The deal marks the third investment from HgCapital’s Mercury fund, which is focused on in software and other technology companies across Europe.
The firm said its investment will help the company develop developing new products and service. Its management will remain a “substantial shareholder” in the company, HgCapital said in a statement.
HgCapital’s recent investments in the sector include cloud technology specialist Intelliflo, financial software company e-conomic and HR software provider P&I.
Member of HgCapital’s TMT team David Issott said, “We are delighted to be partnering with all of the management and team at Relay.
“The company is a very successful technology leader in its segment and provides a first class service to its customers with a best in class product offering. We look forward to working with everyone at Relay to continue to build on the existing success of the business.”
Earlier this month it was reported that HgCapital was set to make a return of 2.1 times from the sale of Man-based telecoms operator Manx Telecom.
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