Apax Global Alpha Share Discussion Threads

[speedsgh] 16/9/2021 15:42

Initial Public Offering of Thoughtworks -

The Apax IX Fund ("Apax IX"), in which AGA is a limited partner, is an indirect shareholder in Thoughtworks, a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. Following Thoughtworks' announcement on the 14 September 2021 of the pricing of its initial public offering of common stock ("IPO"), shares of Thoughtworks started trading on the Nasdaq on the 15 September 2021. The closing price per share of common stock on the 15 September was $29.29 ("Closing Price").

At the Closing Price, and based on latest exchange rates1, AGA's remaining look through position in Thoughtworks is valued at approximately €158m. In addition, AGA's pro-rata share of IPO proceeds to be received by a subsidiary of Apax IX on closing of the IPO is c. €15m. Together with the remaining value, this represents an uplift of c. 89% or c.€82m to Thoughtworks' fair value at 30 June 2021 and an uplift of c.5.9% of AGA's Adjusted NAV (or €0.17 per share) at 30 June 2021.

Note that these figures relate to AGA's look through position of Apax IX's overall investment in Thoughtworks and are stated before taking into account any fees, costs, and carried interest...

[deanowls] 08/9/2021 16:08

Why would Warburg have apax in on the deal. Being bought for 5bn and apax putting in a few million?

[speedsgh] 08/9/2021 14:30

Funds advised by Apax to invest in T-Mobile -

On 7 September 2021, the Apax X Fund ("Apax X"), in which AGA is a limited partner, announced that it had signed, in consortium with Warburg Pincus LLP ("Warburg Pincus"), a definitive agreement to acquire T-Mobile Netherlands Holding B.V. ("T-Mobile"), a leading European telecommunications operator. The transaction is subject to customary closing conditions, including consultation with employee representatives, and regulatory approvals.

On a look through basis, AGA is expected to invest approximately €22m in T-Mobile. Note that this figure relates to AGA's look through position of Apax X's overall investment in T-Mobile and is stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable[1].

T-Mobile, which operates four brands - T-Mobile, Tele2, Ben, and Simpel - is a leading European telecommunications operator. Under the current management team, the company has become the leading mobile network operator in the Netherlands and the first to offer unlimited and nationwide 5G, as well as becoming the fastest growing operator in the fixed broadband market serving around 700,000 broadband customers at the end of Q2 2021.

Funds advised by Apax and Warburg Pincus have long-standing experience and strong track-records in the Communications Services and broader Telecommunication, Media, and Technology ("TMT") sector, having invested in companies globally, including in Salt (Apax), Wind Telecom (Apax), TDC (Apax), Ziggo (Warburg Pincus), Inexio (Warburg Pincus) and Community Fibre (Warburg Pincus). The two firms have also worked closely together since 2019 when their respective funds jointly invested in Inmarsat, a mobility-focused satellite operator focused on maritime, aviation and government end-markets.

Under the new ownership, T-Mobile will become an independent Dutch company and Apax and Warburg Pincus will look to partner with the management team to support the company as it continues to focus on innovation and growing its already impressive customer base...

[makinbuks] 02/9/2021 10:24

Very nice little part disposal 64% above NAV. Mention of other similar investments is a pointer of more to come

[speedsgh] 01/9/2021 08:23

Funds advised by Apax to acquire SavATree -

On 31 August 2021, the Apax X Fund ("Apax X"), in which AGA is a limited partner, announced that it had signed a definitive agreement to acquire a majority ownership stake in SavATree, a leading, professional tree, shrub and lawn care provider. The transaction is expected to close in Q4 2021, subject to customary closing conditions.

On a look through basis, AGA is expected to invest approximately €23m in the company, depending on final closing arrangements. Note that this figure relates to AGA's look through position of Apax X's overall investment in SavATree and is stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable1.

SavATree was founded in 1978 and is headquartered in Bedford Hills, New York. SavATree is committed to an environmentally sensible approach to tree, shrub and lawn care services and has been caring for residential, commercial and government properties for over 40 years. The company services customers in 27 states through 58 locations.

Apax X, in partnership with SavATree's leadership team, will strive to accelerate the company's already impressive growth trajectory both organically and through strategic M&A, while continuing to deliver the highest level of customer care and service.

[makinbuks] 25/8/2021 11:11

Thanks, interesting listen as I happen to hold Pershing too! In my view Carthew talks a lot of sense and certainly I concur with his views here.

[speedsgh] 24/8/2021 22:00

Interesting overview of APAX by James Carthew in QuotedData’s weekly news show released on 20/8. They estimate APAX current NAV at 244p (a slight increase on 281 euro cents/241p NAV as at 30/6/21), which would put it on a current 11%+ discount. Useful summary, especially for non-holders who may be considering an investment in APAX.

APAX features in the first 9 mins of the video.

[makinbuks] 19/8/2021 11:34

Very positive results, unfortunate timing for the share price with a very weak market this week and today particularly but it wont matter in the long term. Hopefully we have left the major shareholder sell offs behind us now

[jonwig] 19/8/2021 08:07

speeds - but we've covered the three RNSs between us!

[speedsgh] 19/8/2021 07:36

2021 Interim Dividend -

The Directors of the Company are pleased to declare that a dividend will be payable, for the financial period ended 30 June 2021, in accordance with the following timetable:

Ex-Dividend Date: 26 August 2021
Record Date: 27 August 2021
Payment Date: 17 September 2021

Total Dividend Payment: GBP 29,318,716
Dividend Per Share: GBP 5.97p
FX Rate: EUR / GBP of 1.1812 as at 11 August 2021

[speedsgh] 19/8/2021 07:32

Impressive performance...

Target annualised Total NAV Return: 12-15%
H1 2021 Total NAV Return: 17.4%
Adjusted NAV per share: €2.81/£2.41 (31/12/20: €2.45/£2.19)
Interim 2021 dividend: 5.97p (2020: 4.87p) +23%

2021 Interim Report and Accounts -

EDIT - Our posts appear to have crossed in transit, jonwig :o)

[jonwig] 19/8/2021 07:25

Pleasing performance at interim stage:



[This is the summary RNS, not the full report.]

NAV at 30/06 €2.81 (£2.41) up from €2.45 (£2.19) at end-Dec.

[skyship] 17/8/2021 16:06

John Baron's website and his 'Summer' IT portfolio has just introduced APAX as a holding.

Anyone know the NAV here?

Or do we have to wait for Thursday's Interims, presumably to 30th Jun'21...

[matt123d] 05/8/2021 23:59

Potential for a decent break higher after a multi month consolidation.

[speedsgh] 05/8/2021 10:24

Stand out for me was Apax IX USD (and to a lesser extend Apax IX EUR) which is the largest fund by some way. They were up +11% & +9% respectively.

Looking forward to Half Year Results on 19/8 as the share price creeps back towards its ATH reached earlier in the year.

[jonwig] 05/8/2021 07:35

Funds valuations for June announced (see header).

The standout is AMI with a 114% uplift ove the quarter, though it's a small fund. This is Apax Midmarket Israel:

[speedsgh] 04/8/2021 14:25

Apax Funds create integrated social good software platform -

The Apax X Fund ("Apax X"), in which AGA is a limited partner, has announced that, following its investment in CyberGrants in June, it has signed a definitive agreement to acquire majority stakes in EveryAction, an omni-channel engagement platform for non-profits, and Social Solutions, a case management software provider of data-driven insights to non-profit and public sector customers. Both transactions are expected to close in Q3 2021, subject to customary closing conditions.

Upon completion, Apax X intends to combine these two companies with CyberGrants to create a new leading provider of next-generation Software-as-a-Service ("Saas") solutions to the social good ecosystem. The combined company will have an enterprise value of $2bn and annual revenue of over $200m, making it the largest M&A transaction in the history of the social good software sector and the second largest and fastest-growing social good software company in the sector globally.

On a look through basis, AGA is expected to invest c. €23m in the combined company, depending on final closing arrangements. Note that this figure relates to AGA's look through position of Apax X's overall investment in the combined company and is stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable[1].

The combined company brings together EveryAction's omni-channel engagement platform for non-profits, used to optimise stakeholder interactions, raise more money, and build more support, with Social Solutions' case management software that provides actionable, data-driven insights in order to help non-profit and public sector customers better coordinate the delivery of essential services, measure impact, and improve outcomes for those in need, as well as CyberGrants' solutions for corporate social responsibility, employee engagement, and volunteer management that maximises the impact of corporate philanthropy. The combination will allow the three companies to scale their unique offerings and improve their support for non-profit organisations. Together, their differentiated, end-to-end solutions will collectively support a unique network of 650,000 non-profit organizations, many of the most respected companies and foundations in the world including half of the Fortune 500, and over 38m donors and volunteers...

[speedsgh] 14/7/2021 07:42

Funds advised by Apax announce investment in Tide -

On 12 July 2021, The Apax Digital Fund ("ADF"), in which AGA is a limited partner, announced an investment in Tide, a business financial platform, as part of a Series C funding round led by ADF.

On a look through basis, AGA is expected to invest approximately €2.5m in the company. Note that these figures relate to AGA's look through position of the Apax Digital Fund's overall investment in Tide and are stated before taking into account any closing adjustments and are translated into Euro based on today's exchange rates where applicable.1

Tide is a leading financial and software platform for small and medium-sized businesses (SMBs). The Tide business financial platform offers business accounts and related banking services, as well as a comprehensive set of integrated software solutions, such as expense management tools, electronic invoicing, and API connectivity with third party SaaS providers. Tide has experienced rapid and sustained growth since launching in 2017, with 2020 seeing the business more than double its user base in the UK.

The investment puts Tide in a position to continue to develop its business financial platform, grow its market share, as well as expand globally...

[speedsgh] 24/6/2021 07:33

Apax Funds announce investment in Revolution Prep -

On 23 June 2021, The Apax Digital Fund ("ADF"), in which AGA is a limited partner, announced an investment in Revolution Prep (or the "Company"), a leading national provider of online academic tutoring and test preparation services .

On a look through basis, AGA is expected to invest approximately €3.6m in the company. Note that these figures relate to AGA's look through position of the Apax Digital Fund's overall investment in Revolution Prep and are stated before taking into account any closing adjustments and are translated into Euro based on today's exchange rates where applicable.1

Revolution Prep is a leading national provider of online academic tutoring and test preparation services. The company's online teaching platform makes high-quality tutoring inclusive and accessible - from any location, at any time - supporting students of all ages (from kindergarten to college) in becoming lifelong learners. Revolution Prep is distinguished by its community of professional tutors, who specialise in 100+ academic and test prep subjects, and an approach focused on fostering self-confidence and empowering students to exceed their perceived limitations. Over 20 years in business, Revolution Prep has helped more than 1 million families in achieving academic success.

The investment will be used to support the company's growth priorities, driving improvements across its product platform, an expansion into new partner schools and tutoring segments, and growing market share across geographies...

[speedsgh] 16/6/2021 07:24

Apax Funds invest in CyberGrants -

The Apax X Fund ("Apax X"), in which AGA is a limited partner, has announced that it has signed a definitive agreement to acquire a majority ownership stake in CyberGrants ("the Company"), a leading provider of Software-as-a-Service (SaaS) solutions for corporate social responsibility (CSR), employee engagement, and volunteer management. The transaction is expected to close in Q3 2021, subject to customary closing conditions.

On a look through basis, AGA is expected to invest up to $13.9m in the company, depending on final closing arrangements. Note that this figure relates to AGA's look through position of Apax X's overall investment in CyberGrants and is stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable1.

CyberGrants delivers market-leading CSR software solutions to some of the most respected companies and foundations in the world, helping them quickly activate their charitable causes to realise strategic, measurable outcomes. Its single platform solution enables customers, including more than half of the Fortune 100 companies, to easily scale their CSR programmes and quickly transform grants and giving initiatives into impact that closely aligns with their corporate mission and values. CyberGrants' network connects 10 million employees and their employers with 650,000 not-for-profit organisations.

Since its inception, Apax has been committed to creating a positive impact on the people and communities in which it operates. In 2006, the firm established the Apax Foundation to focus on grants and employee donations to enable social mobility in underserved communities. This experience, coupled with the Apax Tech team's deep expertise in enterprise software, makes CyberGrants a unique platform investment for the firm. Apax X will look to support CyberGrants as it continues to enhance its product suite, attract new customers, and pursue a broader impact-oriented growth strategy...

[makinbuks] 14/6/2021 16:21

So was the TIDE story just that? Naughty of Sky with Augmentum raising cash

[speedsgh] 14/6/2021 12:45

Funds advised by Apax to acquire Infogain -

On 11 June 2021, the Apax X Fund ("Apax X"), in which AGA is a limited partner, announced that it had signed a definitive agreement to acquire a majority ownership stake in Infogain ("the Company"), a Silicon Valley-based leader in digital platforms and software engineering services. The transaction is expected to close in Q3 2021, subject to customary closing conditions.

On a look through basis, AGA is expected to invest up to €22.1m in the company, depending on final closing arrangements. Note that this figure relates to AGA's look through position of Apax X's overall investment in Infogain and is stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable[1].

Founded in 1990 and headquartered in Los Gatos, California, Infogain provides human-centered digital platform engineering services to its customers. With c. 5,000 employees globally, Infogain serves companies, including Fortune 500 customers, in the travel, healthcare, retail/Consumer Packaged Goods, insurance, and tech industries, supporting them in their artificial intelligence, experience design and cloud journey using advanced software technologies.

Drawing on the Apax Tech team's significant experience in the Tech-Enabled Services sub-sector, with 15 deals over the last 10 years, Apax X, in partnership with Infogain's management team, will look to continue and accelerate Infogain's journey as a market leading digital transformation partner to its customers. Infogain has built a strong platform for growth with an impressive global customer base, and the Apax Funds will look to support the company's continued focus on innovation, service excellence and customer impact...

[speedsgh] 09/6/2021 13:22

Business banking group turns £350m Tide with Apax Digital investment -

[speedsgh] 04/6/2021 11:15

Baltic Classifieds Group plc. Expected intention to float. Currently owned by funds advised by APAX.



Will apply for admission to LSE main market. Proceeds from offer of new shares at IPO would be used to repay existing debt and refinance other facilities.

"Since July 2019, the Group has been owned by funds advised by Apax Partners LLP"

"The Offer would be expected to comprise an offering of both new Ordinary Shares to be issued by the Company (the "Primary Raise") and existing Ordinary Shares to be sold by ANTLER EquityCo S.à r.l. (a company owned by funds advised by Apax Partners LLP) and certain other BCG shareholders."

Tom Hall (NED to Baltic Classifieds) is also leads the Internet / Consumer team in Europe for Apax.

[speedsgh] 27/5/2021 15:55

Proposed commitment to Apax Digital Fund II (27/5/21) -

AGA announces that the Board intends to commit USD $90 million to the Apax Digital Fund II ("ADF II"). This is in accordance with the Company's investment policy to invest in new private equity funds advised by Apax. This commitment remains conditional on, inter alia, the approval and execution of the relevant legal documentation.

ADF II will aim to continue the Apax Digital Fund's strategy of investing in a balanced portfolio of minority equity and growth buyout opportunities in mid-market technology companies globally, leveraging Apax's longstanding focus on the technology sector and global footprint.