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Hg invests undisclosed amount in US-focused healthcare technology outfit HHAeXchange

By Alexander Bueso

Date: Tuesday 14 Sep 2021

(Sharecast News) - Hg announced an investment in US-focused homecare management solutions provider HHAeXchange for an undisclosed sum.
In parallel, HgCapital Trust, which is managed by Hg, would invest roughly £24.0m with other institutional clients of Hg set to also invest, together with the trust, through the Hg Genesis 9 fund.

Greg Strobel, CEO of HHAeXchange, said: "We are proud to welcome Hg to the team for this next chapter of HHAeXchange's continued success.

"With Hg's track record of growing technology businesses and Cressey's specialist background in the healthcare space, HHAeXchange is incredibly well-positioned to enhance our solution suite and expand our reach to meet the growing demand for home and community-based services."

US-focused HHAeXchange is a provider of homecare management solutions for payers, providers and state Medicaid agencies through its software-as-a-service platform.

Cressey&Co LP, a healthcare-focused private investment firm that first partnered with HHAeXchange in 2018 would continue to be a significant investor in HHAX.

Both investors would share joint governance of the business.

HHAX's platform already facilitated more than 125m annual visits for 650,000 caregivers across 44 states in the US.

HGT allowed investors to gain exposure to private equity investments managed by Hg.

The trust's liquid resources available for future development were estimated to be at £172m or 10% of its proforma net asset value as at 31 August.

Hg was heavily focused on healthcare technology with HHAX becoming its sixth business in the sector in Europe and North America and its second investment in the space in just the last few weeks.

Its investment in HHAX would take its total investment in the sector globally to well over $1.5bn, the firm said.

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