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(Alliance News) - Apax Global Alpha Ltd said on Wednesday that the Apax X Fund, in which AGA is a limited partner, has agreed to buy a majority ownership stake in corporate software provider CyberGrants Inc.
The Guernsey-based private equity firm said Apax X expects to invest up to USD13.9 million in the company, pending any closing adjustments. The transaction is expected to close in the third quarter of 2021.
Andover, Massachusetts-based CyberGrants provides a platform that connects 10 million employees and their employers with 650,000 not-for-profit organisations, allowing companies to quickly match funding with the most urgent and best suited philanthropic causes. The software company serves more than half of the Fortune 100 companies, Apax Global Alpha noted. CyberGrants software also allows companies to achieve their corporate social responsibility goals, increase employee engagement, and manage volunteers.
"Apax X will look to support CyberGrants as it continues to enhance its product suite, attract new customers, and pursue a broader impact-oriented growth strategy," the company said.
Apax Global Alpha shares were trading flat at 195.00 pence each in London on Wednesday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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