Private equity firm HgCapital Trust made a joint investment with Intermediate Capital Group in Britain’s IRIS, which valued the business software provider at £1.3bn pounds ($1.7bn). Terms of the transaction were not disclosed. HgCapital invested £37.5m in IRIS as part of the deal, which was the UK’s largest ever up to date private equity led software buyout. “The renewed Hg investment, alongside (Intermediate Capital Group), is recognition of continued success,” Kevin Dady, CEO of IRIS, said in the statement.