London, UK – 30 July 2026 – Hg, the leading investor in European and transatlantic software and services businesses, today announced that it has agreed the sale of its majority shareholding in Quantios, a leading provider of SaaS solutions to the global trust and corporate services industry, to Vista Equity Partners.

Hg first invested in the business in 2022, then TrustQuay, and in 2023 merged it with ViewPoint (owned by funds managed by EQT) to create Quantios, – a global champion for the Trust and Corporate Services industry. Over the period of Hg’s ownership, the business has grown into a global platform partnering with close to 700 organisations worldwide, underpinned by its flagship Quantios Core and Klea solutions.

Central to the value created under Hg’s ownership has been Quantios’s product-led AI strategy. Generative AI is now embedded natively within Quantios Core and delivered to customers as standard, while a separately priced agentic AI layer automates higher-complexity regulated workflows for clients, with a suite of specialised agents available today and a larger identified pipeline in development.

This roadmap was developed with support from Hg Catalyst, a dedicated AI incubator and engineering team, which launched the business’s first agentic solution in March 2026. The roadmap has since become central to the company’s proposition and was a key driver for technology-focused buyer interest and for future growth of the business.

The sale of Quantios will see a c.30% uplift to Hg’s latest book value and is the latest in a series of cash-back events generated by Hg, with three full or partial exits completed since early 2026, reflecting continued investor appetite for high-quality, mission-critical technology businesses that generate resilient, growing cash flows. Alongside GTreasury (acquired by Ripple) and Intelerad (acquired by GE HealthCare), Quantios also demonstrates how significant upfront investment in a company’s AI product suite can drive strong buyer interest – reflecting the value created by Hg’s long-standing approach of leaning into AI and product-led innovation across its portfolio.

The transaction is subject to customary conditions and approvals and is expected to be completed in Q3 2026. Baird and Deutsche Bank acted as sellside advisors to Hg.

For further information, please contact:

Quantios:
Harry Roxburgh, hroxburgh@nepean.co.uk
Eva Sayers, esayers@nepean.co.uk

Hg:
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com

About Quantios

Quantios is a global technology provider to trust and corporate service providers, powering close to 700 firms across six continents with market-leading, AI-enabled digital administration solutions. Underpinned by its flagship solutions – including Quantios Core and Klea – Quantios delivers enterprise-grade capability to businesses of all sizes.

Its technology and services have been shaped and sharpened through decades of working with world-leading organisations and their day-to-day realities, ensuring firms have the clarity and confidence to operate effectively and grow.

Working as one Quantios across the UK, Channel Islands, Malaysia and beyond, the company brings together the strength of its platform with the insight and commitment of its people to create a better everyday experience for clients – so they can reduce risk, operate with clarity, focus on higher-value work, and confidently serve and grow their own businesses.

About Hg

Hg is an investor in European and transatlantic technology and services businesses. We are an AI leader in private equity, helping to build sector-leading enterprises that supply critical applications or workflow services to deliver intelligent automation for their customers.

We take an active approach to value creation, combining deep end-market knowledge with world class operational resources to support entrepreneurial leaders looking to scale and drive AI transformation.

With a vast European network and strong presence across North America, Hg has over $110 billion in assets under management and more than 400 employees. Our portfolio spans around 60 businesses worth over $190 billion in aggregate enterprise value, employing more than 140,000 people and consistently growing revenues at more than 16% annually.

WASHINGTON, D.C. — July 27, 2026 — Global investment firm Carlyle (NASDAQ: CG) today announced that it has acquired Secturion Systems (“Secturion”), a leading provider of high-speed, NSA certified hardware encryption solutions that protect sensitive and classified information. The transaction marks the first investment by Carlyle’s dedicated middle-market Aerospace, Defense & Government and Industrials platform.

Founded in 2012 and headquartered in Centerville, Utah, Secturion develops high-assurance hardware encryption products that safeguard sensitive mission data across airborne, maritime, and ground systems. The company’s technology products enable customers to securely store, process, and transmit rapidly growing volumes of classified information at industry-leading speeds, while meeting the stringent security requirements of modern national security missions.

The acquisition builds on Carlyle’s nearly 40 years of investing across the aerospace, defense and government sectors. Carlyle continues to partner with innovative businesses and talented leadership teams to advance national security, defense modernization, and industrial resilience.

Sean Berg, a technology industry leader with more than 25 years of experience, spanning both the military and private sectors, will join Secturion as Chief Executive Officer. Mr. Berg previously served as Chief Executive Officer of Everfox (formerly Forcepoint Federal), where he successfully built it into a leader in the cross-domain security market and delivered new capabilities and products that supported government organizations’ high-assurance cybersecurity requirements. Mr. Berg will lead Secturion alongside Josh Falslev, who will continue as its Chief Operating Officer, and Derek Owens, who will continue as its Chief Technology Officer.

“Secturion has developed industry-leading hardware encryption capabilities that protect some of the nation’s most sensitive information,” said Ian Fujiyama, Chairman of Carlyle’s middle-market Aerospace, Defense & Government and Industrials platform and Head of Aerospace, Defense & Government at Carlyle. “Secturion is a compelling fit as the first investment for the middle-market platform, bringing alignment with long-term industry tailwinds, mission-critical products, and a deeply technical team.”

“We are pleased to partner with Sean Berg and the entire Secturion team,” said Dayne Baird, Partner on Carlyle’s Aerospace, Defense & Government team. “Secturion has built a remarkable business based on its exceptional engineering talent, innovation, and commitment to its customers. We look forward to investing in Secturion to accelerate its growth and mission impact, leveraging Carlyle’s resources, relationships, and experience advancing government technology platforms to help build a unique industry leader in the defense hardware encryption market.”

“Carlyle shares our long-standing commitment to technical excellence, mission execution, and the people who make it possible. Carlyle’s deep understanding of the national security market and experience supporting mission-driven technology businesses makes the firm a natural partner to help us execute on our long-term vision,” said Josh Falslev, Chief Operating Officer of Secturion. “Innovation has always been at the core of what we do. With Carlyle’s support, we will be able to accelerate the development of next-generation encryption technologies that help our customers stay ahead of their evolving security challenges,” added Derek Owens, Chief Technology Officer of Secturion.

Sean Berg added, “I am thrilled to join Secturion at such a critical moment for national security. As quantum computing advances and AI-enabled threats grow more sophisticated, the need for hardware-based, high-assurance encryption has never been greater, and Secturion is uniquely positioned to address those needs. The team at Secturion has built best-in-class products that are truly differentiated in the market and provide interoperability and processing speeds that enable missions that would otherwise not be feasible. I look forward to partnering with Josh, Derek, and the broader Secturion team to build on that foundation and continue serving the customers who depend on us.”

D.A. Davidson & Co. acted as the exclusive financial advisor to Secturion in connection with the transaction. Wilson Sonsini Goodrich & Rosati acted as legal advisor to Secturion. Latham & Watkins LLP acted as legal advisor to Carlyle.

About Secturion

Secturion develops hardware-based cybersecurity and data protection technologies for defense and intelligence applications. The company’s portfolio includes NSA certified hardware encryption products designed to help protect classified data across mission-critical airborne, maritime, ground, and intelligence platforms. For more information, please visit www.secturion.com

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $475 billion of assets under management as of March 31, 2026, Carlyle’s purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Media Contacts:

Brittany Bensaull
Brittany.Bensaull@carlyle.com
+1 (212) 813-4839

Isabelle Jeffrey
Isabelle.Jeffrey@carlyle.com
+1 (212) 332-6394

Acquisition strengthens CASE’s leadership in delivering cutting-edge software and cloud solutions to mission-driven clients

LEESBURG, Va.–(BUSINESS WIRE)–CASE (“CASE” or the “Company”), a provider of high-end software development and cloud engineering services, announced today that it has acquired Ragnarok Technologies (“Ragnarok”), a specialized IT services provider for federal and commercial clients. Financial terms of the private transaction were not disclosed.

Founded in 2015 and headquartered in Reston, Virginia, Ragnarok delivers specialized and tailored engineering and enterprise IT solutions across high demand areas including blockchain analysis, digital forensics, cloud infrastructure, and software development. Ragnarok’s three co-founders, Thomas Dougherty, Ethan Grambow, and Chris Santiago, will remain with the organization and assume key roles on CASE’s senior leadership team.

“Ragnarok has earned a strong reputation within the IT community for its exceptional technical expertise and unwavering commitment to its customers,” said Paul Farmer, CEO, CASE. “In addition to expanding our presence in the National Capital Region, leveraging Ragnarok’s advanced technical capabilities and cutting-edge infrastructure positions us to provide even deeper strategic insight to our clients.”

“CASE and Ragnarok share a heritage of crafting innovative, tailored solutions that address the next generation of challenges facing federal and commercial clients,” added Ethan Grambow, Co-Founder and CEO, Ragnarok. “By joining forces with CASE, we are reinforcing our ‘Mission First’ mindset and accelerating the development of advanced capabilities to counter emerging threats.”

CASE is a portfolio company of AE Industrial, a private equity firm based out of Boca Raton, Florida. The transaction marks the next phase of CASE’s growth, following the Company’s acquisition of specialist cloud-based services and cyber solutions provider, CyberKinetics, in 2024.

G Squared Capital Partners and Peloton Strategies Group served as advisors to Ragnarok on the transaction.

About CASE

CASE is a founder-owned, leading provider of mission-critical technology services, delivers a broad range of next generation IT capabilities in cloud, cyber, and software development to solve its customers’ most pressing and important national security challenges. Specifically, CASE provides classified, high-end services that are in constant and increasing demand, including secure cloud architecture and analytics, software development and automation, systems engineering, and integration.

About Ragnarok Technologies

Ragnarok Technologies is a leading provider of IT services to federal and commercial clients, specializing in systems engineering, software development, cybersecurity, and program management. Driven by a commitment to purposeful innovation, Ragnarok’s experienced technologists tackle complex challenges to support clients’ mission-critical objectives.

About AE Industrial Partners

AE Industrial Partners is a private investment firm with $6.4 billion of assets under management focused on highly specialized markets including National Security, Aerospace, and Industrial Services. AE Industrial Partners has completed more than 130 investments in market-leading companies that benefit from its deep industry knowledge, operating experience, and network of relationships across the sectors where the firm invests. With a commitment to driving value creation in partnership with the management teams of its portfolio companies, AE Industrial Partners invests across private equity, venture capital, and aerospace leasing.

Media Contact:
Stanton Public Relations
Matthew Conroy
(646) 502-3563
aeroequity@stantonprm.com