August Equity LLP has acquired Wax Digital Ltd. Financial terms weren’t announced. Wax, of the United Kingdom, is a cloud provider of eProcurement software.
London, 18 November 2015 – August Equity LLP (“August Equity”) has backed the
management buyout of UK cloud provider of eProcurement software Wax Digital
Limited (“Wax”). Based in Cheshire, Wax manages £5bn worth of indirect spend for
large and mid-sized organisations both in the private and public sector and its
integrated Source-to-Pay software is delivered across 102 countries.
The adoption of eProcurement solutions is set to double over the next few years as a
result of increasing compliance, professionalisation and an industry wide shift to
paperless processing. Wax has experienced 30% growth in its recurring revenue with
the majority of customers signing up to long term contracts of up to five years.
Philip Rattle, Managing Partner at August Equity, commented: “August Equity’s
investment in Wax builds on our experience of backing high growth, vertically-focussed
SaaS businesses in the UK. The deal was agreed in an off market transaction after
tracking the market and Wax’s management team for a few years.”
About August Equity
August Equity is an independent London-based private equity firm with £350 million
under management that invests in high quality UK companies and grows them into
market-leading businesses of scale.