Apax France sells software co for €225m(2)

A consortium of four private equity firms has sold Cartesis to Business Objects.

A consortium led by Apax Partners SA has sold business software producer Cartesis to its competitor, NASDAQ-listed Business Objects, for €225 million ($305 million).

Advent Venture Partners, Caisse de dépôt et placement du Quebec and Partech International were also members of the consortium which bought the software company in February 2004.

According to a company statement, Cartesis provides software for financial management to more than 1300 customers. The software company has 600 employees and 200 consultants worldwide and it had revenues of around €100 million over the last twelve months. It is based in 44 different countries.

The deal is expected to close in the next 90 days subject to regulatory approval.

Morgan Stanley advised Cartesis and the consortium.

Apax Partners SA, which is based in Paris, operates independently of Apax Partners LLP in London and raises and invests its own funds. It has over €2 billion ($2.7 billion) under management and invests in various sectors including Media, Health and Financial Services.