Audax Private Equity Completes the Sale of Magnitude Software to 3i
BOSTON--(BUSINESS WIRE)--May 7, 2019--Audax Private Equity (“Audax”), in partnership with management, has completed the sale of Magnitude Software, Inc. (“Magnitude” or the “Company”) to 3i Group plc (“3i”).
Headquartered in Austin, TX, Magnitude is a leading provider of enterprise information management software that delivers insights on business performance in heterogeneous application and fragmented data environments. Magnitude’s product offerings of business application data access, management, and reporting products help business users simplify management of their data and achieve substantial productivity gains. Magnitude maintains strong relationships with leading ERP providers, SAP and Oracle, and continues to focus on global growth across the ERP ecosystem. The Company has over 1,400 customers globally across a variety of sectors including manufacturers, retailers, and financial services companies. Magnitude’s customer base includes approximately 50% of Fortune 100 companies.
Tim Mack, Managing Director at Audax Group, said, “The Magnitude team has built a global business and a portfolio of award-winning software solutions that help enterprises unify fragmented data and deliver actionable insights for critical business decisions. We wish continued success for Chris and his team as they enter the next stage of growth with 3i.”
Chris Ney, Chairman & CEO of Magnitude, said, “Audax has been a valuable partner in helping us build and transform Magnitude through organic growth and acquisitions. We are well positioned for our next significant growth phase as we continue to expand on a global scale. We look forward to partnering with 3i to leverage our global acquisition strategy, technology innovation, and scalable platform to profitably deliver even greater value to our growing blue-chip customer base.” Chris will remain a significant shareholder in Magnitude as the company enters its next chapter of growth with 3i.
Terms of the transaction were not disclosed. Ropes and Gray LLP served as legal advisor and Shea & Company, LLC served as financial advisor to Magnitude. Kirkland & Ellis LLP served as legal advisor to 3i.
ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $24 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $5 billion in more than 125 platforms and 770 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 240 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Group website www.audaxgroup.com.
Magnitude’s transformative approach to unified application data management delivers vast operational efficiencies for today’s complex business application landscape. By way of its broad portfolio of business application data access, management and reporting products the company helps thousands of business users simplify management of their data and deliver on the substantial productivity gains modern applications originally promised. For further information please visit: www.magnitude.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190507005773/en/
CONTACT: Audax Group
Tim Mack, Managing Director – (617) 859-1574
Chris Ney, Chairman & CEO
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS NEW YORK TEXAS
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE PROFESSIONAL SERVICES FINANCE
SOURCE: Audax Group
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PUB: 05/07/2019 11:11 AM/DISC: 05/07/2019 11:11 AM