Dublin-headquartered Waystone secures €35.86m investment

Waystone, a Dublin-headquartered financial services company, has secured more than £30 million (€35.86 million) in investment as it looks to expand.

Hg is to join private equity firm Montagu and Waystone's management team as key shareholders in the company. The move comes as HGCapital Trust announced a £31.8 million investment in the institutional governance, risk and compliance services business.

The new investment comes just six months after Montagu took a significant stake in the business in a deal that valued the company at more than $1 billion, including debt.

Waystone was formed as a result of a merger between two Dublin-headquartered companies – MontLake and DMS, and MDO, a Luxembourg-based UCITS management firm and alternative investment fund management, in 2020.

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Led by Derek Delaney, the company employs more than 500 people, of which about 200 are based locally. It announced 100 new jobs for Tipperary last year.

Hg’s investment is subject to regulatory approval and customary closing conditions.

"We're impressed with what Derek and his team have achieved over the last decade. Hg knows the sector well, having invested around $4.5 billion into legal and compliance and the capital markets segments to date. This experience means that we know quality when we see it, and Waystone stands out as a leading platform for consolidation in this sector," said Thorsten Toepfer, partner at Hg.