Leading software investor Hg has made a significant investment in digital accounting platform Dext, becoming a major shareholder.
Investment follows a record-beating financial quarter for Dext, which recently passed 1 million users.
The investment signals a vote of confidence in the company’s multiproduct strategy and growth.
Dext CEO Adrian Blair commented: “Hg are in many ways the best possible shareholder for Dext, given their unrivalled expertise in the accounting world. Hg’s track record in growing businesses like ours will help us go further and faster in our mission to make accountants and bookkeepers productive, profitable and powerful.”
Hg joins the Dext Board following the transaction. Insight Partners remain a substantial shareholder, alongside founders Alexis Prenn and Michael Wood.
Blair adds: “It’s been an exciting journey to 1 million users and reflects our continuing strong growth. I’m excited about the future growth that Hg’s involvement will bring. Our users will continue to see the same features and service they love, with new products on the horizon soon.”
Dext recently expanded the reach of data clean-up toolkit Precision (formerly Xavier) globally to QBO as well as Xero users. Dext Connect – a solution bringing the speed and accuracy of Dext to desktop accounting software – was also launched alongside Dext Prepare (formerly Receipt Bank).