Hg agrees sale of GTreasury to Ripple for $1 billion

Hg, the Manager of HgCapital Trust plc (“HgT”), today announces the full exit of GTreasury, a global leader in Adaptable Treasury Solutions for the Office of the CFO, to Ripple.

The terms of the transaction have not been disclosed. The transaction remains subject to customary regulatory approvals.

HgT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg's investments.

This transaction values HgT’s investment in GTreasury at approximately £30 million. This would represent an uplift of £15 million (97% or 3.2 pence per share) over the carrying value of £15 million in the pro-forma Net Asset Value ("NAV") of HgT at 31 August 2025.

Note that these figures only relate to HgT’s share of Hg’s overall investment in GTreasury.

Based on the 31 August pro-forma NAV, the new pro-forma NAV of HgT is expected to be £2.5 billion (or 544.5 pence per share).

HgT’s available liquid resources, (including all announced transactions, the £375 million bank facility of which £28 million was drawn at the end of August, and the proposed interim dividend payable in October 2025) are estimated to be £383 million (15% of the 31 August 2025 pro-forma NAV).

HgT’s outstanding commitments to invest in Hg transactions are approximately £1.7 billion (69% of the 31 August pro-forma NAV).

Hg agrees sale of GTreasury
to Ripple for $1 billion

• As a result of the transaction Hg will fully exit the business, having first invested in 2023.
• GTreasury powers trillions of dollars in annual payment volumes, serving 1,000+ customers worldwide across 160 countries
• Hg’s AI expertise helped accelerate the development of GTreasury’s new AI products, including the launch of GSmart AI earlier this year

LONDON, Oct 16, 2025, – Hg, a leading investor in European and transatlantic software and services businesses, today announced it has agreed the sale of GTreasury, a global leader in adaptable treasury solutions for the Office of the CFO, for a total transaction value of over $1 billion.

GTreasury will be acquired by Ripple, a leading provider of digital asset infrastructure for the enterprise. As a result of this transaction, Hg will fully exit the business, alongside minority investor, Mainsail Partners.

GTreasury provides financial leaders with a comprehensive platform to manage every stage of treasury complexity, covering liquidity management, cash forecasting, payments, netting, and risk. Hg invested in 2023 recognising that these were becoming increasingly critical and strategic products within the Office of the CFO.

The company has scaled significantly with Hg’s support, expanding its transatlantic footprint and accelerating product innovation. This includes the launch of GSmart AI, which augments GTreasury’s platform with agentic capabilities that reduce manual effort, proactively identify risks and variances, and recommend strategic actions for finance leaders.

GTreasury now powers trillions of dollars in annual payment volumes and serves more than 1,000 customers across 160 countries.

Renaat Ver Eecke, CEO, GTreasury, said: “Joining Ripple is hugely exciting and will further accelerate our vision of smart, adaptable solutions that provide financial leaders with the clarity to act. I am also immensely grateful for Hg’s support over the last two and a half years, whose expertise in software, AI, and Office of the CFO gave us a huge advantage while scaling, launching new products and delighting our customers. Finally, I want to thank Mainsail Partners for their steadfast support since their initial investment in 2017.”

Louis Kinsella, Partner at Hg, said:
“It’s been a pleasure working with Renaat and the GTreasury team over the last couple of years. The business has firmly cemented its position as the most adaptable treasury platform on the market, evidenced by its accelerating growth, increasingly transatlantic footprint, and exciting product innovations, including the recent launch of GSmart AI. I have no doubt the GTreasury team will continue to thrive in this exciting new chapter.”

Goldman Sachs & Co. LLC is serving as exclusive financial advisor to GTreasury; Morrison & Foerster LLP is serving as legal counsel to GTreasury. EY-Parthenon is also serving as an advisor to GTreasury.

-Ends-

For further information, please contact:

HgCapital Trust
Laura Dixon
[email protected]
+44 78 2459 2894

George Crowe
[email protected]
+44 7774 617 150

Cadarn
Lucy Clark
[email protected]
+44 (0)7984 184 461

David Harris
[email protected]
+44 (0)7368 883 211

Hg
Tom Eckersley
[email protected]

Sam Ferris
[email protected]

About HgCapital Trust plc

HgCapital Trust plc is an investment company whose shares are listed on the London Stock Exchange (HGT.L). HGT gives investors exposure, through a liquid vehicle, to a portfolio of high-growth unquoted companies, managed by Hg, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors.

For further details, see www.hgcapitaltrust.comand www.hgcapital.com

The contents of the Hg, HgCapital Trust, GTreasury, Mainsail and Ripple websites are not incorporated into, and do not form part of, this announcement.