Apax Partners has completed its acquisition of Exact for 730 million euros. Based in The Netherlands, Exact is a business software provider.
LONDON–(BUSINESS WIRE)–Private equity group Apax Partners completed the €730 million (c. £530m) buy out of Exact. The investment has been welcomed by the Exact board as the company continues to build on the momentum that has made it the fastest growing European-based cloud accounting software provider.
The deal sees Apax buy all of Exact’s shares at a cash price of €32 per share, and takes Exact from being a listed company back into private ownership. The investment will be used to accelerate Exact’s ambitious international growth strategy, and help it to take a leading role in creating a more unified global marketplace for cloud business software solutions to better serve small and medium sized enterprises (SMEs) worldwide.
“The global market for business software for SMEs is a fragmented one, with many local players serving local customers,” said Erik van der Meijden, CEO of Exact. “We believe this paradigm will and must change into a single platform solution capable of serving a diverse global playing field, driven by the needs and entrepreneurial ambitions of SMEs to operate and compete on an international level.
Exact has experienced annual growth figures consistently in excess of 40% for its cloud solution business over the past three years, supporting over 185,000 SMEs globally. The company has offices in 15 different countries, including the UK, and has set its sights on becoming a top 3 global player for cloud business software.
“Social, mobile, analytics and cloud (SMAC) are together shaping a new software era that offers tremendous opportunities in the field of business IT,” added van der Meijden. “There are over 5 million SMEs in the UK alone and many more around the globe. Today’s announcement is confirmation of the growth potential of Exact as a leading player in cloud business software for SMEs.”
Roy Mackenzie, Partner, Tech & Telco team at Apax Partners, said: “Exact had the foresight to create a solid cloud platform proposition that is driving growth as the market for business software shifts to this new model. We believe that there is significant potential to expand the cloud product suite internationally.
“We are delighted to be backing Exact as it pursues its next phase of growth in providing entrepreneurial businesses with information technology, delivering sophisticated business software solutions and high quality services.”
Vigorous business software. That’s what Exact builds. For more than 200,000 businesses around the world. For entrepreneurial doers who dare and, if they fall, always get up again. Exact breathes that same spirit. Thirty years ago a garage start-up by six students, now a global company, employing 1,550 people in 15 countries with revenues of €188 million in 2014.
With Exact, businesses can quickly respond to shifting market conditions and grasp opportunities with both hands when they arise. Our businesssoftware enables customers to focus on their next goal, and look ahead to the next challenge. www.exact.com.
About Apax Partners
Apax Partners is one of the world’s leading private equity investment groups. It operates globally and has more than 30 years of investingexperience. Apax Partners has advised funds that total over $40 billion around the world in aggregate. Funds advised by Apax invest in companiesacross four global sectors of Consumer, Healthcare, Services and Tech & Telco. These funds provide long-term equity financing to build andstrengthen world-class companies. In the Software sector, funds advised by Apax have a successful track record, having invested approximately $2.3billion in enterprise software buyouts.
Software investments include Paradigm, Epicor, Activant, Sophos, RealPage, IntraLinks, Plex Systems, Princeton Softech, Planview and Autonomy.www.apax.com