CaseWare Announces Strategic Investment by Hg Capital
TORONTO, Oct. 29, 2020 /PRNewswire/ -- CaseWare International Inc. announced today that private equity firm Hg Capital has made a strategic investment in the company, the first of its kind for the global leader in audit and assurance software.
Hg will be acquiring a significant stake in CaseWare to help support the company and accelerate the growth of its industry-leading CaseWare Cloud solution, which currently supports more than a million audit engagements worldwide.
"We selected Hg as our partner in order to help us, our employees and our distributors to accelerate a shared vision of being the leading cloud audit and assurance software provider across the world," said CaseWare co-founder Dwight Wainman in response to the news. "Hg's experience in business software and its partnership approach to its investments will allow us to realize the potential in our suite of cloud products, which we have been developing for the past eight years, through further investment in our distributors and deepening our employee base."
"Hg's investment and significant experience in our sector come at a very exciting time for CaseWare," added CaseWare CEO Dodds. "Together with Hg, we are ready to accelerate the growth of our next-generation audit and assurance cloud products, which will significantly benefit and enrich the experience of our customers. The investment will also help us to continue our sector expansion and implement other areas of value creation and product development across the business. We welcome the team from Hg and are really excited about what the future holds."
Jonathan Boyes, a partner at Hg who focuses on software investments in financial, regulatory, tax and accounting, and ERP sectors, heralded the investment as a smart move that positions CaseWare for significant growth on the global stage.
"Very early on [Dwight] saw the potential for cloud technology and, since starting the business over 30 years ago, has created a leading global enterprise in audit workflow and analytics software, with further runway to significantly grow the business," Boyes said.
CaseWare is based in Toronto, Canada, and develops cutting-edge audit software solutions for accounting firms, corporations and governments. CaseWare's platforms – Working Papers and IDEA – aim to change the future of audit and audit analytics by adopting cloud technology as well as artificial intelligence and machine learning, enabling measurable returns on efficiency, quality and value, for customers and their clients.
Contact: Paul Leavoy, (416) 459-6803, paul.leavoy@caseware.com
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