Apax Global Alpha Limited (APAX)

Sector:

Investment Firms

Index:

FTSE 250

 142.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 165.20p
  • 52 Week Low: 136.20p
  • Currency: UK Pounds
  • Shares Issued: 488.98m
  • Volume: 397,073
  • Market Cap: £694.35m
  • RiskGrade: 195
  • Beta: 0.61

Apax X fund sells minority stake in AffiniPay

By Josh White

Date: Thursday 18 Jul 2024

LONDON (ShareCast) - (Sharecast News) -
The FTSE 250 company described AffiniPay as a market leader in professional services software and payments, serving sectors such as legal, accounting, architectural, engineering, and construction.

It said the sale marked the full exit of Apax X's residual stake in AffiniPay, following the sale of legal case management software company MyCase to AffiniPay in June 2022.

The transaction, including the initial sale of MyCase to AffiniPay, would deliver a realised gross multiple of invested capital (MOIC) of 4.2x and a gross internal rate of return (IRR) of 93%.

On completion, AGA would have received total proceeds of around €28m from its investment in MyCase and subsequently in AffiniPay.

AGA said it expected to receive around €4m from its remaining look-through stake, representing a 17.5% discount to the last unaffected valuation as of 31 March.

The transaction was expected to close in the fourth quarter, subject to customary closing conditions.

AGA said the figures reflected its position in Apax X's overall investment in MyCase and AffiniPay, and were stated before any closing adjustments, fees, costs, and carried interest, with translations based on the latest available exchange rates.

Apax X acquired MyCase in October 2020, carving out the business from AppFolio, a publicly traded software company.

The investment strategy aimed to leverage the increasing technology adoption by law firms, focusing on opportunities in go-to-market, product expansion, mergers and acquisitions, and accelerating business growth post-carve-out.

In 2022, Apax X sold MyCase to AffiniPay while retaining a minority stake in the combined entity.

During its ownership, Apax X, with significant input from Apax's operational excellence practice, heavily invested in MyCase's sales and marketing functions and supported four strategic acquisitions, enhancing MyCase's product offerings and market position.

At 1219 BST, shares in Apax Global Alpha were down 1.14% at 156.2p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

APAX Market Data

Currency UK Pounds
Share Price 142.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 165.20p
52 Week Low 136.20p
Volume 397,073
Shares Issued 488.98m
Market Cap £694.35m
Beta 0.61
RiskGrade 195

APAX Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
42.48% above the market average42.48% above the market average42.48% above the market average42.48% above the market average42.48% above the market average
13.36% above the sector average13.36% above the sector average13.36% above the sector average13.36% above the sector average13.36% above the sector average
Price Trend
30.72% below the market average30.72% below the market average30.72% below the market average30.72% below the market average30.72% below the market average
71.7% below the sector average71.7% below the sector average71.7% below the sector average71.7% below the sector average71.7% below the sector average
Income
83.20% above the market average83.20% above the market average83.20% above the market average83.20% above the market average83.20% above the market average
45.00% above the sector average45.00% above the sector average45.00% above the sector average45.00% above the sector average45.00% above the sector average
Growth
55.89% above the market average55.89% above the market average55.89% above the market average55.89% above the market average55.89% above the market average
47.52% above the sector average47.52% above the sector average47.52% above the sector average47.52% above the sector average47.52% above the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
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APAX Dividends

  Latest Previous
  Interim Final
Ex-Div 12-Sep-24 14-Mar-24
Paid 03-Oct-24 04-Apr-24
Amount 5.50p 5.64p

Trades for 21-Nov-2024

Time Volume / Share Price
12:46 150,000 @ 142.80p
15:41 57,000 @ 142.16p
16:35 64,485 @ 142.00p
16:35 58 @ 142.00p
16:35 2,582 @ 142.00p

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