Apax Global Alpha Limited (AGA) has announced that the Apax X Fund, in which AGA is a limited partner, will sell its minority stake in AffiniPay, a leader in professional services software and payments. This sale follows Apax X's previous sale of legal case management software company MyCase to AffiniPay in 2022. The transaction is expected to deliver a realized gross MOIC of 4.2x and a gross IRR of 93%. AGA anticipates receiving approximately €4m from its remaining look-through stake, representing a discount of 17.5% to the last Unaffected Valuation at 31 March 2024.
Apax X acquired MyCase in 2020 and subsequently sold it to AffiniPay in 2022, retaining a minority stake in the combined business. During Apax X's ownership, MyCase made significant investments in sales and marketing and completed four strategic acquisitions, with support from Apax's Operational Excellence Practice. AGA, listed on the London Stock Exchange, provides investors with access to the Apax Private Equity Funds and a smaller portfolio of mostly Debt Investments. In 2019, AGA made a commitment of approximately $450m to Apax X.
The transaction is expected to close in Q4 2024, subject to customary closing conditions. The figures mentioned are before considering any closing adjustments, fees, costs, and carried interest, and are translated based on the latest exchange rates available where applicable.