Apax Partners' Funds to acquire GlobalLogic
LONDON and MCLEAN, Va., Oct. 8, 2013 /PRNewswire/ -- ODSA Topco Limited ("ODSA"), a company backed by Funds advised by Apax Partners ("Apax"), a global private equity firm, and GlobalLogic, a full-lifecycle product development services company, today announced that they have entered into a definitive agreement for ODSA to acquire GlobalLogic. The agreement will further enable GlobalLogic to deliver design and engineering solutions to companies worldwide, and continue as a leading provider of software R&D services. Terms of the agreement were not disclosed.
Under the terms of the transaction, the GlobalLogic business will be acquired by ODSA. The transaction is subject to customary closing conditions and is expected to be completed before the end of 2013.
"Over the past decade, we have built GlobalLogic into a 6,600 person-strong global innovation engine," GlobalLogic CEO Shashank Samant said. "The decision to bring in Apax as an investor is based on continuing and growing the momentum and market share that we've gained and will allow us to significantly increase our global reach for clients in key markets. Apax is the ideal partner to help us do this."
Salim Nathoo, partner at Apax Partners, said, "Shashank and the team at GlobalLogic have built an impressive platform with global delivery, strong product engineering capabilities, and a long and growing list of partnerships with world-class clients. We are excited to partner with the GlobalLogic team to support their continued development of exceptional product design and engineering capabilities worldwide."
Prior to the acquisition, GlobalLogic has been funded by, among others, WestBridge Capital, New Atlantic Ventures (NAV), New Enterprise Associates (NEA) and Sequoia Capital.
Royal Bank of Canada and Credit Suisse acted as financial advisors to Apax and will provide financing for the transaction. J.P. Morgan Securities LLC acted as financial advisor to GlobalLogic. Kirkland & Ellis LLP provided legal advice and KPMG provided accounting and tax advice to Apax. Hogan Lovells US LLP provided legal advice to GlobalLogic.
As a leader in software R&D services, GlobalLogic is focused on product development innovation. GlobalLogic leverages its global experience and expertise in design and engineering to build partnerships with market-defining businesses and technology leaders who want to make amazing products, discover new revenue opportunities and accelerate time to market.
Apax Partners is one of the world's leading private equity investment groups. It operates globally and has more than 30 years of investing experience. Funds under the advice of Apax Partners total over $40 billion around the world. These funds provide long-term equity financing to build and strengthen world-class companies. Funds advised by Apax Partners invest in companies across its global sectors of Services, Consumer, Healthcare and Tech & Telecom.
Apax has a long and successful track record of investing in the Tech & Telecom sector. Funds advised by Apax have invested approximately €5.5 billion in Tech & Telecom buyouts since 1993. Past investments in this sector include: Orange Switzerland, one of the leading mobile operators in Switzerland; Paradigm Ltd, a leading independent provider of mission critical software solutions for the oil and gas exploration and production industry worldwide; Epicor Software Corporation, a global leader in business software solutions for manufacturing, distribution, retail and services organizations; and iGATE Corporation, the first integrated technology and operations company providing Business Outcomes based solutions. For further information about Apax, please visit: www.apax.com.
GlobalLogic is a full-lifecycle product development services leader that combines deep domain expertise and cross-industry experience to connect makers with markets worldwide. Using insight gained from working on innovative products and disruptive technologies, we collaborate with customers to show them how strategic research and development can become a tool for managing their future. Headquartered in the United States, GlobalLogic operates design and engineering centers around the world, extending the benefits of its authentic global presence to customers in digital media, electronics, healthcare, infrastructure, finance, retail, and telecom industries. The company works with both start-ups and industry leaders, including many of the world's top hardware, software, and consumer brands.
GlobalLogic is a trademark of GlobalLogic. All other brands, products or service names are or may be trademarks or service marks of their respective owners.