 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... |
So was the TIDE story just that? Naughty of Sky with Augmentum raising cash |
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... |
Business banking group turns £350m Tide with Apax Digital investment - |
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. |
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. |
Funds advised by Apax invest in Faculty (25/5/21) -
On 24 May 2021, The Apax Digital Fund ("ADF"), in which AGA is a limited partner, announced an investment in Faculty, a leading British artificial intelligence ("AI") company. The investment is part of a £30m growth funding round led by ADF.
On a look through basis, AGA is expected to invest approximately €2.0m in the company. Note that these figures relate to AGA's look through position of the Apax Digital Fund's overall investment in Faculty and are stated before taking into account any closing adjustments and are translated into Euro based on today's exchange rates where applicable.1
Founded in 2014, Faculty has grown rapidly to become one of the world's most experienced teams of AI and machine learning specialists, able to support any organisation to make AI effective and drive value. The company has a specialist team that includes over 50+ PhDs with experience of working with over 200 customers across the globe.
The investment will help accelerate new product development, expand Faculty's geographic footprint, and drive the expansion of the company's 'AI as a Service' model. The investment will also support the rollout of Faculty's new learning and development programme, which will sit at the centre of the business to help develop technical and commercial talent as the company scales. |
Yes, very much my thoughts and position. To be fair, stakes of 4 - 6% are significant and probably get you direct access to the board and the manager but its not like they have a seat on the board of access to information we don't (or at least they shouldn't have. But to lose two major institutions is careless and likely to weigh for some time. The only good thing is that the deals were swiftly executed. Its not like the situation at Brunner or Majedie where you've got Aviva selling into the market over a prolonged period |
Not sure what to make of this. I am still above water but will be watching much more closely going forward.
The next company update will be critical in determining where the share price goes in the next 3-6 months. |
OK, thanks. Missed the 3.7m remaining shareholding in the rns.
So first Future Fund Board of Guardians sell their entire holding representing 6.66% of APAX shares in issue.
And now Lexington sell 20.7m shares (4.2% of APAX shares in issue) leaving them with just 3.7m shares (0.8%).
Has certainly introduced a question mark or two in my mind... |
Announcement says they still own another 3 million. That in itself is odd, why sell 95% of your holding? I think we should be worried, most unusual when I'm believing there is unlocked potential in the investments. A comment from the company would be helpful |
In March this year Future Fund Board of Guardians sold their entire holding of 32.7m shares at 180p. Now Lexington Partners have sold 20.7m shares at 188p with a 90-day lock-up on their remaining holding (no idea how many they have retained).
But should we read anything into these sales by major shareholders? |
Very disappointing! Management seem to be giving the company away at the expense of current shareholders. I wonder what some of the larger investors will have to say about it? |
188p. A bit disappointing maybe? |
Secondary placing (Lexington holding). Will be interesting to see price achieved. |
Attractive looking update, rather disappointing market reaction!
As a new holder who got in after the recent drop to 190 I am happy to hold for the medium term. |
Therein lies the opportunity. At least that's the hope! :o) |
A bit anomalous that 3i has a huge premium to its NAV, based on just one company investment, yet this is still at a significant discount. |
Quarterly results for the period ended 31 March 2021 -
Q1 Total NAV Return: 10.4% (6.8% constant currency)
NAV per share
31/3/21: EUR 2.65 (GBP 2.25)
31/12/20: EUR 2.45 (GBP 2.19) |
Funds advised by Apax Partners invest in Guesty -
On 27 April 2021, The Apax Digital Fund ("ADF") and the AMI Opportunities Fund ("AMI", together with ADF, the "Apax Funds"), in which AGA is a limited partner, have announced an investment in Guesty, a leading short-term rental ("STR") and alternative property management software platform. The investment is part of a $50m Series D funding round led by ADF...
... Headquartered in Tel Aviv, Israel, Guesty provides professional hosts and property management companies with an end-to-end solution to automate and streamline the complex operational needs of managing flexible inventory. With Guesty, users can manage listings from multiple online travel agencies including Airbnb, Booking.com, Agoda, Vrbo and TripAdvisor, and use the company's guest-centric communication, billing and task management tools. Following a COVID-impacted 2020, Guesty has seen a significant rebound in demand for short-term rentals with 2021 summer reservation volumes in the US currently 282% higher compared to last year and 32% higher compared to pre-Covid, 2019 volumes.
The funding will be used to accelerate growth in key markets as the hospitality sector emerges from the Covid-19 pandemic, enhance product capabilities to serve diverse customer segments and provide capital for future M&A... |
was that the Rosemary Banyard interview? |
Opened but didn't hold. The ramifications of the sale still unwinding no doubt |
very nice uncrossing trade at 207.. hope it opens around there next week. |
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