UK-based Apax Partners has agreed to acquire Exact Holding, a Dutch software business, for €32 per share.
The offer values the company at €730 million, according to a statement.
Delft-based Exact Holding develops industry-specific on-premises, hosted and cloud-based solutions in a wide variety of industries. Established 30 years ago as a garage start-up by six students, it is now a global company with a workforce of 1,550 people in 15 countries . It had revenues of €213 million in 2013.
Exact’s strategy is to shift to become a global cloud computing company – a transition that “requires significant capital investments”, the statement said. Apax will support this accelerated transition to the cloud, with its investment in the business enabling Exact to speed up and expand its international roll-out and scale up its solution portfolio, the firm said.
Apax made the investment using capital from its current Fund VIII, a $7.5 billion vehicle which closed last June. Last October, Apax sought an extension for its €11.2 billion Apax Europe VII as it planned to deploy a further €1 billion from this fund, a source familiar with the matter said at the time. The investment period of Apax Europe VII would then be extended by a year until March 2015. It is likely the firm could deploy capital from both Apax Europe VII and Apax VIII in certain deals, PEI reported at the time.
This is Apax’s second software deal in a few months. In August, the firm acquired Answers Corporation, a US-based provider of cloud-based solutions from Summit Partners, TA Associates, and founder shareholders.