munich, New York, Paris, San Francisco & Singapore
250+
AI projects run over the past 18 months
2024 was another year of focus on Generative AI
During 2024 we have shared various insights on GenAI, sharing thoughts from reconnaissance trips to Silicon Valley, the launch of Hg’s in house Retina products and from software leaders across the Hg ecosystem.
In an episode of out Orbit podcast, Matthew Brockman sits down with David Carmona, Avaneesh Marwaha, and Soeren Brogaard, who bring their rich experience in AI to the table. They discuss Microsoft's leadership in AI integration, Litera's innovative legal workflow tools, and Trackunit's role in revolutionizing the construction industry with AI.
Watch the full version here.
Our portfolio in numbers
A resilient year in our ecosystem of software and services champions
(as at 30 September 2024)
50+
Portfolio companies
+120k
portfolio employees
+20%
portfolio revenue growth LTM
+$20bn
total revenue of our companies
Highlights from 2024
Each brought a wealth of experience and expertise in investment, execution or operations to further strengthen Hg's position as a leading player in the transatlantic software sector.
This milestone marks our strategic expansion to spearhead private wealth partnerships in the Asia Pacific region.
Hg Wealth provides an open-ended and long-term capital investment opportunity that enables investors to invest with Hg on a quarterly basis with a lower minimum investment amount.
2024 Software Leadership Gathering
This year we convened an exclusive group of over 120 senior software leaders to foster networking and discuss key industry themes, with a focus on AI and innovation - the shifting ‘techtonics’ impacting the enterprise software industry. With extraordinary insights and expertise shared, we are excited to share some of these discussions and we look forward to welcoming our guests back for 2025.
Portfolio news
A peak into a year full of successful movement in our portfolio
CUBE and Hg unite to create industry defining regulatory compliance and risk platform
Continue readingFocus Group secures new investment from Hg
Continue readingAuditBoard agrees to be acquired by Hg for over $3 billion
Continue readingEmpyrean Solutions Secures Significant Investment from Hg
Continue readingCUBE and Hg unite to create industry defining regulatory compliance and risk platform
Continue readingFocus Group secures new investment from Hg
Continue readingAuditBoard agrees to be acquired by Hg for over $3 billion
Continue readingEmpyrean Solutions Secures Significant Investment from Hg
Continue readingConversations with software leaders on Hg's Orbit Podcast
Do tech leaders have to be tech experts?
CEO of IRIS Software, Elona Mortimer-Zhika she speaks to long-term friend and Hg's Senior Partner, Nic Humphries, about her unusual path to tech leadership.
The art of pattern recognition
Darren Roos, the Chairman of enterprise software giant, IFS, looks back at his arrival as CEO - a South African in a Scandinavian company - and how his work to transform the business required some transformation of his own.
Mastering the billion-dollar software playbook
Matthew Brockman asks Joe Lonsdale and Eric Poirier - since software has allowed new entrants to compete with the old guard - what areas could AI open up?
Thousands of small experiments
Merete Hverven, CEO of Visma, ponders values of openness, competency over hierarchy and willingness to experiment come into play when running a scaled multinational conglomerate.
Footnotes
All facts and figures as at 30 September 2024, adjusted for post period events, including realised and partially realised software & services investments made post-independence from 2001 to 2024. Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount they originally invested.
Hg
*>$27bn software & services proceeds returned at 3.1x / 32% (*Proceeds translated from GBP to USD as at 30-Sep-24 FX. All metrics are based on Q3 adjusted PF for post-period events)
>$160bn EV (*based on Q3 adjusted PF for post-period events)
120+ total software & services investments (200+ total investments overall) (*based on Q3 adjusted PF for post-period events)
50+ current platform investments
13 new platform investments (*includes new platform investments into existing portfolio companies)
Portfolio
$21bn total revenue (*as at 30 September 2024)
+20% portfolio revenue growth LTM - These figures represent LTM 30 September 2024 sales and EBITDA growth of the top 20 investments held by HgCapital Trust plc (c.76% of the Hg portfolio), calculated on a weighted basis, based on the respective gross valuations of the underlying investments. HGT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg's investments.