Magnitude Software, which is backed by Audax Private Equity, has acquired Irving, Texas-based Innowera, a provider of enterprise solutions. No financial terms were disclosed.
Magnitude Software, a portfolio company of Audax Private Equity, acquires Innowera.
Innowera is headquartered in Irving, TX and provides enterprise solutions that enable users to more efficiently manage SAP processes and workflows for productivity and data management.
Magnitude Software (“Magnitude”), a portfolio company of Audax Private Equity (“Audax”), has completed the acquisition of Innowera, representing the company’s 4th add-on acquisition since Audax’ investment in the company and its 2nd add-on acquisition in Q4 2017.
In 2014, Audax partnered with Magnitude to build a software platform focused on delivering business insights for organizations with increasingly fragmented application and data environments. Since then, Magnitude has continued to develop in-market solutions to maximize the productivity of ERP users, such as Magnitude SourceConnect for SAP, which was co-innovated with SAP. Magnitude SourceConnect enables fast, low-cost, low-risk implementations of Central Finance by streamlining the data ingest process from non-SAP and SAP sources. The acquisition of Innowera expands Magnitude’s SAP capabilities by enabling users to interact with SAP faster and more easily using mediums such as email and mobile, a key competitive differentiator.
AUDAX INVESTMENT CRITERIA
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $4.5 billion in 112 platform and 644 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value.