Funds advised by Apax to
acquire greytHR
Apax Global Alpha Limited ("AGA"),
the closed-ended investment company providing access to the Apax
Private Equity Funds, today announces that it expects to invest
approximately €2.5m in greytHR on a look-through basis.
On 5 August 2024, the Apax Digital
Fund II ("ADF II"), in which AGA is a limited partner, announced a
strategic investment in greytHR, a leading full suite Human
Resource Management Software ("HRMS") platform in India. The
transaction is due to close in Q3 2024, subject to customary
closing conditions.
Founded in Bengaluru in 1994,
greytHR offers productivity tools for better people management,
simpler HR processes, and professional delivery of HR and payroll
services. greytHR software is currently used by over 23,000
organisations and 2.3 million users across India, Middle East, and
South-East Asia.
The Apax Funds have extensive
experience partnering with businesses in the software space,
including the HRMS and payroll vertical from prior investments in
Paycor and Zellis. With greytHR, the investment thesis is to work
with the team to further enhance its product portfolio, including
adding more strategic HR modules focused on recruitment and talent
management, as well as support the company in accelerating growth
and expanding into new customer segments, cementing its position as
a market leader.
Note that AGA's expected investment
in greytHR is calculated based on the look-through positions of ADF
II's overall investment in greytHR1 and is translated
based on the latest exchange rates available where
applicable1.
AGA, whose shares are listed on the
London Stock Exchange, provides investors with access to a
diversified portfolio of private equity funds advised by Apax as
well as a smaller portfolio of mostly debt investments. In 2021,
AGA made a commitment of $90m to ADF II.
For more information about the
transaction, please visit: https://www.apax.com/news/press-releases/
END
Contact details
Investor Relations - AGA
Katarina Sallerfors
T: +44 7436908492
E:
katarina.sallerfors@apax.com
Footnotes
1.
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Based on Bloomberg closing EUR/USD
FX rate on 5 August 2024 of 1.0952.
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Notes
1.
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Note that references in this
announcement to Apax Global Alpha Limited have been abbreviated to
"AGA" or "the Company". References to Apax Partners LLP have been
abbreviated to "Apax" or "the Investment Adviser"
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2.
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Please be advised that this
announcement may contain inside information as stipulated under the
Market Abuse Regulations (EU) NO. 596/2014 ("MAR")
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3.
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This announcement is not for
release, publication or distribution, directly or indirectly, in
whole or in part, into or within the United States or to "US
persons" (as defined in Regulation S under the United States
Securities Act of 1933, as amended (the "Securities Act")) or into
or within Australia, Canada, South Africa or Japan. Recipients of
this announcement in jurisdictions outside the UK should inform
themselves about and observe any applicable legal requirements in
their jurisdictions. In particular, the distribution of the
announcement may be restricted by law in certain
jurisdictions
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4.
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The information presented herein is
not an offer for sale within the United States of any equity shares
or other securities of Apax Global Alpha Limited ("AGA"). AGA has
not been and will not be registered under the US Investment Company
Act of 1940, as amended (the "Investment Company Act"). In
addition, AGA's shares (the "Shares") have not been and will not be
registered under the Securities Act or any other applicable law of
the United States. Consequently, the Shares may not be offered or
sold or otherwise transferred within the United States, or to, or
for the account or benefit of, US Persons, except pursuant to an
exemption from the registration requirements of the Securities Act
and under circumstances which will not require AGA to register
under the Investment Company Act. No public offering of the Shares
is being made in the United States
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5.
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This announcement may include
forward-looking statements. The words "expect", "anticipate",
"intends", "plan", "estimate", "aim", "forecast", "project" and
similar expressions (or their negative) identify certain of these
forward-looking statements. These forward-looking statements are
statements regarding AGA's intentions, beliefs or current
expectations concerning, among other things, AGA's results of
operations, financial condition, liquidity, prospects, growth and
strategies. The forward-looking statements in this presentation are
based on numerous assumptions regarding AGA's present and future
business strategies and the environment in which AGA will operate
in the future. Forward-looking statements involve inherent known
and unknown risks, uncertainties and contingencies because they
relate to events and depend on circumstances that may or may not
occur in the future and may cause the actual results, performance
or achievements of AGA to be materially different from those
expressed or implied by such forward looking statements. Many of
these risks and uncertainties relate to factors that are beyond
AGA's ability to control or estimate precisely, such as future
market conditions, currency fluctuations, the behaviour of other
market participants, the actions of regulators and other factors
such as AGA's ability to continue to obtain financing to meet its
liquidity needs, changes in the political, social and regulatory
framework in which AGA operates or in economic or technological
trends or conditions. Past performance should not be taken as an
indication or guarantee of future results, and no representation or
warranty, express or implied, is made regarding future performance.
AGA expressly disclaims any obligation or undertaking to release
any updates or revisions to these forward-looking statements to
reflect any change in AGA's expectations with regard thereto or any
change in events, conditions or circumstances on which any
statement is based after the date of this announcement, or to
update or to keep current any other information contained in this
announcement. Accordingly, undue reliance should not be placed on
the forward-looking statements, which speak only as of the date of
this announcement.
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About Apax Global Alpha Limited
AGA is a Guernsey registered
closed-ended investment Company listed on the London Stock
Exchange. It is regulated by the Guernsey Financial Services
Commission.
AGA's objective is to provide
shareholders with capital appreciation from its investment
portfolio and regular dividends. The Company is targeting an
annualised Total Return, across economic cycles, of 12-15% (net of
fees and expenses).
The Company makes Private Equity
investments in Apax Funds, and has a portfolio of primarily debt
investments, derived from the insights gained via Apax's Private
Equity activities.
Further information regarding the
Company and its publications are available on the Company's website
at www.apaxglobalalpha.com.
About Apax
Apax Partners LLP ("Apax") is a
leading global private equity advisory firm. For over 50 years,
Apax has worked to inspire growth and ideas that transform
businesses. The firm has raised and advised funds with aggregate
commitments of more than $77 billion. The Apax Funds invest in
companies across four global sectors of Tech, Services, Healthcare
and Internet/Consumer. These funds provide long-term equity
financing to build and strengthen world-class companies. For
further information about Apax, please visit www.apax.com.
Apax is authorised and regulated by
the Financial Conduct Authority in the UK