HG Capital invested in Trace One, a provider of software to the retail and private label goods sectors, headquartered in France. The terms of the transaction were not disclosed. Sebastien Briens, a Director at HgCapital, said: “We have been impressed by the quality of the Trace One business built by Jérôme Malavoy and his team over many years. Trace One fulfils an important role in managing retailer processes with suppliers and we look forward to supporting the business to deliver even better service to its customers in the future.”