(Sharecast News) - Apax Global Alpha said on Wednesday that the Apax X fund, in which it is a limited partner, has signed a definitive agreement to acquire a majority ownership stake in CyberGrants.
The FTSE 250 company said CyberGrants provides software-as-a-service (SaaS) products for corporate social responsibility, employee engagement, and volunteer management.
It said the transaction was expected to close in the third quarter, subject to customary closing conditions.
On a look-through basis, Apax Global Alpha said it was expecting to invest up to $13.9m in the company, depending on final closing arrangements.
"CyberGrants delivers market-leading CSR software solutions to some of the most respected companies and foundations in the world, helping them quickly activate their charitable causes to realise strategic, measurable outcomes. Its single platform solution enables customers, including more than half of the Fortune 100 companies, to easily scale their CSR programmes and quickly transform grants and giving initiatives into impact that closely aligns with their corporate mission and values," the Apax board said in its statement.
"CyberGrants' network connects 10 million employees and their employers with 650,000 not-for-profit organisations."
At 0849 BST, shares in Apax Global Alpha were flat at 195p.
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