Hg Capital-backed Insightsoftware to acquire Magnitude Software from 3i for $477m.

Hg Capital-backed Insightsoftware, a provider of financial reporting and enterprise performance management software, agreed to acquire Magnitude Software, a developer of enterprise information management software, from 3i, a private equity and venture capital firm, for $477m. The transaction is expected to complete in Q4 2021. “We have greatly enjoyed working with 3i. They have supported our ambition to create a highly differentiated, global enterprise software company in a dynamic market. The 3i team’s knowledge and expertise has helped us capitalise on growth tailwinds in data analytics and the need for enterprises to become “data-driven” to speed insights and decision-making. We are well-positioned for the next stage of our growth,” Jeffrey D. Shoreman, Magnitude CEO.