10th Jun 2022 08:22
(Alliance News) - Apax Global Alpha Ltd on Friday said the Apax X Fund has sold its controlling stake in MyCase Inc to AffiniPay LLC.
Apax Global Alpha is a limited partner in the X Fund; it allows investors access to a portfolio of private equity funds advised by London-based Apax Partners LLP.
X Fund acquired MyCase, which provides legal practice management software and integrated payments to legal professionals, in 2020.
Apax Global Alpha said that the sale values its current look-through investment in MyCase at around EUR22.5 million. This represents an increase of approximately 48% compared to the last unaffected valuation and an uplift of around EUR7.3 million in the adjusted net asset value of Apax Global Alpha at March 31, it added.
AffiniPay will purchase MyCase through a consideration made up of cash and stock.
Following the transaction, Apax Funds will remain a minority shareholder in MyCase.
Shares in Apax Global Alpha were down 0.1% to 178.80 pence each in London on Friday morning.
By Sophie Rose; [email protected]
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