Hg Said to Acquire Majority Stake in US Software Firm Empyrean

Private equity firm Hg agreed to acquire a majority stake in Empyrean Solutions, a financial software maker that’s backed by Spectrum Equity, according to people familiar with the matter.

The deal values Empyrean at $500 million including debt, said the people, who asked not to be identified as the information is private. Current investors Spectrum Equity and TechVenture Investors, along with the management team of Empyrean, will remain as shareholders following the deal, they said.

Representatives for Hg and Spectrum Equity declined to comment.

Empyrean, which makes risk and performance management software for financial institutions, plans to use the ...