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Apax Global backs freight software firm through digital fund

Thu, 02nd Feb 2023 10:10

(Alliance News) - Apax Global Alpha Ltd on Thursday said it has bought into digital freight software platform, through the Apax Digital Fund II.

The company is a limited partner in the Apax Digital Fund II. Back in 2021, it had made a USD90 million commitment to the fund.

The fund has invested in logistics software firm Magaya. Magaya is based in Miami, Florida.

"Magaya's comprehensive suite of solutions is proving to be more critical than ever as companies face an increasingly dynamic global trade environment, with the recent global pandemic, geopolitical uncertainty and economic challenges compounding the everyday pressures faced by customers." Apax Global said.

Apax Global Alpha said that on a look-through basis, it will invest about EUR6.8 million in Magaya.

Also on Thursday, the company said that private equity funds advised by Apax Partners LLP had a "resilient" final quarter of 2022. Apax Global is a limited partner in some of these private equity funds.

In the larger funds, Apax X USD and Apax IX USD, there was like-for-like valuation growth of 4% and 1%, respectively. It was largely a story of valuation falls elsewhere, however.

"Performance in Private Equity was resilient overall in the face of challenging and volatile markets, especially for the larger funds to which AGA is exposed. In 2022, the Apax Funds continued to achieve attractive uplifts to prior valuations on exits," Apax Partners Chief Operating Officer Ralf Gruss said.

Apax Global shares were 2.1% higher at 181.00 pence each in London on Thursday morning.

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com